0001615774-15-001802.txt : 20150715 0001615774-15-001802.hdr.sgml : 20150715 20150715161334 ACCESSION NUMBER: 0001615774-15-001802 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20150531 FILED AS OF DATE: 20150715 DATE AS OF CHANGE: 20150715 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GREENWOOD HALL, INC. CENTRAL INDEX KEY: 0001557644 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MANAGEMENT CONSULTING SERVICES [8742] IRS NUMBER: 990376273 STATE OF INCORPORATION: NV FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-184796 FILM NUMBER: 15989453 BUSINESS ADDRESS: STREET 1: 55 A CLIFF VIEW DRIVE CITY: GREEN BAY STATE: Q2 ZIP: 0604 BUSINESS PHONE: 011-64-210623777 MAIL ADDRESS: STREET 1: 55 A CLIFF VIEW DRIVE CITY: GREEN BAY STATE: Q2 ZIP: 0604 FORMER COMPANY: FORMER CONFORMED NAME: DIVIO HOLDINGS, CORP. DATE OF NAME CHANGE: 20120906 10-Q 1 s101464_10q.htm FORM 10-Q

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended May 31, 2015

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to ____________

Commission file number 333-184796

GREENWOOD HALL, INC.

(Exact name of registrant as specified in its charter)

Nevada	99-0376273
(State or other jurisdiction	(I.R.S. Employer
of incorporation or organization)	Identification No.

12424 Wilshire Blvd,. Suite 1030, Los Angeles, CA 90025
(Address of principal executive offices) (Zip Code)

424-268-3000
(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer ¨		Accelerated filer ¨
Non-accelerated filer ¨	(Do not check if a smaller reporting company)	Smaller reporting company x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ¨ No x

APPLICABLE ONLY TO CORPORATE ISSUERS

As of May 31, 2015, there were 41,503,980 shares of the issuer’s $.001 par value common stock issued and outstanding. No market value has been computed based upon the fact that no active trading market had been established as of the last business day of the registrant’s most recently completed second fiscal quarter.

TABLE OF CONTENTS

PART I – FINANCIAL INFORMATION	2
Item 1. Financial Statements.	2
Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations.	3
Item 3. Quantitative and Qualitative Disclosures About Market Risk.	9
Item 4. Controls and Procedures.	9

PART II - OTHER INFORMATION	9
Item 1. Legal Proceedings	9
Item 1A. Risk Factors	10
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	10
Item 3. Defaults Upon Senior Securities	10
Item 4. Mine Safety Disclosures.	10
Item 5. Other Information.	10
Item 6. Exhibits.	10

SIGNATURES	11

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

Our unaudited financial statements are stated in United States dollars and are prepared in accordance with United States generally accepted accounting principles.

It is the opinion of management that the unaudited interim financial statements for the quarter ended May 31, 2015 include all adjustments necessary in order to ensure that the unaudited interim financial statements are not misleading.

GREENWOOD HALL, INC.

INDEX TO FINANCIAL STATEMENTS

Balance Sheets	F-2
Statements of Operations	F-3
Statements of Cash Flows	F-4
Notes to Financial Statements	F-5 to F-15

GREENWOOD HALL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

May 31, 2015 AND AUGUST 31, 2014

	(Unaudited)			(Audited)
	MAY 2015			AUG 2014
ASSETS

CURRENT ASSETS
Cash and cash equivalents	$	-		$	367,286
Accounts receivable, net		727,140			1,039,065
Prepaid expenses and other current assets		91,636			305,691
Current assets to be disposed of		36,860			36,860

TOTAL CURRENT ASSETS		855,636			1,748,902

PROPERTY AND EQUIPMENT, net		149,717			211,525

OTHER ASSETS
Deposits and other assets		40,812			57,659

TOTAL OTHER ASSETS		40,812			57,659

TOTAL ASSETS	$	1,046,165		$	2,018,086

LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

CURRENT LIABILITIES
Accounts payable	$	957,736		$	835,423
Accrued expenses		401,955			284,362
Accrued payroll and related expenses		440,129			411,280
Book Overdraft		173,948			-
Deferred revenue		-			1,102,500
Accrued interest		101,630			35,773
Due to shareholders / officer		169,238			155,476
Notes payable, net of discount of $689,002 and $71,758, respectively		3,088,753			2,053,134
Line of credit		2,000,000			1,500,000
Derivative liability		709,060			118,363
Current liabilities to be disposed of		335,857			335,857

TOTAL CURRENT LIABILITIES		8,378,306			6,832,168

Notes payable, non-current		515,000			1,297,988

TOTAL LIABILITIES		8,893,306			8,130,156

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY (DEFICIT)
Common stock, $0.001 par value; 937,500,000 shares authorized, 41,503,980 and 38,536,450 shares issued and outstanding, respectively		41,974			38,536
Additional paid-in capital		6,182,259			3,149,711
Accumulated deficit		(14,071,374	)		(9,300,317	)

TOTAL GREENWOOD HALL, INC. STOCKHOLDERS' EQUITY (DEFICIT)		(7,847,141	)		(6,112,070	)

Noncontrolling interest		-			-

TOTAL STOCKHOLDERS' EQUITY (DEFICIT)		(7,847,141	)		(6,112,070	)

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	$	1,046,165		$	2,018,086

See the unaudited notes to consolidated financial statements.

F-2

GREENWOOD HALL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE AND NINE MONTHS ENDED MAY 31, 2015 AND 2014

(UNAUDITED)

	Three Months Ended						Nine Months Ended
	May 31, 2015			May 31, 2014			May 31, 2015			May 31, 2014

REVENUES	$	2,170,894		$	1,644,090		$	6,316,282		$	5,692,214

OPERATING EXPENSES
Direct cost of services		1,166,113			877,990			3,724,551			2,771,977
Personnel		1,339,866			942,940			2,364,335			3,346,772
Selling, general and administrative		364,863			711,925			2,706,176			2,843,778
Stock Based Compensation		1,031,226			-			1,565,723			-

TOTAL OPERATING EXPENSES		3,902,068			2,532,855			10,360,785			8,962,527

INCOME (LOSS) FROM OPERATIONS		(1,731,174	)		(888,765	)		(4,044,503	)		(3,270,313	)

OTHER INCOME (EXPENSE)
Interest expense		(198,477	)		(562,667	)		(510,275	)		(935,649	)
Change in value of derivatives		(57,956	)		-			(194,826	)		-
Miscellaneous income (expense), net		10,518			(50,495	)		(21,343	)		(104,309	)

TOTAL OTHER INCOME (EXPENSE)		(245,915	)		(613,162	)		(726,444	)		(1,039,958	)

INCOME (LOSS) FROM BEFORE		(1,977,089	)		(1,501,927	)		(4,770,947	)		(4,310,271	)

PROVISION FOR INCOME TAXES		(111	)		(523	)		(111	)		(523	)

NET LOSS		(1,977,200	)		(1,502,450	)		(4,771,058	)		(4,310,794	)

Net income (loss) attributable to noncontrolling interests		-			-			-			-

Net income (loss) attributable to Grenwood Hall, Inc.	$	(1,977,200	)	$	(1,502,450	)	$	(4,771,058	)	$	(4,310,794	)

Earnings per share - basic and diluted
Basic earnings per share attributable to Greenwood Hall, Inc.	$	(0.05	)	$	(0.06	)	$	(0.12	)	$	(0.17	)

Weighted average common shares - basic and diluted		41,221,068			25,051,591			40,048,299			25,051,591

See the unaudited notes to consolidated financial statements.

F-3

GREENWOOD HALL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE NINE MONTHS ENDED MAY 31, 2015 AND 2014 (UNAUDITED)

	Nine Months Ended
	May 31, 2015			May 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) from continuing operations	$	(4,771,058	)	$	(4,310,794	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities of continuing operations:
Stock-based compensation		1,565,723			-
Depreciation and amortization		47,866			94,624
Amortization of note discount		98,945			410,125
Change in value of derivative liabilities		194,826			-
Changes in operating assets and liabilities:
Accounts receivable		311,925			348,796
Prepaid expenses and other current assets		230,903			154,684
Accounts payable		124,544			308,778
Accrued expenses		117,592			429,555
Accrued payroll and related		28,849			11,555
Deferred revenue		(1,102,500	)		82,780
Accrued interest and related		65,859			133,433
Advances from officers, net		60,882			86,782

NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES		(3,025,644	)		(2,249,682	)

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment		-			(21,772	)

NET CASH USED IN INVESTING ACTIVITIES		-			(21,772	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Book overdraft		173,948			(208,436	)
Proceeds from issuance of notes payable		1,701,500			5,661,354
Payments on notes payable		(455,535	)		(3,510,732	)
Repurchase of common stock		-			(39,000	)
Proceeds from the sale of stock		1,238,445			-

NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES		2,658,358			1,903,186

NET INCREASE (DECREASE) IN CASH		(367,286	)		(368,268	)

CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR		367,286			368,268

CASH AND CASH EQUIVALENTS, END OF YEAR	$	-		$	-

Supplemental disclosures:
Interest paid in cash	$	297,009		$	935,649
Income taxes paid in cash	$	-		$	-

See the unaudited notes to consolidated financial statements.

F-4

GREENWOOD HALL, INC. AND SUBSIDIARIES

Notes to Financial Statements

MAY 31, 2015

(Unaudited)

GREENWOOD HALL, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization

Greenwood Hall is an emerging education management solutions provider that delivers end-to-end services that support the entire student lifecycle including offerings that increase student enrollment, improve student experience, optimize student success and outcomes, and help schools maximize operating efficiencies. Since 2006, we have developed and customized turnkey solutions that combine strategy, personnel, proven processes and robust technology to help schools effectively and efficiently improve student outcomes, expand into new markets such as online learning, increase revenues, and deliver enhanced student experiences. Our Company currently has 121 employees and has served more than 40 education clients and over 70 degree programs.

Basis of Presentation

On July 23, 2014, Greenwood Hall, Inc. (formerly Divio Holdings, Corp. (“Divio”)) and its wholly owned subsidiary, Merger Sub, completed the Merger Agreement, dated July 22, 2014, by and among Divio, Merger Sub, and PCS Link, Inc. (“PCS Link”). Pursuant to the Merger Agreement, Merger Sub merged with and into PCS Link with PCS Link remaining as the surviving corporation (the “Surviving Corporation”) in the Merger. Upon the consummation of the Merger, the separate existence of Merger Sub ceased, and PCS Link became a wholly owned subsidiary of Divio. In connection with the Merger and at the Effective Time, the holders of all of the issued and outstanding shares of PCS Link Common Stock exchanged all of such shares (other than “dissenting shares” as defined in California Corporations Code Section 1300) for a combined total of 25,250,000 shares of Common Stock, representing approximately 71% of the total outstanding shares on the date of the Merger. In connection with the merger, Divio Holdings, Corp. changed its name to Greenwood Hall, Inc.

The Merger was accounted for as a “reverse merger” with PCS Link as the accounting acquirer and the Company as the legal acquirer. Although, from a legal perspective, the Company acquired PCS Link, from an accounting perspective, the transaction is viewed as a recapitalization of PCS Link accompanied by an issuance of stock by PCS Link for the net assets of Greenwood Hall, Inc. This is because Greenwood Hall, Inc. did not have operations immediately prior to the merger, and following the merger, PCS Link is the operating company. The board of directors of Greenwood Hall, Inc. immediately after the merger consisted of five directors, with four of the five directors nominated by PCS Link. Additionally, PCS Link’s stockholders owned 71% of the outstanding shares of Greenwood Hall, Inc. immediately after completion of the transaction.

The presentation of the consolidated statements of stockholders' deficit reflects the historical stockholders' deficit of PCS Link through July 23, 2014. The effect of the issuance of shares of Divio common stock in connection with the Merger and the inclusion of Divio’s outstanding shares of common stock at the time of the Merger on July 23, 2014 is reflected during the eight months ended August 31, 2014.

Principles of Consolidation

The consolidated financial statements include the accounts of Greenwood Hall, PCS Link, and University Financial Aid Solutions, LLC (“UFAS”), collectively referred to herein as the Company, we, us, our, and Greenwood Hall. All significant intercompany accounts and transactions have been eliminated in consolidation. Through our affiliate UFAS we provided complete financial aid solutions. During 2013, UFAS ceased operations and is presently winding down its affairs. As a result, it is presented in the accompanying consolidated financial statements as discontinued operations.

