Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.22.1
Condensed Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended
Feb. 28, 2022
Feb. 28, 2021
OPERATING ACTIVITIES    
Net loss $ (18,210,000) $ (13,119,000)
Loss from discontinued operations (151,000) (1,535,000)
Net loss from continuing operations (18,059,000) (11,584,000)
Adjustments to reconcile net loss from continuing operations to net cash used in continuing operating activities:    
Depreciation and amortization 253,000 148,000
Stock-based compensation 747,000 863,000
Expensed SPAC offering costs 515,000 0
Non-cash lease expense 217,000  
Changes in operating assets and liabilities:    
Accounts receivable 117,000 (108,000)
Unbilled accounts receivable 126,000 261,000
Prepaid expenses and other current assets (573,000) (163,000)
Deposits – workers’ compensation 414,000 150,000
Deposits and other assets 0 (458,000)
Accounts payable and other accrued liabilities 3,065,000 421,000
Payroll related liabilities 3,297,000 1,243,000
Accrued workers’ compensation costs (452,000) (11,000)
Total Adjustments 7,726,000 2,346,000
Net cash used in continuing operating activities (10,333,000) (9,238,000)
Net cash used in discontinued operating activities 0 (1,192,000)
Net cash used in operating activities (10,333,000) (10,430,000)
INVESTING ACTIVITIES    
Investment of IHC IPO proceeds into Trust Account (116,732,000) 0
Purchase of fixed assets  (461,000) (1,095,000)
Disposal of fixed assets 0 0
Net cash (used in) provided by investing activities (117,193,000) (1,095,000)
FINANCING ACTIVITIES    
SPAC related offering costs paid (3,502,000) 0
Proceeds from initial public offering of IHC 116,725,000 0
Proceeds from warrant exercises, net of offering costs 5,409,000 10,701,000
Proceeds from private placement, net of offering costs 4,183,000 0
Proceeds from private placement prefunded warrants, net of offering costs 6,861,000 0
Net cash provided by financing activities 129,676,000 10,701,000
Net increase in cash 2,150,000 (824,000)
Cash - Beginning of Period 1,199,000 4,303,000
Cash -End of Period 3,349,000 3,479,000
Supplemental Disclosure of Cash Flows Information:    
Cash paid for interest 2,000 6,000
Cash paid for income taxes  0 0
Non-cash Investing and Financing Activities:    
Deferred offering costs SPACs 37,978,000 0
Change in fair value due to warrants modification 13,728,000 $ 0
Operating lease assets and liabilities from ASC 842 adoption $ 7,687,000