Quarterly report pursuant to Section 13 or 15(d)

Senior Secured Convertible Note Payable (Tables)

v3.19.2
Senior Secured Convertible Note Payable (Tables)
9 Months Ended
May 31, 2019
June2018FinancingDecember 2018 Limited Settlement [Member]  
Schedule of principal balances under convertible notes

The Company had the following principal balances under its convertible notes outstanding as of May 31, 2019 and August 31, 2018:

 

    May 31,     August 31,  
    2019     2018  
8% Senior Secured Convertible notes, Principal   $ 10,000,000     $ 10,000,000  
Less debt discount costs     (400,592 )     (1,602,362 )
Less debt issuance costs     (556,427 )     (2,226,323 )
Less Principal converted to common stock     (8,120,836 )     -  
Less Principal repaid in cash     (435,606 )     -  
Plus Additional Principal from settlement agreements     888,889       -  
Total outstanding convertible notes, net     1,375,428       6,171,315  
Less current portion of convertible notes payable     (1,375,428 )     (6,171,315 )
Long-term convertible notes payable   $ -     $ -  

March 2019 Bridge Financing [Member]  
Schedule of principal balances under convertible notes

    May 31,     August 31,  
    2019     2018  
Senior Secured Convertible notes, Principal   $ 4,750,000     $ -  
Less debt discount costs     (4,090,278 )     -  
Less debt issuance costs     (417,810 )     -  
Less Principal converted to common stock     (210,000 )     -  
Total outstanding convertible notes, net     31,912       -  
Less current portion of convertible notes payable     31,912       -  
Long-term convertible notes payable   $ -     $ -