Going Concern

The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”), which contemplates the continuation of the Company as a going concern. The Company has an accumulated deficit and a working capital deficit as of May 31, 2015 and has incurred a loss from operations during 2015. These conditions raise substantial doubt about the Company’s ability to continue as a going concern.

The Company has historically funded its activities through cash generated from operations, debt financing, the issuance of equity for cash, and advances from shareholders. During the nine months ended May 31, 2015 the Company received approximately $2,658,358 in net proceeds from financing activities.

Management intends to become profitable by continuing to grow its operations and customer base. If the Company is not successful in becoming profitable, it may have to further delay or reduce expenses, or curtail operations. The accompanying consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that could result should the Company not continue as a going concern.

F-5

Use of Estimates

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures. Management uses its historical records and knowledge of its business in making these estimates. Accordingly, actual results may differ from these estimates.

Cash and Cash Equivalents

For the purpose of the statement of cash flows, the Company considers cash equivalents to include short-term, highly liquid investments with an original maturity of three months or less.

Research and Development

Costs relating to designing and developing new products are expensed in the period incurred.

Revenue Recognition

The Company’s contracts are typically structured into two categories, i) fixed-fee service contracts that span a period of time, often in excess of one year, and ii) service contracts at agreed-upon rates based on the volume of service provided. Some of the Company’s service contracts are subject to guaranteed minimum amounts of service volume.

The Company recognizes revenue when all of the following have occurred: persuasive evidence of an agreement with the customer exists, services have been rendered, the selling price is fixed or determinable, and collectability of the selling price is reasonably assured. For fixed-fee service contracts, the Company recognizes revenue on a straight-line basis over the period of contract performance. Costs incurred under these service contracts are expensed as incurred.

Deferred Revenue

Deferred revenue primarily consists of prepayments received from customers for which the Company’s revenue recognition criteria have not been met. The deferred revenue will be recognized as revenue once the criteria for revenue recognition have been met.

Accounts Receivable

The Company extends credit to its customers. An allowance for doubtful accounts is maintained for estimated losses resulting from the inability of the Company’s customers to make required payments. Management specifically analyzes the age of customer balances, historical bad debt experience, customer credit-worthiness, and changes in customer payment terms when making estimates of the collectability of the Company’s trade accounts receivable balances. If the Company determines that the financial condition of any of its customers has deteriorated, whether due to customer specific or general economic issues, an increase in the allowance may be made. After all attempts to collect a receivable have failed, the receivable is written off. Based on the information available, management believes the Company’s accounts receivable, net of the allowance for doubtful accounts, are collectable.

Property and Equipment

Property and equipment are stated at cost. Depreciation and amortization are being provided using the straight-line method over the estimated useful lives of the assets. The estimated useful lives used are as follows:

Classification		Life
Equipment		5-7 Years
Computer equipment		7 Years

Expenses for repairs and maintenance are charged to expense as incurred, while renewals and betterments are capitalized.

Income Taxes

The Company accounts for income taxes in accordance with ASC 740-10, “Income Taxes” which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred income taxes are recognized for the tax consequences in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts at each year-end based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. The provision for income taxes represents the tax payable for the period and the change during the period in deferred tax assets and liabilities.

Earnings (Loss) per Share

Basic earnings (loss) per share is computed using the weighted-average number of common shares outstanding during the period. Diluted earnings (loss) per share are computed using the weighted- average number of common shares and dilutive potential common shares outstanding during the period. Warrants to purchase common stock were excluded from the computation of diluted shares during the three and nine months ended May 31, 2015 and 2014 as their effect is anti-dilutive .

F-6

Variable Interest Entities

Generally, an entity is defined as a variable interest entity (“VIE”) under current accounting rules if it has (a) equity that is insufficient to permit the entity to finance its activities without additional subordinated financial support from other parties, or (b) equity investors that cannot make significant decisions about the entity’s operations, or that do not absorb the expected losses or receive the expected returns of the entity. When determining whether an entity that is a business qualifies as a VIE, we also consider whether (i) we participated significantly in the design of the entity, (ii) we provided more than half of the total financial support to the entity, and (iii) substantially all of the activities of the VIE either involve us or are conducted on our behalf. A VIE is consolidated by its primary beneficiary, which is the party that absorbs or receives a majority of the entity’s expected losses or expected residual returns.

University Financial Aid Services, LLC was 60% owned by John Hall and Zan Greenwood, who at the time held a combined 92.5% of our common stock and served as directors of PCS Link. John Hall is the CEO of the Company and Zan Greenwood served as the Company’s Chief Operating Officer through June 2013. The equity owners of UFAS have no equity at risk, Greenwood Hall has funded UFAS’ operations since it was formed in 2010, and we have the ability to exercise control over UFAS through our two shareholders / directors.

Based on our assessment, we have determined that UFAS is a VIE and that we are the primary beneficiary, as defined in current accounting rules. Accordingly, we are required to consolidate the revenues and expenses of UFAS. To date, the Company has not allocated any income or loss of UFAS to noncontrolling interests as the noncontrolling interests never had any equity at risk. As previously discussed, UFAS ceased operations during 2013 and is presently winding down its affairs. The Company does not anticipate having any future involvement with UFAS after it is dissolved.

Marketing and Advertising

Marketing and advertising costs are expensed as incurred. Marketing and advertising amounted to $117,596 and $331,918 for the nine months ended May 31, 2015 and the nine months ended May 31, 2014 respectively, and are included in selling, general and administrative expenses.

Stock-Based Compensation

Compensation costs related to stock options and other equity awards are determined in accordance with FASB ASC 718-10, “Compensation-Stock Compensation.” Under this method, compensation cost is calculated based on the grant-date fair value estimated in accordance FASB ASC 718-10, amortized on a straight-line basis over the awards’ vesting period. Stock-based compensation was $1,565,723 and $0 for the nine months ended May 31, 2015 and 2014, respectively, and was $1,031,226 and $0 for the three months ended May 31, 2015 and 2014, respectively. This expense is included in the condensed consolidated statements of operations as Stock-Based Compensation.

Derivative Liabilities

We account for warrants as either equity or liabilities based upon the characteristics and provisions of each instrument. Warrants classified as equity are recorded as additional paid-in capital on our Consolidated Balance Sheet and no further adjustments to their valuation are made. Some of our warrants were determined to be ineligible for equity classification because of provisions that may result in an adjustment to their exercise price. Warrants classified as derivative liabilities and other derivative financial instruments that require separate accounting as assets or liabilities are recorded on our Consolidated Balance Sheet at their fair value on the date of issuance and are revalued on each subsequent balance sheet date until such instruments are exercised or expire, with any changes in the fair value between reporting periods recorded as other income or expense. We estimate the fair value of these liabilities using option pricing models that are based on the individual characteristics of the warrants or instruments on the valuation date, as well as assumptions for expected volatility, expected life and risk-free interest rate.

As part of a debt financing during May 2014, the Company issued warrants to acquire 248,011 shares of Common Stock. These warrants contain a mechanism to increase the number of warrants upon the issuance of certain dilutive equity securities. If during the terms of the warrants, the Company issues additional shares of Common Stock or equivalents, the warrant holders are entitled to additional warrants with the same terms as the original warrants. As a result of these features, the warrants are subject to derivative accounting as prescribed under ASC 815. Accordingly, the fair value of the warrants on the date of issuance was estimated using an option pricing model and recorded on the Company’s Consolidated Balance Sheet as a derivative liability. The fair value of the Warrants is estimated at the end of each reporting period and the change in the fair value of the Warrants is recorded as a non-operating gain or loss as change in value of derivatives in the Company’s Consolidated Statement of Operations.

F-7

In December 2014, the Company entered into a Secured Convertible Note with Colgan Financial Group, Inc. (“ Colgan ”) and Rob Logan pursuant to which the Company issued a convertible promissory note of $500,000 and the right to purchase warrants upon the payment or conversion of the note principal. The conversion feature and warrants both include provisions that call for the instrument to be converted to equity at a price equal to the lesser of i) $1.50 per share or ii) 85% of the weighted average price per share of the Company’s trading price for the 10 trading days prior to conversion / exercise. As a result of this feature, the warrants and conversion feature are subject to derivative accounting pursuant to ASC 815. Accordingly, the fair value of the warrants and conversion feature on the date of issuance was estimated using an option pricing model and recorded on the Company’s Consolidated Balance Sheet as a derivative liability and a note discount. The fair value of the warrants and conversion feature is estimated at the end of each reporting period and the change in the fair value is recorded as a non-operating gain or loss as change in value of derivatives in the Company’s Consolidated Statement of Operations.

In March 2015, the Company entered into a Convertible Note with Redwood Fund, LP (“ Redwood ”) pursuant to which the Company issued a convertible promissory note of $250,000 and the right to purchase warrants upon the payment or conversion of the note principal. The conversion feature includes provisions that call for the instrument to be converted to equity at a price equal to (i) $1.00 if the Company’s common stock price closes above $1.00; (ii) the average of the publicly reported closing bid and ask price if the Company’s publicly reported common stock price closes between $0.50 and $0.99; or (iii) $0.50 if the Company’s publicly reported common stock price closes below $0.50. As a result of this feature, the conversion feature is subject to derivative accounting pursuant to ASC 815. Accordingly, the fair value of the conversion feature on the date of issuance was estimated using an option pricing model and recorded on the Company’s Consolidated Balance Sheet as a derivative liability and a note discount. The fair value of the conversion feature is estimated at the end of each reporting period and the change in the fair value is recorded as a non-operating gain or loss as change in value of derivatives in the Company’s Consolidated Statement of Operations.

In April 2015, the Company entered into a Convertible Note with Lincoln Park Capital Fund, LLP (“ Lincoln Park ”) pursuant to which the Company issued a convertible promissory note of $250,000 and the right to purchase warrants upon the payment or conversion of the note principal. The conversion feature includes provisions that call for the instrument to be converted to equity at a price equal to (i) $1.00 if the Company’s common stock price closes above $1.00; (ii) the average of the publicly reported closing bid and ask price if the Company’s publicly reported common stock price closes between $0.50 and $0.99; or (iii) $0.50 if the Company’s publicly reported common stock price closes below $0.50. As a result of this feature, the conversion feature is subject to derivative accounting pursuant to ASC 815. Accordingly, the fair value of the conversion feature on the date of issuance was estimated using an option pricing model and recorded on the Company’s Consolidated Balance Sheet as a derivative liability and a note discount. The fair value of the conversion feature is estimated at the end of each reporting period and the change in the fair value is recorded as a non-operating gain or loss as change in value of derivatives in the Company’s Consolidated Statement of Operations.

During the nine months ended May 31, 2015 and 2014, the Company recognized a change in value of the derivative liability of $194,826 and $0, respectively.

Fair Value of Financial Instruments

The Company groups financial assets and financial liabilities measured at fair value into three levels of hierarchy in accordance with ASC 820-10, “Fair Value Measurements and Disclosure”. Assets and liabilities recorded at fair value in the accompanying balance sheet are categorized based upon the level of judgment associated with the inputs used to measure their fair value.

Level Input:		Input Definition:
Level I		Observable quoted prices in active markets for identical assets and liabilities.

Level II		Observable quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market.

Level III		Model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of option pricing models, discounted cash flow models, and similar techniques.

For certain of our financial instruments, including working capital instruments, the carrying amounts are approximate fair value due to their short-term nature. Our notes payable approximate fair value based on prevailing interest rates.

The following table summarizes fair value measurements at May 31, 2015 for assets and liabilities measured at fair value on a recurring basis.

May 31, 2015

		Level 1				Level 2				Level 3
Derivative Liabilities		$	-			$	-			$	709,060

F-8

The assumptions used in valuing derivative instruments issued during the nine months ended May 31, 2015 were as follows:

Risk free interest rate	0.26	%
Expected life	1.0 Years
Dividend yield	None
Volatility	60	%

The following is a reconciliation of the derivative liability related to these instruments for the nine months ended May 31, 2015:

Value at August 31, 2014	$	118,363
Issuance of instruments		395,871
Change in value		194,826
Net settlements		-
Value at May 31, 2015	$	709,060

The derivative liabilities are estimated using option pricing models that are based on the individual characteristics of the warrants or instruments on the valuation date, as well as assumptions for expected volatility, expected life and risk-free interest rate. Changes in the assumptions used could have a material impact on the resulting fair value. The primary input affecting the value of our derivatives liabilities is the Company’s stock price, term and volatility. Other inputs have a comparatively insignificant effect.

