Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations

v3.10.0.1
Consolidated Statements of Operations - USD ($)
12 Months Ended
Aug. 31, 2018
Aug. 31, 2017
Consolidated Statements Of Operations    
Revenues (gross billings of $222.4 million and $126.4 million less worksite employee payroll cost of $187.5 million and $106.1 million, respectively) $ 34,958,748 $ 20,244,419
Cost of revenue 29,458,395 16,552,197
Gross profit 5,500,353 3,692,222
Operating expenses:    
Salaries, wages and payroll taxes 5,382,720 4,268,851
Stock-based compensation - general and administrative 200,332 43,415
Commissions 1,593,692 845,920
Professional fees 2,240,690 1,369,242
Software development 3,827,618 2,683,334
Depreciation and amortization 274,321 65,369
Registration rights penalties 3,500,000
General and administrative 3,552,622 1,908,081
Total operating expenses 20,571,995 11,184,212
Operating Loss (15,071,642) (7,491,990)
Other Expense    
Interest expense (1,504,837)
Net Loss $ (16,576,479) $ (7,491,990)
Net loss per common share    
Basic and diluted $ (0.58) $ (0.28)
Weighted average number of common shares    
Basic and diluted 28,810,103 26,778,658