v3.21.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Feb. 28, 2021
Aug. 31, 2020
Feb. 29, 2020
Aug. 31, 2019
Feb. 28, 2021
Feb. 29, 2020
May 31, 2020
Cash flows from operating activities:              
Net loss $ (43,985) $ (30,832) $ (35,768) $ (16,164) $ (109,783) $ (66,792)  
Adjustments to reconcile net loss to net cash used in operating activities:              
Amortization and depreciation 511   501   1,522 1,532  
Amortization of debt issuance costs 21       40 404  
Amortization of discount on convertible notes 157       2,739 1,470  
Inducement interest expense 4,139   5,163   11,242 7,876  
Interest expense associated with accretion of convertible notes payable           6,615  
Change in fair value of derivative liabilities     2,934     2,105  
Stock-based compensation         9,053 4,346  
Loss on extinguishment of convertible notes 7,625       11,794    
Intangible asset impairment charge 10,049       10,049    
Changes in operating assets and liabilities:              
(Increase) in inventories         (74,391) (15,896)  
Decrease (increase) in prepaid expenses         362 165  
Increase in accounts payable and accrued expenses         52,606 18,683  
Net cash used in operating activities         (84,767) (39,492)  
Cash flows from investing activities:              
Furniture and equipment purchases         (100) (38)  
Net cash used in investing activities         (100) (38)  
Cash flows from financing activities:              
Proceeds from warrant transactions, net of offering costs         15,371    
Proceeds from sale of common stock and warrants         1,000 12,666  
Proceeds from exercise of warrants         18,647 23,313  
Proceeds from sale of preferred stock, net of offering costs           12,527  
Principal paid on maturity of short-term convertible notes           (460)  
Payment on convertible notes         (950) (1,725)  
Exercise of option to repurchase shares held in escrow           (8)  
Release of funds held in trust for warrant tender offer         (10) (854)  
Proceeds from exercise of stock options         1,829 54  
Payment of payroll withholdings related to tender of common stock for income tax withholding         (778) (89)  
Proceeds from convertible notes payable, net         50,000    
Payment of conversion offering costs           (2,303)  
Dividend declared and paid on Series B preferred stock         (243)    
Net cash provided by financing activities         84,866 43,121  
Net change in cash         (1) 3,591  
Cash, beginning of period   14,292   $ 3,466 14,292 3,466 $ 3,466
Cash, end of period 14,291   7,057   14,291 7,057 $ 14,292
Supplemental disclosure of cash flow information:              
Cash paid during the period for interest         140 9  
Non-cash investing and financing transactions:              
Conversion of principal and interest of convertible notes to common stock         29,800 10,976  
Accrued dividend $ 1,246   527   $ 1,246 527  
Relative fair market value associated with warrants exercised     2,404     2,404  
Stock issued for incentive compensation and tendered for income tax   $ 828 $ 154     155  
Stock issued for services, value           $ 3  

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