Quarterly report pursuant to Section 13 or 15(d)

Summary of significant accounting policies (Tables)

v3.19.2
Summary of significant accounting policies (Tables)
9 Months Ended
May 31, 2019
Summary Of Significant Accounting Policies  
Schedule of fair value of the Company'’s derivative liabilities

    2019  
Balance at beginning of the period   $ -  
Initial recognition of conversion feature     2,421,000  
Reclassification to equity     (12,330 )
Change in fair value     (1,730,579 )
Balance at end of the period   $ 678,091  

Schedule of fair value of the Company's warrant liabilities

    2019  
Balance at beginning of the period   $ -  
Initial recognition of warrant liability     3,917,000  
Change in fair value     (3,017,763 )
Balance at end of the period   $ 899,237  

Schedule of weighted average dilutive common shares

   

For the Three and Nine Months Ended

May 31, 2019

   

For the Three and Nine Months Ended

May 31,

2018

 
         
Options     1,951,650       1,343,745  
Senior Secured Convertible Notes (Note 4)     12,332,447       -  
Warrants     4,296,361       2,570,413  
Total potentially dilutive shares     18,580,458       3,914,158  

Schedule of earning per common share

 The table below shows earnings per common share and diluted earnings per common share and reconciles the numerator and denominator of both earnings per common share calculations.

 

   

For the Three Months

Ended May 31,

    For the Nine Months
Ended May 31,
 
    2019     2018     2019     2018  
                 
Diluted Earnings per common share:                        
Net loss allocated to common shareholders   $ (4,996,022 )   $ (1,817,319 )   $ (9,382,889 )   $ (7,877,419 )
Less: mark to market gain     (1,730,579 )     -       -       -  
                                 
Net loss allocated to common shareholders   $ (6,726,601 )   $ (1,817,319 )   $ (9,382,889 )   $ (7,877,419 )
                                 
Weighted average shares outstanding     34,516,621       28,800,675       31,623,064       28,795,145  
Incremental shares from convertible notes with “down round” provision     10,000,000       -       -       -  
Diluted weighted average shares outstanding     44,516,621       28,800,675       31,623,064       28,795,145  
Diluted net loss per common share   $ (0.15 )   $ 0.06     $ (0.30 )   $ (0.27 )