Effect of Recently Issued Accounting Standards

In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern ("ASU 2014-15"). ASU 2014-15 will explicitly require management to assess an entity's ability to continue as a going concern, and to provide related footnote disclosure in certain circumstances. The new standard will be effective for all entities in the first annual period ending after December 15, 2016. Earlier adoption is permitted. We are currently evaluating the impact of the adoption of ASU 2014-15. The adoption of this standard is not expected to have a material impact on the Company's consolidated financial statements.

In May 2014, FASB issued ASU 2014-09, Revenue from Contracts with Customers. The standard will eliminate the transaction- and industry-specific revenue recognition guidance under current U.S. GAAP and replace it with a principles-based approach for determining revenue recognition. ASU 2014-09 is effective for annual and interim periods beginning after December 15, 2016. Early adoption is not permitted. The revenue recognition standard is required to be applied retrospectively, including any combination of practical expedients as allowed in the standard. We are evaluating the impact, if any, of the adoption of ASU 2014-09 to our financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting.

In July 2013, the FASB issued ASU 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, which eliminates diversity in practice for the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss or a tax credit carryforward is available to reduce the taxable income or tax payable that would result from disallowance of a tax position. ASU 2013-11 affects only the presentation of such amounts in an entity’s balance sheet and is effective for fiscal years beginning after December 15, 2013 and interim periods within those years. Early adoption is permitted. We adopted this standard during fiscal 2015 and believe that it did not have a significant effect on our financial position or results of operation.

2. PROPERTY AND EQUIPMENT

Depreciation and amortization of property and equipment amounted to $47,866 and $94,624 for the nine months ended May 31, 2015 and 2014, respectively, and is included in the accompanying consolidated statements of operations in selling, general and administrative expenses.

At May 31, 2015, property and equipment consists of the following:

	MAY 2015
Computer equipment	$	553,255
Software and Equipment		39,400
		592,655
Accumulated depreciation		(442,938	)
Net property and equipment	$	149,717

F-9

3. NOTES PAYABLE

Bank

In May 2014, the Company entered into a Credit Agreement and related term loan and line of credit with Opus Bank (“ Opus ”). Pursuant to the terms of the agreement, the Company issued a promissory note in the amount of $2,000,000, the proceeds of which were required to be used to finance repayment of the amounts owed to TCA. Monthly payments of principal and interest are required through the maturity date in May 2017. The amounts owed to Colgan and CUB are subordinated to amounts owed to Opus under the Credit Agreement and related debt facilities. Amounts outstanding under the Credit Agreement are secured by substantially all assets of the Company.

On April 13, 2015, the Company and its lenders executed a second amendment (“Second Amendment”) of the Company’s Credit Facilities (the “Credit Agreement”) with Opus Bank ratified by California United Bank and Colgan Financial Group (collectively “Lenders”). The Second Amendment was designed to provide the Company with increased cash and credit availability as the Company seeks to expand and raise additional equity for working capital purposes. Under the terms of the Second Amendment, the Lenders agreed to waive any and all covenant violations that existed prior to the Second Amendment or that may occur through June 30, 2015. The Amendment also permitted the Company to not make any principal and/or interest payments to the Lenders through August 1, 2015, provided there are no Events of Default by the Company. The line of credit is for a maximum amount of $3,000,000. Payments of interest only will be due monthly with the unpaid balance due, in full, on the maturity date in January 2016.

As of May 31, 2015, the balance outstanding on the term loan and line of credit amounted to $1,537,416 and $2,025,084, respectively. At May 31, 2015, amounts owed pursuant to the Credit Agreement bear interest at a rate of 5.75% per annum.

In connection with the Credit Agreement, the Company issued 248,011 warrants to purchase common stock at an exercise price of $1.00 per share, which increased to 375,000 warrants due to dilutive issuances of equity by the Company during the eight months ended August 31, 2014. The warrants are exercisable immediately. In the event of future dilutive issuances, the number of warrants issuable shall be increased based on a specified formula. The warrants were valued at $78,281 on the date of issuance, which was recorded as a note discount During the nine months ended May 31, 2015, the Company recognized $19,569 of amortization related to this discount, leaving a balance of $52,189 at May 31, 2015.

Bank

In October 2010, the Company issued a promissory note to California United Bank (“CUB”) for $1,250,000 and has been amended several times since issuance. The note was last amended in May 2013. The note bears interest at a variable rate, subject to a minimum of 7.25% per annum. The interest rate at December 31, 2013 was 7.25%. Payments of interest are due monthly with one payment of all outstanding principal plus accrued interest due on March 5, 2014. The note is secured by substantially all assets of the Company and is guaranteed by one former shareholders/officer, by one shareholders/officer, a trust of one of the officers/shareholders, and UFAS.

In May 2014, the Company and CUB amended the promissory note of $1,250,000 to extend the maturity date to the earlier of i) October 2014 or ii) the completion of specified debt / equity funding. CUB also agreed to subordinate its security interest to another lender if certain criteria were met. In December 2014, the Company entered into a Change in Terms Agreement with California United Bank (“CUB”) which included an extension of the maturity date of the facility to April 30, 2015 and an adjustment of the interest rate to five percent (5%) in excess of the Prime Rate.

As of May 31, 2015, the balance remaining is $894,812.

Secured Convertible Notes

In connection with this debt, the Company issued the right to purchase warrants upon the payment or conversion of the note principal. The conversion feature and warrants both include provisions that call for the instrument to be converted to equity at a price equal to the lesser of i) $1.50 per share or ii) 85% of the weighted average price per share of the Company’s trading price for the 10 trading days prior to conversion / exercise. As a result of this feature, the warrants and conversion feature are subject to derivative accounting pursuant to ASC 815. Accordingly, the fair value of the warrants and conversion feature on the date of issuance was estimated using an option pricing model and recorded on the Company’s Consolidated Balance Sheet as a derivative liability and a note discount. The fair value of the discount on the issuance date was estimated at $322,730 and is being amortized over the term of the note using the effective interest method. Amortization of the note discount during the nine months ended May 31, 2015 amounted to $53,788.

F-10

On March 31, 2015, the Company entered into a one-year $ 295,000 Convertible Note (“Note”) with Redwood Fund LP (“Redwood”). In conjunction with the Note, the Company issued Redwood warrants that are exercisable for 295,000 shares of the Company’s common stock over the next five (5) years at an exercise price of $ 1.00 per share. Redwood has an option to provide additional convertible debt to the Company in the amount of $ 250,000 at the same terms. Interest will accrue monthly at 10% annually and the note is unsecured.

On April 24, 2015, the Company entered into a one-year $ 295,000 Convertible Note (“Note”) with Lincoln Park Capital Fund LLC (“Lincoln Park”). In conjunction with the Note, the Company issued Lincoln Park warrants that are exercisable for 295,000 shares of the Company’s common stock over the next five (5) years at an exercise price of $ 1.00 per share. Redwood has an option to provide additional convertible debt to the Company in the amount of $ 250,000 at the same terms. Interest will accrue monthly at 10% annually and the note is unsecured.

Credit Agreement

During 2013, the Company entered into a Credit Agreement with TCA Global Credit Master Fund, LP (“TCA”). Pursuant to the Credit Agreement, the Company was granted an initial revolving credit facility of $1,500,000, which was subsequently increased to $1,850,000 later in 2013, and may be increased up to $7,000,000 upon i) the written request of the Company and ii) approval by TCA.

In December 2013, the Company and TCA entered into the Second Amendment to Credit Agreement whereby the parties aggregated all amounts owed to TCA under the Credit Agreement, which totaled $2,210,798 inclusive of $330,000 of loan fees incurred in connection with the second amendment. In addition, TCA waived the Company’s default of the terms of the Credit Agreement as of December 2, 2013 in connection with the execution of Second Amendment to Credit Agreement.

Amounts outstanding under the Second Amendment to Credit Agreement bore interest at 15% per annum and are payable in monthly payments of principal and interest commencing in March 2014, with the final payment due in October 2014, and share first priority with California United Bank on a pari passu basis.

As of December 31, 2013, the amount of principal and accrued interest outstanding amounted to $2,210,798 and $25,431, respectively. The $330,000 of loan fees was recorded as a note discount on the date of the promissory note and is being amortized to interest expense over the term of the note. As of December 31, 2013, the unamortized note discount amounted to $298,417.

During the eight months ended August 31, 2014, in connection with the funding of the Opus Credit Agreement, all amounts owed to TCA were paid off and the note discount of $298,417 was recognized as interest expense.

Loan and Security Agreement

During 2013, the Company entered into a Loan and Security Agreement with Colgan Financial Group, Inc. (“ Colgan ”) pursuant to which the Company issued a promissory note of $600,000. The note bears interest at 2.5% per month, is payable in monthly installments of principal and interest through June 2014, is guaranteed by one shareholder of the Company and an advisor to the Company and is secured by substantially all assets of the Company. This note is subordinate to the notes held by California United Bank. In July 2014, a paydown of $144,000 was made in connection with an equity funding. In April 2015, the Company received an additional $200,000 in funding under this agreement.

During the eight months ended August 31, 2014, the Company issued two convertible promissory notes to Colgan, one in the amount of $175,000 and one in the amount of $200,000. In connection with these two convertible promissory notes, the Company issued 198,409 shares of common stock valued at $186,270 (the estimated fair value of the shares on the issuance date), which was recorded as interest expense during the eight months ended August 31, 2014. In addition, the Company incurred an aggregate of $80,000 in fixed loan fees / interest expense. The notes were paid in full during the eight months ended August 31, 2014.

Unsecured Promissory Note

In March 2014, the Company issued an unsecured promissory note in the amount of $1,350,000. The note bore interest at a rate of 10% per annum and was due in September 2014. This note and related accrued interest was converted to units, comprised of one share of common stock and one warrant at an exercise price of $1.30, in July of 2014 (refer to note 5 for further discussion).

F-11

The Company also finances the purchases of small equipment. The amount of such notes is not significant at May 31, 2015. The following is a schedule, by year, of future minimum principal payments required under notes payable as of May 31, 2015:

Years Ending August 31, 2015 (remainder of)	$	3,187,755
2016		590,000
2017		-
2018		515,000
2019		-
Total		4,292,755
Note discount		(689,002	)
	$	3,603,753

4. RELATED PARTY TRANSACTIONS

One of the Company’s customers, MarkeTouch Media, Inc. (“MarkeTouch”), held a 7.5% interest in our common stock during 2013.As of May 31, 2015 and 2014, the Company owed $0 and $14,333, respectively, relating to this share repurchase obligation, which is recorded in accrued expenses.

5. STOCKHOLDERS’ EQUITY

The Company is authorized to issue one class of stock, which represents 937,500,000 shares of common stock, par value $0.0001.

Common Stock

Pursuant to an agreement between the Company and MarkeTouch, the Company is repurchasing the shares held by MarkeTouch. As of May 31, 2014 the Company owed $14,333 relating to this share repurchase obligation, which is recorded in accrued expenses.

In July 2014, the Company sold 3,036,450 units, comprised of one share of common stock and one warrant to purchase common stock, at a price of $1.00 per unit. As a result, the Company raised $1,645,611 net of fees and converted $1,386,450 of debt and accrued interest. The warrants have an exercise price of $1.30 per share and expire 24 months from the date of closing of the Merger.

In September 2014, the Company sold 1,000,000 units, comprised of one share of common stock and one warrant to purchase common stock, at a price of $1.00 per unit, for total proceeds of $1,000,000.

In January 2015, the Company sold 250,000 units, comprised of one share of common stock and one warrant to purchase common stock, at a price of $1.00 per unit, for total proceeds of $250,000. The Company incurred $11,555 of fees associated with this raise, which are presented net of the proceeds.

Stock Issued for Services

In April 2015, the Company entered into a 3-month agreement with a vendor for advisory and consulting services. For the nine months ended May 31, 2015, the vendor had received 80,000 shares which were recognized as an operating expense of $72,000.

Stock Option Plan

In July 2014, the Board of Directors adopted, and the shareholders approved, the 2014 Stock Option Plan (the "Option Plan") under which a total of 5,000,000 shares of common stock had been reserved for issuance. The 2014 Stock Option Plan will terminate in September 2024.

Stock Options

As of May 31, 2015, employees hold 0 shares of common, which were granted prior to May 31, 2015. As of May 31, 2015, the members of the Board of Directors hold options to purchase 1,750,000 shares of common stock at exercise prices ranging from $0.01 to $0.75, which were granted prior to May 31, 2015.

