Quarterly report pursuant to Section 13 or 15(d)

Summary of significant accounting policies (Tables)

v3.19.2
Summary of significant accounting policies (Tables)
6 Months Ended
Feb. 28, 2019
Summary Of Significant Accounting Policies  
Schedule of revision of financial statements

The effect of this revision on the line items within the Company’s condensed financial statements as of August 31, 2018, was as follows:

 

    August 31, 2018  
   

As Previously

Reported

    Adjustments     As Restated  
Convertible note, net   $ 7,156,515       (985,200 )   $ 6,171,315  
Additional Paid-In Capital     17,233,919       1,231,500       18,465,419  
Accumulated deficit     (25,976,706 )     (246,300 )     (26,223,006 )
Net Loss     (16,576,479 )     (246,300 )     (16,822,779 )
Net loss per share – Basic and diluted     (0.58 )     -       (0.58 )

 

The effect of this revision on the line items within the Company’s condensed financial statements as of and for the three months ended November 30, 2018, was as follows:

 

    November 30, 2018  
   

As Previously

Reported

    Adjustments     As Restated  
Convertible note, net   $ 6,309,104       (738,900 )   $ 5,570,204  
Additional Paid-In Capital     19,728,657       1,231,500       20,960,157  
Accumulated deficit     (27,976,892 )     (492,600 )     (28,469,492 )
Net Loss     (2,000,186       (246,300 )     (2,246,486 )
Net loss per share – Basic and diluted     (0.07 )     (0.01 )     (0.08 )
Schedule of weighted average dilutive common shares

   

For the

Three Months

Ended

February 28,

2019

   

For the

Three Months

Ended

February 28,

2018

 
         
Options     1,475,829       820,000  
Senior Secured Convertible Notes (Note 4)     4,739,813       -  
Warrants     3,511,296       2,570,413  
Total potentially dilutive shares     9,726,938       3,390,413