Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.21.2
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Aug. 31, 2021
Aug. 31, 2020
OPERATING ACTIVITIES    
Net Loss $ (29,876,000) $ (75,347,000)
Income (loss) from discontinued operations (2,509,000) 15,121,000
Net loss from continuing operations (27,367,000) (90,468,000)
Adjustments to reconcile net loss from continuing operations to net cash used in continuing operating activities:    
Bad debt expense 45,000 0
Expense related to Preferred Options   62,091,000
Depreciation and amortization 357,000 272,000
Impaired asset expense 0 3,543,000
Gain on convertible note penalties accrual   (760,000)
Amortization of debt discount and debt issuance cost   6,749,000
Stock issued for services   75,000
Stock-based compensation- general and administrative 1,594,000 1,300,000
Expense related to warrant modification   22,000
Inducement loss on note conversions   624,000
Expense related to warrant exchange   552,000
Change in fair value of note receivable 41,000 1,074,000
Change in fair value of derivative and warrant liability   (1,777,000)
Changes in operating assets and liabilities    
Accounts receivable (235,000) (223,000)
Unbilled accounts receivable (438,000) (885,000)
Prepaid expenses 65,000 (374,000)
Other current assets   171,000
Deposits - workers' compensation 488,000 (40,000)
Deposits and other assets (495,000) (325,000)
Accounts payable 2,723,000 (623,000)
Payroll related liabilities 2,124,000 3,193,000
Accrued workers' compensation (1,081,000) 984,000
Other current liabilities   (803,000)
Deferred offering costs (634,000)  
Total Adjustments 6,833,000 74,840,000
Net cash used in continuing operating activities (20,534,000) (15,628,000)
Net cash provided by discontinued operating activities 668,000 (1,255,000)
Net cash used in operating activities (21,512,000) (16,883,000.00)
INVESTING ACTIVITIES    
Purchase of fixed assets (2,566,000) (235,000)
Proceeds from working capital adjustment - sale of assets   88,000
Proceeds from sale of assets   9,500,000
Net cash provided by (used in) investing activities (2,566,000) 9,353,000
FINANCING ACTIVITIES    
Deferred offering costs (789,000)  
Proceeds from Public offering, net of offering costs 10,701,000 11,479,000
Proceeds from PIPE offering, net of offering costs 11,062,000  
Repayment of convertible notes   (1,240,000)
Proceeds from exercise of warrants   33,000
Net cash provided by financing activities 20,974,000 10,272,000
Net increase (decrease) in cash (3,104,000) 2,742,000
Cash - Beginning of Year 4,303,000 1,561,000
Cash -End of Year 1,199,000 4,303,000
Supplemental Disclosure of Cash Flows Information:    
Cash paid for interest 14,000 315,000
Income taxes 4,000  
Non-cash Investing and Financing Activities:    
Excess fair value of SPACs Founder shares transferred to underwriter $ 47,472,000  
Conversion of debt and accrued interest into common stock   6,238,000
Common stock issued for note exchange   200,000
Additional principal issued for note exchange   433,000
Interest capitalized into notes receivable   59,000
Common stock issued in exchange for warrants   552,000
Discount recorded for asset sale note receivable   1,818,000
Reclassification of derivative liabilities to paid in capital   $ 1,979,000