F-12

Transactions in FY2015	Quantity			Weighted-Average Exercise Price Per Share		Weighted-Average Remaining Contractual Life
Outstanding, August 31, 2014		1,085,000			0.01		9.15
Granted		1,050,000			0.61		9.81
Exercised		0
Cancelled/Forfeited		(385,000	)		0.01		9.15
Outstanding, May 31, 2015		1,750,000			0.37		9.54
Exercisable, May 31, 2015		700,000			0.01		9.15

The fair value of the options, granted during the nine months ended May 31, 2015 is estimated at $210,692. The fair value of these options was estimated at the date of grant using the Black Scholes option pricing model with the following assumptions for Fiscal quarter ended May 31, 2015: no dividend, expected volatility of 30%, risk free interest rate of 2.72%, and expected life of 5.5 years.

The weighted average remaining contractual life of options outstanding issued under the Plan, both Qualified ISO and NonQualified SO, was 9.54 years at May 31, 2015. The exercise prices for the options outstanding at May 31, 2015 ranged from $0.01 to $0.75, and the information relating to these options is as follows:

				Options Exerciseable						Options Outstanding
Exercise Price		Quantity		Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Life		Quantity		Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Life
$	0.01		700,000	$	0.01		9.15		700,000		0.01		9.15
$	0.50								600,000		0.50		9.78
$	0.75								450,000		0.75		9.84
Total			700,000	$	0.01		9.15		1,750,000		0.37		9.54

Warrants Issued for Services

During the period ended May 31, 2015, the Company issued 1,264,023 warrants to a consultant for services. The warrants are exercisable at $1.00 per share, have a term of 10 years, and were 100% vested upon issuance. The Company valued these warrants at $493,329 using the Black-Scholes model and the significant inputs to that model below. The Company recognized these warrants as an expense during the period ended February 28, 2015. In addition, these warrants include provisions that call for the issuance of an additional 1,264,024 warrants at substantially the same terms in the event of certain achievements by the consultant.

During the period ended February 28, 2015, the Company issued 100,000 warrants for services. The warrants are exercisable at $0.01 per share, have a term of 1.7 years, and were 100% vested upon issuance. The Company valued these warrants at $41,168 using the Black-Scholes model and the significant inputs to that model below. The Company recognized these warrants as an expense during the period ended February 28, 2015.

The assumptions used in valuing warrants issued for services during the nine months ended May 31, 2015 were as follows:

Risk free interest rate	1.10	%
Expected life	1.5 - 10 Years
Dividend yield	None
Volatility	60	%

Warrants Outstanding

In March 2015, the Company issued an S-1 to register 5,673,980 shares of common stock. As part of this offering, the Company agreed to issue 1,387,530 shares to Company shareholders holding warrants for the purchase of the Company’s common stock. This resulted in the warrant holders forfeiting warrants equal that could have been exercised for 4,286,450 shares of common stock of the Company. The company recognized $693,765 of expense associated with this exchange.

Mr. Kyle Murphy agreed to accept 250,000 warrants in exchange for previously agreed to stock-based compensation upon his resignation from the Company.

F-13

The following is a summary of warrants outstanding at May 31, 2015:

Exercise Price		Number of Warrants		Expiration Date
$	1.00		375,000	May 2021
$	1.00		1,264,023	November 2024
$	0.01		100,000	July 2016
$	1.00		295,000	March 2020
$	1.00		295,000	April 2020

6. CONCENTRATIONS

Concentration of Credit Risk

The Company maintains its cash and cash equivalents at a financial institution which may, at times, exceed federally insured limits. Historically, the Company has not experienced any losses in such accounts.

Major Customers

For the nine months ended May 31, 2015, 1 customer, and 3 specific projects with that customer, represented 41% of net revenues and for the nine months ended May 31, 2014, 2 customers represented 34% of net revenues. As of May 31, 2015, 3 customers represented 53% of accounts receivable, and for the nine months ended May 31, 2014, 1 customer, and 6 specific projects with that customer, represented 47% of accounts receivable.

7. INCOME TAXES

The difference between income tax expense attributable to continuing operations and the amount of income tax expense that would result from applying domestic federal statutory rates to pre-tax income (loss) is mainly related to an increase in the valuation allowance, partially offset by state income taxes. Valuation allowances are established, when necessary, to reduce deferred income tax assets to the amount expected to be realized. Deferred income tax assets are mainly related to net operating loss carryforwards. Management has chosen to take a 100% valuation allowance against the deferred income tax asset until such time as management believes that its projections of future profits make the realization of the deferred income tax assets more likely than not. Significant judgment is required in the evaluation of deferred income tax benefits and differences in future results from management’s estimates could result in material differences.

A majority of the Company’s deferred tax asset is comprised of net operating loss carryforwards, offset by a 100% valuation allowance at May 31, 2015 and August 31, 2014.

As of May 31, 2015, the Company is in process of determining the amount of Federal and State net operating loss carry forwards (“NOL”) available to offset future taxable income. The Company’s NOLs will begin expiring in 2032. These NOLs may be used to offset future taxable income, to the extent the Company generates any taxable income, and thereby reduce or eliminate future federal income taxes otherwise payable. Section 382 of the Internal Revenue Code imposes limitations on a corporation’s ability to utilize NOLs if it experiences an ownership change as defined in Section 382. In general terms, an ownership change may result from transactions increasing the ownership of certain stockholders in the stock of a corporation by more than 50% over a three-year period. In the event that an ownership change has occurred, or were to occur, utilization of the Company’s NOLs would be subject to an annual limitation under Section 382. Any unused annual limitation may be carried over to later years. The Company could experience an ownership change under Section 382 as a result of events in the past in combination with events in the future. If so, the use of the Company’s NOLs, or a portion thereof, against future taxable income may be subject to an annual limitation under Section 382, which may result in expiration of a portion of the NOLs before utilization.

Due to the existence of the valuation allowance, future changes in the Company’s unrecognized tax benefits will not impact its effective tax rate. Any carryforwards that expire prior to utilization as a result of such limitations will be removed, if applicable, from deferred tax assets with a corresponding reduction of the valuation allowance.

8. COMMITMENTS AND CONTINGENCIES

Lease Commitments

F-14

The Company leases its operating facilities under non-cancelable operating leases that expire through 2024. Total rent expense for the nine months ended May 31, 2015 and 2014 amounted to $398,708 and $382,033, respectively. The Company is responsible for certain operating expenses in connection with these leases. The following is a schedule, by year, of future minimum lease payments required under non-cancelable operating leases as of May 31, 2015:

Years Ending August 31, 2015 (remainder of)	$	103,733
2016		475,769
2017		572,058
2018		586,837
2019		602,277
Thereafter		2,253,372
	$	4,594,046

Employment Agreements

At May 31, 2015, the Company maintained an employment agreement with an officer, the terms of which may require the payment of severance benefits upon termination.

Legal Matters

The Company is involved from time to time in various legal proceedings in the normal conduct of its business.

The Company is the subject of pending litigation, which could cause it to incur significant costs in defending such litigation or in resulting actions or judgments. The Robin Hood Foundation (“Robin Hood”) filed suit against Patriot Communications, LLC (“Patriot”), a client of the Company, in the Superior Court of the State of California for the County of Los Angeles (Central District) for breach of contract and failure to perform, including among other things an intentional tort claim, in the amount of not less than $5,000,000. On May 6, 2014, Patriot filed a cross-complaint naming PCS Link as a cross-defendant. Patriot denies the allegations set forth by Robin Hood. On August 22, 2014, Robin Hood filed a First Amended Complaint, naming the Company and John Hall, in his individual capacity, as defendants. The First Amended Complaint asserts claims against the Company and Hall for fraud, fraudulent concealment, negligent misrepresentation, negligence and violation of Business & Professions Code section 17200. The First Amended Complaint also alleges a cause of action for breach of contract solely against the Company. An adverse judgment against the Company could be detrimental to the Company’s financial standing. Additionally, in the event that Patriot is held liable, Patriot alleges that PCS Link is responsible to indemnify and/or contribute to the satisfaction of any damages because PCS Link acted as a sub-contractor on behalf of Patriot with regard to the filed incident. We believe that we have strong defenses and we are vigorously defending against this lawsuit, but the potential range of loss related to this matter cannot be determined, as the pleadings are still not resolved, and will not be until late 2015, at the earliest. The outcome of this matter is inherently uncertain and could have a materially adverse effect on our business, financial condition and results of operations if decided unfavorably against the Company and John Hall.

The Company is the subject of pending litigation, which could cause it to incur significant costs in defending such litigation or in resulting actions or judgments. Finance 500, Inc. (“Finance 500”) filed suit against the Company, in the Superior Court of the State of California for the County of Orange (Central Justice) for breach of contract and unjust enrichment, among other things, in the amount of not less than $ 250,000. We believe that we have strong defenses and we are vigorously defending against this lawsuit, but the potential range of loss related to this matter cannot be determined, as the pleadings are still not resolved, and will not resolved anytime in the near future. The outcome of this matter is inherently uncertain and could have a materially adverse effect on our business, financial condition and results of operations if decided unfavorably against the Company.

9. DISCONTINUED OPERATIONS

During 2013, we ceased operations in our affiliated company, UFAS. The operations of UFAS are now presented as discontinued operations in the accompanying consolidated financial statements. UFAS was inactive during the periods ended May 31, 2015 and 2014.

10. SUBSEQUENT EVENTS

On June 3, 2015, the Company executed an agreement with Technical College of Lowcountry to provide student engagement services.

On June 5, 2015, the Company completed a private placement of units (each, a "Unit") at $1.00 per Unit (the "Financing Price") for aggregate gross proceeds of $140,000 (the "Private Placement Financing"). Each Unit consists of one share of Common Stock and one immediately vested warrant, with each such warrant entitling the holder to acquire one additional share of Common Stock on or before the date which is two years from the date of the placement for a price of $1.30 per share. The Company neither has nor will be required to pay any other fees, issue additional stock/warrants other than described in this paragraph, or enter into any consulting agreements with any third parties in connection with the aforementioned Private Placement Financing. As of May 31, 2015 the transaction had not yet funded.

On June 5, 2015, the Company entered into a commercial building lease agreement. The sixty-one (61) month lease, commenced on June 15, 2015, provided for the lease by the Company of approximately 2,369 square feet of space in Los Angeles, California. Base annual rent is initially set at approximately $8,355 per month. Total base rent payable over the lease period is

$556,418.

On June 30, 2015, the Company executed an agreement with Jacksonville State University to provide student retention services.

F-15

ITEM 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

Forward-Looking Statements

This quarterly report on Form 10-Q contains forward-looking statements. These statements are based on the Company’s (as hereinafter defined) current beliefs, expectations and assumptions about future events, conditions and results and on information currently available to them. All statements, other than statements of historical fact, included herein regarding the Company’s strategy, future operations, financial position, future revenues, projected costs, plans, prospects and objectives are forward-looking statements. Words such as “expect,” “may,” “anticipate,” “intend,” “would,” “plan,” “believe,” “estimate,” “should,” and similar words and expressions are intended to identify forward-looking statements, but are not the exclusive means of identifying forward-looking statements.

Forward-looking statements in the report include express or implied statements concerning the Company’s future revenues, expenditures, capital or other funding requirements, the adequacy of the Company’s current cash and working capital to fund present and planned operations and financing needs, expansion of and demand for product offerings, and the growth of the Company’s business and operations through acquisitions or otherwise, as well as future economic and other conditions both generally and in the Company’s specific geographic and product markets. These statements are based on currently available operating, financial and competitive information and are subject to various risks, uncertainties and assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements due to a number of factors including, but not limited to, those set forth below in the section entitled “Risk Factors and Special Considerations” in this report. Given those risks, uncertainties and other factors, many of which are beyond the Company’s control, you should not place undue reliance on these forward-looking statements.

As used in this Form 10-Q, the terms “we”, “us”, “our”, the “Company”, mean Greenwood Hall, Inc. (formerly Divio Holdings, Corp.), unless otherwise indicated. The forward-looking statements relate only to events as of the date on which the statements are made. Neither the Company nor PCS Link (as hereinafter defined) undertakes any obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, even if experience or future changes make it clear that any projected results or events expressed or implied therein will not be realized. You are advised, however, to consult any further disclosures the Company makes in future public filings, statements and press releases.

All dollar amounts refer to US dollars unless otherwise indicated.

Corporate Overview

Greenwood Hall is an emerging education management solutions provider that delivers end-to-end services that support the entire student lifecycle including offerings that increase student enrollment, improve student experience, maximize student success and outcomes, and help schools maximize operating efficiencies. Since 2006, we have customized turnkey solutions that combine experienced strategy, personnel, proven processes and robust technology to help schools effectively and efficiently improve student outcomes, expand into new markets such as online learning, increase revenues, and deliver enhanced student experiences. Our Company currently has 121 employees and has served more than 40 education clients and over 70 degree programs.

