Quarterly report pursuant to Section 13 or 15(d)

Summary of significant accounting policies (Tables)

v3.21.1
Summary of significant accounting policies (Tables)
6 Months Ended
Feb. 28, 2021
Summary of significant accounting policies  
Schedule of estimated useful lives of property and equipment

 

 

 

Equipment:

    

5 years

Furnitures & Fixtures:

 

5 - 7 years

 

Schedule of weighted average dilutive common shares

 

 

 

 

 

 

    

For the

    

For the

 

 

Three and

 

Three and

 

 

Six

 

Six

 

 

Months

 

Months

 

 

Ended

 

Ended

 

 

February 28, 

 

February 29,

 

 

2021

 

2020

 

 

 

 

 

Options

 

1,822,173

 

43,406

Senior Secured Convertible Notes

 

 —

 

298,954

Warrants (Note 5)

 

4,396,209

 

131,558

Total potentially dilutive shares

 

6,218,382

 

473,918

 

Schedule of revision on line items in financial statements

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended February 29, 2020

                                                 (Unaudited)

 

 

As

 

 

 

 

 

Discontinued

 

As

 

 

Previously

 

Revision

 

 

 

Operations

 

Restated and

 

    

Reported

    

Adjustments

    

As Restated

    

Reclassification

    

Reclassified

Revenues

 

$

2,583,000

 

$

 —

 

$

2,583,000

 

$

(576,000)

 

$

2,007,000

 

 

 

 

 

 

 —

 

 

 

 

 

 

 

 

 

Cost of revenue

 

 

2,124,000

 

$

 —

 

 

2,124,000

 

 

(191,000)

 

 

1,933,000

Gross profit

 

$

459,000

 

$

 —

 

$

459,000

 

$

(385,000)

 

$

74,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

239,000

 

 

(162,000)

 

 

77,000

 

 

 —

 

 

77,000

All other operating expenses

 

$

4,211,000

 

$

 —

 

$

4,211,000

 

$

6,000

 

$

4,217,000

Operating loss

 

$

(3,991,000)

 

$

162,000

 

$

(3,829,000)

 

$

(391,000)

 

$

(4,220,000)

Net loss from continuing operations

 

$

(4,453,000)

 

$

162,000

 

$

(4,291,000)

 

$

(391,000)

 

$

(4,682,000)

Total income from discontinued operations

 

$

13,898,000

 

$

 —

 

$

13,898,000

 

$

391,000

 

$

14,289,000

Net loss

 

$

9,445,000

 

$

162,000

 

$

9,607,000

 

$

 —

 

$

9,607,000

Net loss per common share - continuing operations, Basic and diluted

 

$

(0.26)

 

$

0.01

 

$

(0.25)

 

$

(0.02)

 

$

(0.27)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discontinued operations Operating income (loss) per common share

 

$

0.82

 

$

 —

 

$

0.82

 

$

0.02

 

$

0.84

Net income (loss) per common share, Basic and diluted

 

$

0.56

 

$

0.01

 

$

0.57

 

$

 —

 

$

0.57

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common stock shares, Basic and diluted

 

 

16,971,339

 

 

 —

 

 

16,971,339

 

 

 —

 

 

16,971,339

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the six months ended February 29, 2020

                                                 (Unaudited)

 

 

As

 

 

 

 

 

Discontinued

 

 

As

 

 

Previously

 

Revision

 

 

 

Operations

 

 

Restated and

 

    

  Reported

    

Adjustments

    

As Restated

    

Reclassification

    

 

Reclassified

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

4,761,000

 

$

 —

 

$

4,761,000

 

$

(494,000)

 

$

4,267,000

Cost of revenue

 

 

4,178,000

 

 

 —

 

 

4,178,000

 

 

(227,000)

 

 

3,951,000

Gross profit

 

$

583,000

 

$

 —

 

$

583,000

 

$

(267,000)

 

$

316,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

480,000

 

 

(324,000)

 

 

156,000

 

 

 —

 

 

156,000

All other operating expenses

 

$

8,412,000

 

$

 —

 

$

8,412,000

 

$

112,000

 

$

8,524,000

Operating loss

 

$

(8,309,000)

 

$

324,000

 

$

(7,985,000)

 

$

(379,000)

 

$

(8,364,000)

Net loss from continuing operations

 

$

(8,990,000)

 

$

324,000

 

$

(8,666,000)

 

$

(379,000)

 

$

(9,045,000)

Total income from discontinued operations

 

$

15,879,000

 

$

 —

 

$

15,879,000

 

$

379,000

 

$

16,258,000

Net loss

 

$

6,889,000

 

$

324,000

 

$

7,213,000

 

$

 —

 

$

7,213,000

Net loss per common share - continuing operations, Basic and diluted

 

$

(1.01)

 

$

0.04

 

$

(0.97)

 

$

(0.04)

 

$

(1.01)

Discontinued operations Operating income (loss) per common share

 

$

1.78

 

$

 —

 

$

1.78

 

$

0.04

 

$

1.82

Net income (loss) per common share, Basic and diluted

 

$

0.77

 

$

0.04

 

$

0.81

 

$

 —

 

$

0.81

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common stock shares, Basic and diluted

 

 

8,932,217

 

 

 —

 

 

8,932,217

 

 

 —

 

 

8,932,217