Senior Secured Convertible Notes Payable (in default) (Tables)
|
12 Months Ended |
Aug. 31, 2019 |
|---|
| Senior Secured Convertible Notes Payable (in default) (Tables) |
|
| Schedule of senior secured convertible notes payable |
|
|
August 31, |
|
|
August 31, |
|
|
|
2019 |
|
|
2018 |
|
Senior Secured Convertible notes, Principal |
|
$ |
6,808,000 |
|
|
$ |
10,000,000 |
|
Less debt discount and deferred financing costs |
|
|
(3,457,000 |
) |
|
|
(3,829,000 |
) |
Total outstanding convertible notes, net |
|
$ |
3,351,000 |
|
|
$ |
6,171,000 |
|
Less current portion of convertible notes payable |
|
|
3,351,000 |
) |
|
|
(6,171,000 |
) |
Long-term convertible notes payable |
|
$ |
- |
|
|
$ |
- |
|
|
| Schedule of rolls forward the Convertible Notes Payable balances |
|
|
Gross
Principal
|
|
|
Deferred
Financing
Costs
|
|
|
Note
Discount
|
|
|
Net |
|
Balance at August 31, 2018 |
|
$ |
10,000,000 |
|
|
|
(617,000 |
) |
|
|
(3,212,000 |
) |
|
$ |
6,171,000 |
|
Issuance of Notes Payable |
|
|
5,639,000 |
|
|
|
(485,000 |
) |
|
|
(4,750,000 |
) |
|
|
404,000 |
|
Conversion of Principal into Equity |
|
|
(8,395,000 |
) |
|
|
- |
|
|
|
- |
|
|
|
(8,395,000 |
) |
Amortization of Interest Expense |
|
|
- |
|
|
|
758,000 |
|
|
|
4,849,000 |
|
|
|
5,607,000 |
|
Repayment of Principal in cash |
|
|
(436,000 |
) |
|
|
- |
|
|
|
- |
|
|
|
(436,000 |
) |
Balance at August 31, 2019 |
|
$ |
6,808,000 |
|
|
|
(344,000 |
) |
|
|
(3,113,000 |
) |
|
$ |
3,351,000 |
|
Less Current Amount |
|
|
(6,808,000 |
) |
|
|
344,000 |
|
|
|
3,113,000 |
|
|
|
(3,351,000 |
) |
Long Term Balance at August 31, 2019 |
|
$ |
- |
|
|
|
- |
|
|
|
- |
|
|
$ |
- |
|
|
| Gross principal balance rollforward |
|
|
June 2018
Notes
|
|
|
December 2018 Notes |
|
|
March 2019
Notes
|
|
|
Total |
|
Gross Balance at August 31, 2018 |
|
$ |
10,000,000 |
|
|
|
- |
|
|
|
- |
|
|
$ |
10,000,000 |
|
Issuance of Notes Payable |
|
|
- |
|
|
|
889,000 |
|
|
|
4,750,000 |
|
|
|
5,639,000 |
|
Repayment of Principal in cash |
|
|
(436,000 |
) |
|
|
- |
|
|
|
- |
|
|
|
(436,000 |
) |
Conversion of Principal into Equity |
|
|
(8,098,000 |
) |
|
|
(22,000 |
) |
|
|
(275,000 |
) |
|
|
(8,395,000 |
) |
Gross Balance at August 31, 2019 |
|
$ |
1,466,000 |
|
|
|
867,000 |
|
|
|
4,475,000 |
|
|
$ |
6,808,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less Discount and Debt Issuance Costs: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Issuance Costs |
|
|
(27,000 |
) |
|
|
- |
|
|
|
(317,000 |
) |
|
|
(344,000 |
) |
Deferred Financing Costs |
|
|
(5,000 |
) |
|
|
- |
|
|
|
(3,108,000 |
) |
|
|
(3,113,000 |
) |
Carrying Balance at August 31, 2019 |
|
$ |
1,434,000 |
|
|
|
867,000 |
|
|
|
1,050,000 |
|
|
$ |
3,351,000 |
|
Less Current Amount |
|
|
(1,434,000 |
) |
|
|
(867,000 |
) |
|
|
(1,050,000 |
) |
|
|
(3,351,000 |
) |
Long Term Balance at August 31, 2019 |
|
$ |
- |
|
|
|
- |
|
|
|
- |
|
|
$ |
- |
|
|
| Schedule of derivative liabilities |
|
|
March 2019
Conversion
Feature
|
|
|
March 2019
Warrant
Liability
|
|
|
Total |
|
Balance at August 31, 2018 |
|
$ |
- |
|
|
|
- |
|
|
$ |
- |
|
Initial recognition |
|
|
2,421,000 |
|
|
|
3,917,000 |
|
|
|
6,338,000 |
|
Reclassification to equity |
|
|
(13,000 |
) |
|
|
|
|
|
|
(13,000 |
) |
Change in fair value |
|
|
444,000 |
|
|
|
(3,013,000 |
) |
|
|
(3,069,000 |
) |
Balance at August 31, 2019 |
|
$ |
2,852,000 |
|
|
|
904,000 |
|
|
$ |
3,256,000 |
|
|
| Estimate fair value of the derivatives |
|
|
March 2019 Conversion
Feature
|
|
|
March 2019 Warrant
Liability
|
|
Risk free rate |
|
|
1.76 |
% |
|
|
1.39 |
% |
Market price per share |
|
$ |
0.476 |
|
|
$ |
0.476 |
|
Life of instrument in years |
|
|
1.04 |
|
|
|
4.47 |
|
Volatility |
|
|
100 |
% |
|
|
119 |
% |
Dividend yield |
|
|
0 |
% |
|
|
0 |
% |
|