Our services include: (a) solutions that support the entire student lifecycle including lead generation/marketing, new student recruitment, enrollment counseling, financial aid advising, new student recruitment, retention counseling, career advising, student concierge, and help desk services; (b) consulting services, including market assessments and analysis of internal operational efficiency; and (c) various data and technology enabled solutions that enable school clients to better manage/analyze data, deliver instruction to students (online, hybrid, and classroom), and make certain institutional decisions. In addition to education management services, we provide donor lifecycle management services to various major non-profit organizations. The donor lifecycle management services are mainly related to legacy operations of our Company prior to entering the higher education marketplace in 2006.

Our Services

Key components of our end-to-end student lifecycle management solution are:

Student Recruitment & Enrollment – Our Student Recruitment and Enrollment services include interactive and traditional lead-generation as well as end-to-end recruitment solutions for academic programs of all types including online degree programs. We help clients identify and reach out to qualified potential students, recruit prospective students, provide enrollment counseling and advice on financial aid options and eligibility, guide students through the enrollment process, and help to ensure that students have a great first week experience. From the first interaction with prospective students, our enrollment counselors act as an extension of the client, and establish and foster close, collaborative relationships with students. These close relationships, which begin in the recruitment process and extend through the entire student lifecycle, result in significantly improved leads to enrollment rates, increased persistence, enhanced student experience, and better student outcomes over the long term.

Student Success & Retention – Our student retention counselors and success coaches leverage web-based tools to monitor and assess student progress against their stated education and career goals, and provide student-specific counsel to keep them on track and navigate barriers to success. Counselors proactively contact assigned students each term to ensure students register for the next term, have all instructional materials/textbooks, have made any necessary payment arrangements, are up-to-date on any financial aid requirements, and any other obstacles to student persistence are handled. We also offer a student concierge service that provides students with professional support on a wide range of needs including financial aid, payments, registration, password resets and portal support.

Career Advising and Job Placement – We offer proactive career advising services that coach and motivate students to persist and graduate, and help students plan for life after graduation. Our student retention counselors and success coaches collaborate with school-based academic advisors and students to develop customized career paths, including working with students to make sure they are fully utilizing all on-campus career services. Our career advice and job placement counselors also assist in determining career interests, arranging and preparing students for job interviews, providing support with interview preparation, resume building and garnering references. Additionally, this group tracks student success after graduation to help build career networks and job opportunities for future graduates and validate a school’s return on investment.

We also provide our education clients with strategic advisory services and analysis that help them manage their institutions more efficiently and effectively. These include strategic marketing assessments, financial and operating efficiency evaluations to aid in decision making, and data and IT services that enable clients to better analyze and manage data, and improving communications with students.

Subsequent Events

The following events occurred after May 31, 2015 through July 15, 2015, the date on which the financial statements for the three months ended May 31, 2015 were issued:

On June 3, 2015, the Company executed an agreement with Technical College of Lowcountry to provide student engagement services.

On June 30, 2015, the Company executed an agreement with Jacksonville State University to provide student retention services.

Restructuring

The Company instituted a major restructuring effort in early 2013. The purposes of the restructuring were to (a) prepare the Company so it could scale its growth significantly in coming years, (b) improved efficiencies, (c) enhance its management team and (d) shed unprofitable elements of its operations. The restructuring included major changes to the Company’s executive team, discontinuing major segments of the Company’s operations that were deemed unprofitable, and substantially enhancing the Company’s operations and IT infrastructure. The restructuring effort was costly in terms of reduced revenue, associated expenditures, and opportunity costs. While the restructuring was substantially complete by the end of 2013, the efforts had a negative impact on the Company’s financial performance in the first half of the 2014 calendar. We believe the Company has successfully completed its restructuring and will begin to see the benefits of the restructuring during the second half of the 2015 calendar year.

Going Concern

As more fully described in Note 1 to the financial statements appearing in this report for the nine months ended May 31, 2015 related to the uncertainty of our ability to continue as a going concern, the Company has an accumulated deficit and a working capital deficit as of May 31, 2015 and incurred a loss from continuing operations during the second quarter. These conditions raise substantial doubt about the Company’s ability to continue as a going concern.

Management intends to restore profitability by continuing to grow our operations and customer base. If the Company is not successful in becoming profitable, it may have to further delay or reduce expenses, or curtail operations. The accompanying consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that could result should the Company not continue as a going concern.

Lack of Working Capital

The Company has never been properly capitalized. As a result, the Company has at times suffered from costly cash flow challenges as well as associated costs, missed opportunities, and inability to fully scale its operations. The lack of working capital has caused the Company to have to rely heavily on operating revenue as well as other sources of capital, such as debt. The Company believes proper capital investment and less reliance on incurring new debt to finance the Company’s growth will enable the Company to improve its financial performance in the future.

Results of Operations

The following summary of our results of operations should be read in conjunction with our financial statements for the Three and Six Months ended May 31, 2015 and May 31, 2014.

	3 Months			3 Months			9 Months			9 Months
	Ended			Ended			Ended			Ended
	31-May-15			31-May-14			31-May-15			31-May-14
Revenue		2,170,894			1,644,090			6,316,282			5,692,214
Cost of goods sold		1,166,113			877,990			3,724,551			2,771,977
Gross profit		1,004,781			766,100			2,591,731			2,920,237
General & Administrative		364,883			711,925			2,706,176			2,843,778
Expenses		2,371,092			942,940			3,930,058			3,346,772
Loss from operations		(1,731,174	)		(888,765	)		(4,044,503	)		(3,270,313	)
Income tax provision		111			523			111			523
NET INCOME (LOSS)		(1,977,200	)		(1,502,450	)		(4,771,058	)		(4,310,794	)

Three Months and Nine Months Ended May 31, 2015 Compared to Three Months and Nine Months Ended May 31, 2014

Comparison of the Three Months Ended May 31, 2015 (Unaudited) to the Three Months Ended May 31, 2014 (Unaudited)

Revenues: Revenue increased $ 526,804, or 32%, during the three months ended May 31, 2015, primarily due to the presence of revenue during the same period in FY2014, primarily due to signing new business and new engagements from existing clients.

Direct Cost of Services: Direct cost of services increased $ 288,123, or 32.8%, during the three months ended May 31, 2015, primarily due to the increased revenues for the same time period.

General and Administrative: General and administrative expenses decreased $347,062, or 48.7%, during the three months ended May 31, 2015, primarily due to a reduction in the number of employees and gaining efficiencies.

Other Income (Expense): Other expense increased $1,428,152, or 151.5%, during the three months ended May 31, 2015, due almost entirely to non-cash changes in the value of derivative liabilities and related to a warrant exchange transaction.

Income (Loss) From Continuing Operations: As a result of the aforementioned items, we experienced a net loss of $1,731,174 from continuing operations during the three months ended May 31, 2015, compared with a net loss from continuing operations of $888,765 during the three months ended May 31, 2014, an increase in loss of $ 842,409, or 94.8%. It is important to note that a significant portion of the loss for the three months ended May 31, 2015 was related to non-cash equity related transactions.

Comparison of the Nine Months Ended May 31, 2015 (Unaudited) to the Nine Months Ended May 31, 2014 (Unaudited)

Revenues: Revenues increased $624,068, or 11.0%, during the nine months ended May 31, 2015, primarily due to new business obtained in 2015.

Direct Cost of Services: Direct cost of services increased $952,574, or 34.4%, during the nine months ended May 31, 2015, primarily due to increases in revenue and payment of severance related to the move of operations to our Phoenix facility.

General and Administrative: General and administrative expenses decreased $137,602, or 4.8%, during the nine months ended May 31, 2015, primarily due to the a reduction in the number of employees.

Other Income (Expense): Other expense increased by $583,286, or 17.4%, during the nine months ended May 31 2015, due almost entirely to non-cash changes in the value of derivative liabilities and related to a warrant exchange transaction.

Income (Loss) From Continuing Operations: As a result of the aforementioned items, we experienced a net loss of $4,044,503 from continuing operations during the nine months ended May 31, 2015, compared with a net loss from continuing operations of $3,270,313 during the nine months ended May 31, 2014, an increase in loss of $774,190, or 10.7%

Liquidity and Capital Resources

Working Capital

	May 31, 2015			Aug 31, 2014
Total Current Assets		855,636			1,748,902
Total Current Liabilities		8,378,306			6,832,168
Working Capital Deficit		(7,522,670	)		(5,083,266	)

The decrease in working capital was due to the funding of on-going operations.

Cash Flows

	9 Months			9 Months
	Ended			Ended
	May 31, 2015			May 31, 2014
Net Cash used by Operating Activities		(3,025,644	)		(2,249,682	)
Net Cash provided by Financing Activities		2,658,358			1,903,186

The increase in net cash used in operating activities in the nine months ended May 31, 2015 as compared to the nine months ended May 31, 2014, was due to the funding of on-going operations during the nine months ended May 31, 2015,. The increase in cash provided by financing activities in the nine months ended May 31, 2015, as compared to the nine months ended May 31, 2014, was due to obtaining a greater amount of financing through the issuance of common shares and convertible notes during the nine months ended May 31, 2015, compared to the nine months ended during the nine months ended May 31, 2014.

Debt

California United Bank Loan

During 2010, the Company issued a promissory note to California United Bank (“CUB”) in the amount of $1,250,000, which has been amended several times since issuance. The note was last amended in May 2014. The note bears interest at a variable rate, subject to a minimum of 7.25% per annum. The interest rate at November 30, 2014 was prime plus 4%. Payments of interest are due monthly with one payment of all outstanding principal plus accrued interest due on the earlier of i) October 2014 or ii) the completion of specified debt/equity funding. The note is secured by substantially all assets of the Company and is guaranteed by two shareholders/officers, a trust of one of the officers/shareholders, and University Financial Aid Services, LLC. As of November 30, 2014, the balance outstanding was $876,250.

As of May 31, 2015, the balance remaining is $894,812.

CFG Notes

In December 2013, the Company entered into a Loan and Security Agreement with Colgan Financial Group, Inc. (“CFG”) pursuant to which the Company issued a promissory note of $600,000. The note bears interest at 2.5% per month, is payable in monthly installments of principal and interest through June 2014, is guaranteed by one shareholder of the Company and is secured by substantially all assets of PCS Link, however, it is subordinated to the Opus Amended Credit Agreement (as defined below). As of May 31, 2015, the balance is $523,068.

In December 2014, in consideration for funds in the amount of $500,000 received by Greenwood Hall, Inc. from Colgan Financial Group, Inc. and Robert Logan (“Logan,” and together with CFG, the “Holder”), the Company executed a secured convertible promissory note. The note bears interest at 12% per year, the interest of which is payable monthly. This is a 3 year note and is secured by substantially all assets of the Company. This note is subordinate to the notes held by Opus Bank and California United Bank. The note is convertible to equity at a price equal to the lesser of i) $1.50 per share or ii) 85% of the weighted average price per share of the Company’s trading price for the 10 trading days prior to conversion / exercise. As of May 31, 2015, the balance is $715,071.

Opus Facility

In May 2014, PCS Link entered into a Credit Agreement and related term loan and line of credit with Opus Bank (“Opus”). The Credit Agreement was amended on July 18, 2014 (the “Opus Amended Credit Agreement”). Pursuant to the terms of the agreement, PCS Link received $2,000,000 and issued a promissory note in that same amount to Opus. PCS Link used the funds received from Opus repay a loan that was outstanding to its then current lender. Monthly payments of principal and interest are required to be made by PCS Link through the maturity date in May 2017. The amounts outstanding under the Credit Agreement are secured by substantially all assets of PCS Link. PCS Link also received a line of credit for a maximum amount of $3,000,000. The first extension of credit under the line of credit was conditioned upon PCS Link successfully selling equity interests with gross cash proceeds of not less than $1.65 Million. On July 24, 2014, $1,500,000 was advanced to the Company under the line of credit.

On April 13, 2015, the Company and its lenders executed a second amendment (“Second Amendment”) of the Company’s Credit Facilities (the “Credit Agreement”) with Opus Bank ratified by California United Bank and Colgan Financial Group (collectively “Lenders”). The Second Amendment was designed to provide the Company with increased cash and credit availability as the Company seeks to expand and raise additional equity for working capital purposes. Under the terms of the Second Amendment, the Lenders agreed to waive any and all covenant violations that existed prior to the Second Amendment or that may occur through June 30, 2015. The Amendment also permitted the Company to not make any principal and/or interest payments to the Lenders through August 1, 2015, provided there are no Events of Default by the Company. Payments of interest only will be due monthly with the unpaid balance due, in full, on the maturity date in January 2016.

