Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations

v3.20.2
Consolidated Statements of Operations - USD ($)
 12 Months Ended
Aug. 31, 2020
Aug. 31, 2019
Consolidated Statements of Operations    
Revenues (gross billings of $65.5 million and $73.4 million less worksite employee payroll cost of $56.9 million and $62.9 million, respectively) $ 8,642,000 $ 10,451,000
Cost of revenue 7,685,000 8,538,000
Gross profit 957,000 1,913,000
Operating expenses:    
Salaries, wages, and payroll taxes 7,227,000 6,283,000
Stock-based compensation - general and administrative 1,526,000 632,000
Commissions 181,000 201,000
Professional fees 3,366,000 3,918,000
Software development - external 2,240,000 1,209,000
Depreciation and amortization 272,000 194,000
Impaired asset expense 3,543,000 0
General and administrative 4,180,000 5,032,000
Total operating expenses 22,535,000 17,469,000
Operating Loss (21,578,000) (15,556,000)
Other (expense) income:    
Interest expense (2,525,000) (8,507,000)
Change in fair value of note receivable (1,074,000)  
Expense related to Preferred Options (62,091,000)  
Expense related to modification of warrants (21,000)  
Loss from debt conversion (3,500,000)  
Inducement loss (624,000)  
Loss on debt extinguishment (1,592,000)  
Change in fair value derivative and warrant liability   2,569,000
Loss on convertible note settlement   811,000
Gain on convertible note penalties accrual 760,000  
Total other (expense) income (68,890,000) (9,054,000)
Loss from continuing operations (90,468,000) (24,610,000)
(Loss) Income from discontinued operations    
(Loss) Income from discontinued operations (561,000) 6,528,000
Gain from asset sale 15,682,000  
Total Income (Loss) from discontinued operations, net of tax 15,121,000 6,528,000
Net loss $ (75,347,000) $ (18,082,000)
Net Loss per share, Basic and diluted    
Continuing operations $ (4.96) $ (30.09)
Discontinued operations    
Operating (loss) income (0.03) 7.98
Gain on sale of assets 0.86  
Total discontinued operations 0.83 $ 7.98
Net loss per share of common stock - Basic and diluted $ (4.13)  
Weighted average common stock outstanding - Basic and diluted 18,222,661 817,720