Off-Balance Sheet Arrangements

The Company does not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on the Company’s financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

Not applicable.

ITEM 4. CONTROLS AND PROCEDURES.

Disclosure Controls and Procedures

This quarterly report does not include a report of management's assessment regarding internal control over financial reporting or an attestation report of the company's registered public accounting firm due to a transition period established by rules of the Securities and Exchange Commission for newly public companies.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting during the fiscal quarter ended May 31,2015, that have materially affected, or are reasonably likely to materially affect our internal control over financial reporting.

PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

In the normal course of our business, the Company is periodically subject to various lawsuits, including contract and employment disputes. Additionally, the Company is currently a party (or its property is subject) to the following pending legal proceedings:

The Company is the subject of pending litigation, which could cause it to incur significant costs in defending such litigation or in resulting actions or judgments. The Robin Hood Foundation (“Robin Hood”) filed suit against Patriot Communications, LLC (“Patriot”), a client of the Company, in the Superior Court of the State of California for the County of Los Angeles (Central District) for breach of contract and failure to perform, including among other things an intentional tort claim, in the amount of not less than $5,000,000. On May 6, 2014, Patriot filed a cross-complaint naming PCS Link as a cross-defendant. Patriot denies the allegations set forth by Robin Hood. On August 22, 2014, Robin Hood filed a First Amended Complaint, naming the Company and John Hall, in his individual capacity, as defendants. The First Amended Complaint asserts claims against the Company and Hall for fraud, fraudulent concealment, negligent misrepresentation, negligence and violation of Business & Professions Code section 17200. The First Amended Complaint also alleges a cause of action for breach of contract solely against the Company. An adverse judgment against the Company could be detrimental to the Company’s financial standing. Additionally, in the event that Patriot is held liable, Patriot alleges that PCS Link is responsible to indemnify and/or contribute to the satisfaction of any damages because PCS Link acted as a sub-contractor on behalf of Patriot with regard to the filed incident. We believe that we have strong defenses and we are vigorously defending against this lawsuit, but the potential range of loss related to this matter cannot be determined, as the pleadings are still not resolved, and will not be until the end of 2015, at the earliest. The outcome of this matter is inherently uncertain and could have a materially adverse effect on our business, financial condition and results of operations if decided unfavorably against the Company and John Hall.

ITEM 1A. RISK FACTORS

Smaller reporting companies are not required to provide the information required by this item.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES.

Not applicable.

ITEM 5. OTHER INFORMATION.

None.

ITEM 6. EXHIBITS.

Exhibit Number		Description of Exhibit
10.1		Office Lease Agreement, dated as of March 30,2015, by and between Greenwood Hall, Inc. and AX Union Hills L.P.**
10.2		Second Amendment, Waiver and Ratification, dated as of April 13, 2015, by and among, PCS Link, Inc. d/b/a Greenwood & Hall, as the borrower, Greenwood Hall, Inc., as the guarantor, and Opus Bank**
10.3		Letter Agreement, dated as of April 13, 2015, by and between Opus Bank and California United Bank**
10.4		Continuing Personal Guaranty, dated as of April 13, 2015, by and between John Hall and Opus Bank**
10.5		Change in Terms Agreement, dated as of April 13, 2015, by and between PCS Link, Inc. and California United Bank**
10.6		Consent, Waiver and Amendment No. 1 to Secured Promissory Note, dated as of April 13, 2015, by and between Greenwood Hall, Inc. and Colgan Financial Group, Inc.**
10.7		Consent, Waiver and Amendment No. 4 to Secured Promissory Note, dated as of April 13, 2015, by and among PCS Link, Inc., Greenwood Hall, Inc., and Colgan Financial Group, Inc.**
10.8		Amendment Number Ten to Business Loan Agreement, dated as of April 13, 2015, by and between PCS Link, Inc., dba Greenwood & Hall, and California United Bank**
31.1		Certification of Principal Executive Officer Pursuant to Exchange Act Rule 13a-14(a)/15d-14(a) as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
31.2		Certification of Principal Financial Officer Pursuant to Exchange Act Rule 13a-14(a)/15d-14(a) as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
32		Certification of Principal Executive Officer and Principal Financial Officer Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*

*	Filed herewith
**	Filed as Exhibit to the Form 10-Q filed with the SEC on April 15, 2015 and incorporated herein by reference

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

GREENWOOD HALL, INC.

/s/ John Hall
John Hall,

Chief Executive Officer
Date: July 14, 2015

EX-31.1 2 s101464_ex31-1.htm EXHIBIT 31.1

Exhibit 31.1

Certification of Principal Executive Officer Pursuant to Exchange Act Rule 13a-14(a)/15d-14(a) as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, John Hall, certify that:

I have reviewed this Quarterly Report on Form 10-Q for the quarter ending May 31, 2015 of Greenwood Hall, Inc.;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(c)

Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: July 14, 2015

/s/ John Hall

John Hall

Chief Executive Officer

EX-31.2 3 s101464_ex31-2.htm EXHIBIT 31.2

Exhibit 31.2

Certification of Principal Financial Officer Pursuant to Exchange Act Rule 13a-14(a)/15d-14(a) as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Tina J. Gentile, certify that:

I have reviewed this Quarterly Report on Form 10-Q for the quarter ending May 31, 2015 of Greenwood Hall, Inc.;

(a)

(b)

(c)

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: July 14, 2015

/s/ Tina J. Gentile

Tina J. Gentile

Interim Chief Financial Officer

EX-32 4 s101464_ex32.htm EXHIBIT 32

Exhibit 32

Certification of Principal Executive Officer and Principal Financial Officer Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report of Greenwood Hall, Inc. (the “Company”) on Form 10-Q for the period ended May 31, 2015 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, John Hall, the Chief Executive Officer, and I, Tina J. Gentile, the Interim Chief Financial Officer, of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to our knowledge:

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: July 14, 2015

/s/ John Hall

John Hall

Chief Executive Officer

Date: July 14, 2015

/s/ Tina J. Gentile

Tina J. Gentile

Interim Chief Financial Officer

A signed original of this written statement required by Section 906 has been provided to Greenwood Hall, Inc. and will be retained by Greenwood Hall, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

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5. STOCKHOLDERS EQUITY   The Company is authorized to issue one class of stock, which represents 937,500,000 shares of common stock, par value $0.0001.   Common Stock   Pursuant to an agreement between the Company and MarkeTouch, the Company is repurchasing the shares held by MarkeTouch. As of May 31, 2014 the Company owed $14,333 relating to this share repurchase obligation, which is recorded in accrued expenses.   In July 2014, the Company sold 3,036,450 units, comprised of one share of common stock and one warrant to purchase common stock, at a price of $1.00 per unit. As a result, the Company raised $1,645,611 net of fees and converted $1,386,450 of debt and accrued interest. The warrants have an exercise price of $1.30 per share and expire 24 months from the date of closing of the Merger.   In September 2014, the Company sold 1,000,000 units, comprised of one share of common stock and one warrant to purchase common stock, at a price of $1.00 per unit, for total proceeds of $1,000,000.   In January 2015, the Company sold 250,000 units, comprised of one share of common stock and one warrant to purchase common stock, at a price of $1.00 per unit, for total proceeds of $250,000. The Company incurred $11,555 of fees associated with this raise, which are presented net of the proceeds.   Stock Issued for Services   In April 2015, the Company entered into a 3-month agreement with a vendor for advisory and consulting services. For the nine months ended May 31, 2015, the vendor had received 80,000 shares which were recognized as an operating expense of $72,000.   Stock Option Plan   In July 2014, the Board of Directors adopted, and the shareholders approved, the 2014 Stock Option Plan (the "Option Plan") under which a total of 5,000,000 shares of common stock had been reserved for issuance. The 2014 Stock Option Plan will terminate in September 2024.   Stock Options   As of May 31, 2015, employees hold 0 shares of common, which were granted prior to May 31, 2015. As of May 31, 2015, the members of the Board of Directors hold options to purchase 1,750,000 shares of common stock at exercise prices ranging from $0.01 to $0.75, which were granted prior to May 31, 2015.   <table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">Transactions in FY2015</td> <td nowrap="nowrap" style="line-height: 115%"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">Quantity</td> <td nowrap="nowrap" style="line-height: 115%"> </td> <td nowrap="nowrap" style="line-height: 115%"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">Weighted-Average Exercise Price Per Share</td> <td nowrap="nowrap" style="line-height: 115%"> </td> <td nowrap="nowrap" style="line-height: 115%"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">Weighted-Average Remaining Contractual Life</td> <td nowrap="nowrap" style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 49%; line-height: 115%">Outstanding, August 31, 2014</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 11%; text-align: right; line-height: 115%">1,085,000</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 17%; text-align: right; line-height: 115%">0.01</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 14%; text-align: right; line-height: 115%">9.15</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Granted</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">1,050,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">0.61</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">9.81</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Exercised</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">0</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Cancelled/Forfeited</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">(385,000)</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">0.01</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">9.15</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Outstanding, May 31, 2015</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">1,750,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">0.37</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">9.54</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Exercisable, May 31, 2015</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">700,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">0.01</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">9.15</td> <td style="line-height: 115%"> </td></tr> </table>   The fair value of the options, granted during the nine months ended May 31, 2015 is estimated at $210,692. The fair value of these options was estimated at the date of grant using the Black Scholes option pricing model with the following assumptions for Fiscal quarter ended May 31, 2015: no dividend, expected volatility of 30%, risk free interest rate of 2.72%, and expected life of 5.5 years.   The weighted average remaining contractual life of options outstanding issued under the Plan, both Qualified ISO and NonQualified SO, was 9.54 years at May 31, 2015. The exercise prices for the options outstanding at May 31, 2015 ranged from $0.01 to $0.75, and the information relating to these options is as follows:   <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="line-height: 120%; font-style: italic"> </td> <td nowrap="nowrap" colspan="2" style="text-align: center; line-height: 120%; font-style: italic"> </td> <td nowrap="nowrap" style="line-height: 120%; font-style: italic"> </td> <td nowrap="nowrap" style="line-height: 120%; font-style: italic"> </td> <td nowrap="nowrap" colspan="2" style="text-align: center; line-height: 120%; font-style: italic"> </td> <td nowrap="nowrap" style="line-height: 120%; font-style: italic"> </td> <td nowrap="nowrap" style="line-height: 120%; font-style: italic"> </td> <td nowrap="nowrap" colspan="6" style="border-bottom: black 1pt solid; text-align: center; line-height: 120%; font-style: italic">Options Exerciseable</td> <td nowrap="nowrap" style="line-height: 120%; font-style: italic"> </td> <td nowrap="nowrap" style="line-height: 120%; font-style: italic"> </td> <td nowrap="nowrap" colspan="2" style="text-align: center; line-height: 120%; font-style: italic"> </td> <td nowrap="nowrap" style="line-height: 120%; font-style: italic"> </td> <td nowrap="nowrap" style="line-height: 120%; font-style: italic"> </td> <td nowrap="nowrap" colspan="6" style="border-bottom: black 1pt solid; text-align: center; line-height: 120%; font-style: italic">Options Outstanding</td> <td nowrap="nowrap" style="line-height: 120%; font-style: italic"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" colspan="4" style="border-bottom: black 1pt solid; line-height: 120%; font-style: italic">Exercise Price</td> <td nowrap="nowrap" style="line-height: 120%; font-style: italic"> </td> <td nowrap="nowrap" style="line-height: 120%; font-style: italic"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 120%; font-style: italic">Quantity</td> <td nowrap="nowrap" style="line-height: 120%; font-style: italic"> </td> <td nowrap="nowrap" style="line-height: 120%; font-style: italic"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 120%; font-style: italic">Weighted- Average Exercise Price Per Share</td> <td nowrap="nowrap" style="line-height: 120%; font-style: italic"> </td> <td nowrap="nowrap" style="line-height: 120%; font-style: italic"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 120%; font-style: italic">Weighted- Average Remaining Contractual Life</td> <td nowrap="nowrap" style="line-height: 120%; font-style: italic"> </td> <td nowrap="nowrap" style="line-height: 120%; font-style: italic"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 120%; font-style: italic">Quantity</td> <td nowrap="nowrap" style="line-height: 120%; font-style: italic"> </td> <td nowrap="nowrap" style="line-height: 120%; font-style: italic"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 120%; font-style: italic">Weighted- Average Exercise Price Per Share</td> <td nowrap="nowrap" style="line-height: 120%; font-style: italic"> </td> <td nowrap="nowrap" style="line-height: 120%; font-style: italic"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 120%; font-style: italic">Weighted- Average Remaining Contractual Life</td> <td nowrap="nowrap" style="line-height: 120%; font-style: italic"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 4%"> </td> <td style="width: 1%; line-height: 120%; font-style: italic">$</td> <td style="width: 1%; line-height: 120%; font-style: italic"> </td> <td style="width: 4%; text-align: right; line-height: 120%; font-style: italic">0.01</td> <td style="width: 1%; line-height: 120%; font-style: italic"> </td> <td style="width: 1%; line-height: 120%; font-style: italic"> </td> <td style="width: 1%; line-height: 120%; font-style: italic"> </td> <td style="width: 10%; text-align: right; line-height: 120%; font-style: italic">700,000</td> <td style="width: 1%; line-height: 120%; font-style: italic"> </td> <td style="width: 1%; line-height: 120%; font-style: italic"> </td> <td style="width: 1%; line-height: 120%; font-style: italic">$</td> <td style="width: 10%; text-align: right; line-height: 120%; font-style: italic">0.01</td> <td style="width: 1%; line-height: 120%; font-style: italic"> </td> <td style="width: 1%; line-height: 120%; font-style: italic"> </td> <td style="width: 1%; line-height: 120%; font-style: italic"> </td> <td style="width: 10%; text-align: right; line-height: 120%; font-style: italic">9.15</td> <td style="width: 1%; line-height: 120%; font-style: italic"> </td> <td style="width: 1%; line-height: 120%; font-style: italic"> </td> <td style="width: 1%; line-height: 120%; font-style: italic"> </td> <td style="width: 17%; text-align: right; line-height: 120%; font-style: italic">700,000</td> <td style="width: 1%; line-height: 120%; font-style: italic"> </td> <td style="width: 1%; line-height: 120%; font-style: italic"> </td> <td style="width: 1%; line-height: 120%; font-style: italic"> </td> <td style="width: 12%; text-align: right; line-height: 120%; font-style: italic">0.01</td> <td style="width: 1%; line-height: 120%; font-style: italic"> </td> <td style="width: 1%; line-height: 120%; font-style: italic"> </td> <td style="width: 1%; line-height: 120%; font-style: italic"> </td> <td style="width: 12%; text-align: right; line-height: 120%; font-style: italic">9.15</td> <td style="width: 1%; line-height: 120%; font-style: italic"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 120%; font-style: italic"> </td> <td style="line-height: 120%; font-style: italic">$</td> <td style="line-height: 120%; font-style: italic"> </td> <td style="text-align: right; line-height: 120%; font-style: italic">0.50</td> <td style="line-height: 120%; font-style: italic"> </td> <td style="line-height: 120%; font-style: italic"> </td> <td style="line-height: 120%; font-style: italic"> </td> <td style="text-align: right; line-height: 120%; font-style: italic"> </td> <td style="line-height: 120%; font-style: italic"> </td> <td style="line-height: 120%; font-style: italic"> </td> <td style="line-height: 120%; font-style: italic"> </td> <td style="text-align: right; line-height: 120%; font-style: italic"> </td> <td style="line-height: 120%; font-style: italic"> </td> <td style="line-height: 120%; font-style: italic"> </td> <td style="line-height: 120%; font-style: italic"> </td> <td style="text-align: right; line-height: 120%; font-style: italic"> </td> <td style="line-height: 120%; font-style: italic"> </td> <td style="line-height: 120%; font-style: italic"> </td> <td style="line-height: 120%; font-style: italic"> </td> <td style="text-align: right; line-height: 120%; font-style: italic">600,000</td> <td style="line-height: 120%; font-style: italic"> </td> <td style="line-height: 120%; font-style: italic"> </td> <td style="line-height: 120%; font-style: italic"> </td> <td style="text-align: right; line-height: 120%; font-style: italic">0.50</td> <td style="line-height: 120%; font-style: italic"> </td> <td style="line-height: 120%; font-style: italic"> </td> <td style="line-height: 120%; font-style: italic"> </td> <td style="text-align: right; line-height: 120%; font-style: italic">9.78</td> <td style="line-height: 120%; font-style: italic"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 120%; font-style: italic"> </td> <td style="line-height: 120%; font-style: italic">$</td> <td style="line-height: 120%; font-style: italic"> </td> <td style="text-align: right; line-height: 120%; font-style: italic">0.75</td> <td style="line-height: 120%; font-style: italic"> </td> <td style="line-height: 120%; font-style: italic"> </td> <td style="border-bottom: black 1pt solid; line-height: 120%; font-style: italic"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 120%; font-style: italic"> </td> <td style="line-height: 120%; font-style: italic"> </td> <td style="line-height: 120%; font-style: italic"> </td> <td style="border-bottom: black 1pt solid; line-height: 120%; font-style: italic"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 120%; font-style: italic"> </td> <td style="line-height: 120%; font-style: italic"> </td> <td style="line-height: 120%; font-style: italic"> </td> <td style="border-bottom: black 1pt solid; line-height: 120%; font-style: italic"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 120%; font-style: italic"> </td> <td style="line-height: 120%; font-style: italic"> </td> <td style="line-height: 120%; font-style: italic"> </td> <td style="border-bottom: black 1pt solid; line-height: 120%; font-style: italic"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 120%; font-style: italic">450,000</td> <td style="line-height: 120%; font-style: italic"> </td> <td style="line-height: 120%; font-style: italic"> </td> <td style="border-bottom: black 1pt solid; line-height: 120%; font-style: italic"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 120%; font-style: italic">0.75</td> <td style="line-height: 120%; font-style: italic"> </td> <td style="line-height: 120%; font-style: italic"> </td> <td style="border-bottom: black 1pt solid; line-height: 120%; font-style: italic"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 120%; font-style: italic">9.84</td> <td style="line-height: 120%; font-style: italic"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td colspan="4" style="text-align: center; line-height: 120%; font-style: italic">Total</td> <td style="line-height: 120%; font-style: italic"> </td> <td style="line-height: 120%; font-style: italic"> </td> <td style="border-bottom: black 1pt solid; line-height: 120%; font-style: italic"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 120%; font-style: italic">700,000</td> <td style="line-height: 120%; font-style: italic"> </td> <td style="line-height: 120%; font-style: italic"> </td> <td style="border-bottom: black 1pt solid; line-height: 120%; font-style: italic">$</td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 120%; font-style: italic">0.01</td> <td style="line-height: 120%; font-style: italic"> </td> <td style="line-height: 120%; font-style: italic"> </td> <td style="border-bottom: black 1pt solid; line-height: 120%; font-style: italic"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 120%; font-style: italic">9.15</td> <td style="line-height: 120%; font-style: italic"> </td> <td style="line-height: 120%; font-style: italic"> </td> <td style="border-bottom: black 1pt solid; line-height: 120%; font-style: italic"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 120%; font-style: italic">1,750,000</td> <td style="line-height: 120%; font-style: italic"> </td> <td style="line-height: 120%; font-style: italic"> </td> <td style="border-bottom: black 1pt solid; line-height: 120%; font-style: italic"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 120%; font-style: italic">0.37</td> <td style="line-height: 120%; font-style: italic"> </td> <td style="line-height: 120%; font-style: italic"> </td> <td style="border-bottom: black 1pt solid; line-height: 120%; font-style: italic"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 120%; font-style: italic">9.54</td> <td style="line-height: 120%; font-style: italic"> </td></tr> </table>   Warrants Issued for Services   During the period ended May 31, 2015, the Company issued 1,264,023 warrants to a consultant for services. The warrants are exercisable at $1.00 per share, have a term of 10 years, and were 100% vested upon issuance. The Company valued these warrants at $493,329 using the Black-Scholes model and the significant inputs to that model below. The Company recognized these warrants as an expense during the period ended February 28, 2015. In addition, these warrants include provisions that call for the issuance of an additional 1,264,024 warrants at substantially the same terms in the event of certain achievements by the consultant.   During the period ended February 28, 2015, the Company issued 100,000 warrants for services. The warrants are exercisable at $0.01 per share, have a term of 1.7 years, and were 100% vested upon issuance. The Company valued these warrants at $41,168 using the Black-Scholes model and the significant inputs to that model below. The Company recognized these warrants as an expense during the period ended February 28, 2015.   The assumptions used in valuing warrants issued for services during the nine months ended May 31, 2015 were as follows:   <table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 77%; line-height: 115%">Risk free interest rate</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 20%; text-align: right; line-height: 115%">1.10</td> <td style="width: 1%; line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Expected life</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">1.5 - 10 Years</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Dividend yield</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">None</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Volatility</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">60</td> <td style="line-height: 115%">%</td></tr> </table>   Warrants Outstanding   In March 2015, the Company issued an S-1 to register 5,673,980 shares of common stock. As part of this offering, the Company agreed to issue 1,387,530 shares to Company shareholders holding warrants for the purchase of the Companys common stock. This resulted in the warrant holders forfeiting warrants equal that could have been exercised for 4,286,450 shares of common stock of the Company. The company recognized $693,765 of expense associated with this exchange.   Mr. Kyle Murphy agreed to accept 250,000 warrants in exchange for previously agreed to stock-based compensation upon his resignation from the Company.   The following is a summary of warrants outstanding at May 31, 2015:   <table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">Exercise Price</td> <td nowrap="nowrap" style="line-height: 115%"> </td> <td nowrap="nowrap" style="line-height: 115%"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">Number of Warrants</td> <td nowrap="nowrap" style="line-height: 115%"> </td> <td nowrap="nowrap" style="line-height: 115%"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">Expiration Date</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 15%; text-align: right; line-height: 115%">1.00</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 31%; text-align: right; line-height: 115%">375,000</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 48%; text-align: center; line-height: 115%">May 2021</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">1.00</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">1,264,023</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: center; line-height: 115%">November 2024</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">0.01</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: center; line-height: 115%">July 2016</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">1.00</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">295,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: center; line-height: 115%">March 2020</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">1.00</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">295,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: center; line-height: 115%">April 2020</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td></tr> </table>

At May 31, 2015, property and equipment consists of the following:   <table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center; line-height: 115%"> </td> <td nowrap="nowrap" style="line-height: 115%"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">MAY 2015</td> <td nowrap="nowrap" style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 82%; line-height: 115%">Computer equipment</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 15%; text-align: right; line-height: 115%">553,255</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Software and Equipment</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">39,400</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">592,655</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Accumulated depreciation</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">(442,938</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 9pt; line-height: 115%">Net property and equipment</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">149,717</td> <td style="line-height: 115%"> </td></tr></table>

The following is a summary of warrants outstanding at May 31, 2015:   <table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">Exercise Price</td> <td nowrap="nowrap" style="line-height: 115%"> </td> <td nowrap="nowrap" style="line-height: 115%"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">Number of Warrants</td> <td nowrap="nowrap" style="line-height: 115%"> </td> <td nowrap="nowrap" style="line-height: 115%"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">Expiration Date</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 15%; text-align: right; line-height: 115%">1.00</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 31%; text-align: right; line-height: 115%">375,000</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 48%; text-align: center; line-height: 115%">May 2021</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">1.00</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">1,264,023</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: center; line-height: 115%">November 2024</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">0.01</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: center; line-height: 115%">July 2016</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">1.00</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">295,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: center; line-height: 115%">March 2020</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">1.00</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">295,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: center; line-height: 115%">April 2020</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td></tr></table>

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Our Company currently has 121 employees and has served more than 40 education clients and over 70 degree programs.

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1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES   Organization   Greenwood Hall is an emerging education management solutions provider that delivers end-to-end services that support the entire student lifecycle including offerings that increase student enrollment, improve student experience, optimize student success and outcomes, and help schools maximize operating efficiencies. Since 2006, we have developed and customized turnkey solutions that combine strategy, personnel, proven processes and robust technology to help schools effectively and efficiently improve student outcomes, expand into new markets such as online learning, increase revenues, and deliver enhanced student experiences. Our Company currently has 121 employees and has served more than 40 education clients and over 70 degree programs.   Basis of Presentation   On July 23, 2014, Greenwood Hall, Inc. (formerly Divio Holdings, Corp. (Divio)) and its wholly owned subsidiary, Merger Sub, completed the Merger Agreement, dated July 22, 2014, by and among Divio, Merger Sub, and PCS Link, Inc. (PCS Link). Pursuant to the Merger Agreement, Merger Sub merged with and into PCS Link with PCS Link remaining as the surviving corporation (the Surviving Corporation) in the Merger. Upon the consummation of the Merger, the separate existence of Merger Sub ceased, and PCS Link became a wholly owned subsidiary of Divio. In connection with the Merger and at the Effective Time, the holders of all of the issued and outstanding shares of PCS Link Common Stock exchanged all of such shares (other than dissenting shares as defined in California Corporations Code Section 1300) for a combined total of 25,250,000 shares of Common Stock, representing approximately 71% of the total outstanding shares on the date of the Merger. In connection with the merger, Divio Holdings, Corp. changed its name to Greenwood Hall, Inc.   The Merger was accounted for as a reverse merger with PCS Link as the accounting acquirer and the Company as the legal acquirer. Although, from a legal perspective, the Company acquired PCS Link, from an accounting perspective, the transaction is viewed as a recapitalization of PCS Link accompanied by an issuance of stock by PCS Link for the net assets of Greenwood Hall, Inc. This is because Greenwood Hall, Inc. did not have operations immediately prior to the merger, and following the merger, PCS Link is the operating company. The board of directors of Greenwood Hall, Inc. immediately after the merger consisted of five directors, with four of the five directors nominated by PCS Link. Additionally, PCS Links stockholders owned 71% of the outstanding shares of Greenwood Hall, Inc. immediately after completion of the transaction.   The presentation of the consolidated statements of stockholders' deficit reflects the historical stockholders' deficit of PCS Link through July 23, 2014. The effect of the issuance of shares of Divio common stock in connection with the Merger and the inclusion of Divios outstanding shares of common stock at the time of the Merger on July 23, 2014 is reflected during the eight months ended August 31, 2014.   Principles of Consolidation   The consolidated financial statements include the accounts of Greenwood Hall, PCS Link, and University Financial Aid Solutions, LLC (UFAS), collectively referred to herein as the Company, we, us, our, and Greenwood Hall. All significant intercompany accounts and transactions have been eliminated in consolidation. Through our affiliate UFAS we provided complete financial aid solutions. During 2013, UFAS ceased operations and is presently winding down its affairs. As a result, it is presented in the accompanying consolidated financial statements as discontinued operations.   Going Concern   The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (US GAAP), which contemplates the continuation of the Company as a going concern. The Company has an accumulated deficit and a working capital deficit as of May 31, 2015 and has incurred a loss from operations during 2015. These conditions raise substantial doubt about the Companys ability to continue as a going concern.   The Company has historically funded its activities through cash generated from operations, debt financing, the issuance of equity for cash, and advances from shareholders. During the nine months ended May 31, 2015 the Company received approximately $2,658,358 in net proceeds from financing activities.   Management intends to become profitable by continuing to grow its operations and customer base. If the Company is not successful in becoming profitable, it may have to further delay or reduce expenses, or curtail operations. The accompanying consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that could result should the Company not continue as a going concern.   Use of Estimates   The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures. Management uses its historical records and knowledge of its business in making these estimates. Accordingly, actual results may differ from these estimates.   Cash and Cash Equivalents   For the purpose of the statement of cash flows, the Company considers cash equivalents to include short-term, highly liquid investments with an original maturity of three months or less.   Research and Development   Costs relating to designing and developing new products are expensed in the period incurred.   Revenue Recognition   The Companys contracts are typically structured into two categories, i) fixed-fee service contracts that span a period of time, often in excess of one year, and ii) service contracts at agreed-upon rates based on the volume of service provided. Some of the Companys service contracts are subject to guaranteed minimum amounts of service volume.   The Company recognizes revenue when all of the following have occurred: persuasive evidence of an agreement with the customer exists, services have been rendered, the selling price is fixed or determinable, and collectability of the selling price is reasonably assured. For fixed-fee service contracts, the Company recognizes revenue on a straight-line basis over the period of contract performance. Costs incurred under these service contracts are expensed as incurred.   Deferred Revenue   Deferred revenue primarily consists of prepayments received from customers for which the Companys revenue recognition criteria have not been met. The deferred revenue will be recognized as revenue once the criteria for revenue recognition have been met.   Accounts Receivable   The Company extends credit to its customers. An allowance for doubtful accounts is maintained for estimated losses resulting from the inability of the Companys customers to make required payments. Management specifically analyzes the age of customer balances, historical bad debt experience, customer credit-worthiness, and changes in customer payment terms when making estimates of the collectability of the Companys trade accounts receivable balances. If the Company determines that the financial condition of any of its customers has deteriorated, whether due to customer specific or general economic issues, an increase in the allowance may be made. After all attempts to collect a receivable have failed, the receivable is written off. Based on the information available, management believes the Companys accounts receivable, net of the allowance for doubtful accounts, are collectable.   Property and Equipment   Property and equipment are stated at cost. Depreciation and amortization are being provided using the straight-line method over the estimated useful lives of the assets. The estimated useful lives used are as follows:   <table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 53%; border-bottom: black 1pt solid; text-align: justify; line-height: 115%">Classification</td> <td style="width: 2%; text-align: justify; line-height: 115%"> </td> <td style="width: 45%; border-bottom: black 1pt solid; text-align: justify; line-height: 115%">Life</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify; line-height: 115%">Equipment</td> <td style="text-align: justify; line-height: 115%"> </td> <td style="text-align: justify; line-height: 115%">5-7 Years</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify; line-height: 115%">Computer equipment</td> <td style="text-align: justify; line-height: 115%"> </td> <td style="text-align: justify; line-height: 115%">7 Years</td></tr> </table>   Expenses for repairs and maintenance are charged to expense as incurred, while renewals and betterments are capitalized.   Income Taxes   The Company accounts for income taxes in accordance with ASC 740-10, Income Taxes which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred income taxes are recognized for the tax consequences in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts at each year-end based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. The provision for income taxes represents the tax payable for the period and the change during the period in deferred tax assets and liabilities.   Earnings (Loss) per Share   Basic earnings (loss) per share is computed using the weighted-average number of common shares outstanding during the period. Diluted earnings (loss) per share are computed using the weighted- average number of common shares and dilutive potential common shares outstanding during the period. Warrants to purchase common stock were excluded from the computation of diluted shares during the three and nine months ended May 31, 2015 and 2014 as their effect is anti-dilutive .   Variable Interest Entities   Generally, an entity is defined as a variable interest entity (VIE) under current accounting rules if it has (a) equity that is insufficient to permit the entity to finance its activities without additional subordinated financial support from other parties, or (b) equity investors that cannot make significant decisions about the entitys operations, or that do not absorb the expected losses or receive the expected returns of the entity. When determining whether an entity that is a business qualifies as a VIE, we also consider whether (i) we participated significantly in the design of the entity, (ii) we provided more than half of the total financial support to the entity, and (iii) substantially all of the activities of the VIE either involve us or are conducted on our behalf. A VIE is consolidated by its primary beneficiary, which is the party that absorbs or receives a majority of the entitys expected losses or expected residual returns.   University Financial Aid Services, LLC was 60% owned by John Hall and Zan Greenwood, who at the time held a combined 92.5% of our common stock and served as directors of PCS Link. John Hall is the CEO of the Company and Zan Greenwood served as the Companys Chief Operating Officer through June 2013. The equity owners of UFAS have no equity at risk, Greenwood Hall has funded UFAS operations since it was formed in 2010, and we have the ability to exercise control over UFAS through our two shareholders / directors.   Based on our assessment, we have determined that UFAS is a VIE and that we are the primary beneficiary, as defined in current accounting rules. Accordingly, we are required to consolidate the revenues and expenses of UFAS. To date, the Company has not allocated any income or loss of UFAS to noncontrolling interests as the noncontrolling interests never had any equity at risk. As previously discussed, UFAS ceased operations during 2013 and is presently winding down its affairs. The Company does not anticipate having any future involvement with UFAS after it is dissolved.   Marketing and Advertising   Marketing and advertising costs are expensed as incurred. Marketing and advertising amounted to $117,596 and $331,918 for the nine months ended May 31, 2015 and the nine months ended May 31, 2014 respectively, and are included in selling, general and administrative expenses.   Stock-Based Compensation   Compensation costs related to stock options and other equity awards are determined in accordance with FASB ASC 718-10, Compensation-Stock Compensation. Under this method, compensation cost is calculated based on the grant-date fair value estimated in accordance FASB ASC 718-10, amortized on a straight-line basis over the awards vesting period. Stock-based compensation was $1,565,723 and $0 for the nine months ended May 31, 2015 and 2014, respectively, and was $1,031,226 and $0 for the three months ended May 31, 2015 and 2014, respectively. This expense is included in the condensed consolidated statements of operations as Stock-Based Compensation.   Derivative Liabilities   We account for warrants as either equity or liabilities based upon the characteristics and provisions of each instrument. Warrants classified as equity are recorded as additional paid-in capital on our Consolidated Balance Sheet and no further adjustments to their valuation are made. Some of our warrants were determined to be ineligible for equity classification because of provisions that may result in an adjustment to their exercise price. Warrants classified as derivative liabilities and other derivative financial instruments that require separate accounting as assets or liabilities are recorded on our Consolidated Balance Sheet at their fair value on the date of issuance and are revalued on each subsequent balance sheet date until such instruments are exercised or expire, with any changes in the fair value between reporting periods recorded as other income or expense. We estimate the fair value of these liabilities using option pricing models that are based on the individual characteristics of the warrants or instruments on the valuation date, as well as assumptions for expected volatility, expected life and risk-free interest rate.   As part of a debt financing during May 2014, the Company issued warrants to acquire 248,011 shares of Common Stock. These warrants contain a mechanism to increase the number of warrants upon the issuance of certain dilutive equity securities. If during the terms of the warrants, the Company issues additional shares of Common Stock or equivalents, the warrant holders are entitled to additional warrants with the same terms as the original warrants. As a result of these features, the warrants are subject to derivative accounting as prescribed under ASC 815. Accordingly, the fair value of the warrants on the date of issuance was estimated using an option pricing model and recorded on the Companys Consolidated Balance Sheet as a derivative liability. The fair value of the Warrants is estimated at the end of each reporting period and the change in the fair value of the Warrants is recorded as a non-operating gain or loss as change in value of derivatives in the Companys Consolidated Statement of Operations.   In December 2014, the Company entered into a Secured Convertible Note with Colgan Financial Group, Inc. ( Colgan ) and Rob Logan pursuant to which the Company issued a convertible promissory note of $500,000 and the right to purchase warrants upon the payment or conversion of the note principal. The conversion feature and warrants both include provisions that call for the instrument to be converted to equity at a price equal to the lesser of i) $1.50 per share or ii) 85% of the weighted average price per share of the Companys trading price for the 10 trading days prior to conversion / exercise. As a result of this feature, the warrants and conversion feature are subject to derivative accounting pursuant to ASC 815. Accordingly, the fair value of the warrants and conversion feature on the date of issuance was estimated using an option pricing model and recorded on the Companys Consolidated Balance Sheet as a derivative liability and a note discount. The fair value of the warrants and conversion feature is estimated at the end of each reporting period and the change in the fair value is recorded as a non-operating gain or loss as change in value of derivatives in the Companys Consolidated Statement of Operations.   In March 2015, the Company entered into a Convertible Note with Redwood Fund, LP ( Redwood ) pursuant to which the Company issued a convertible promissory note of $250,000 and the right to purchase warrants upon the payment or conversion of the note principal. The conversion feature includes provisions that call for the instrument to be converted to equity at a price equal to (i) $1.00 if the Companys common stock price closes above $1.00; (ii) the average of the publicly reported closing bid and ask price if the Companys publicly reported common stock price closes between $0.50 and $0.99; or (iii) $0.50 if the Companys publicly reported common stock price closes below $0.50. As a result of this feature, the conversion feature is subject to derivative accounting pursuant to ASC 815. Accordingly, the fair value of the conversion feature on the date of issuance was estimated using an option pricing model and recorded on the Companys Consolidated Balance Sheet as a derivative liability and a note discount. The fair value of the conversion feature is estimated at the end of each reporting period and the change in the fair value is recorded as a non-operating gain or loss as change in value of derivatives in the Companys Consolidated Statement of Operations.   In April 2015, the Company entered into a Convertible Note with Lincoln Park Capital Fund, LLP ( Lincoln Park ) pursuant to which the Company issued a convertible promissory note of $250,000 and the right to purchase warrants upon the payment or conversion of the note principal. The conversion feature includes provisions that call for the instrument to be converted to equity at a price equal to (i) $1.00 if the Companys common stock price closes above $1.00; (ii) the average of the publicly reported closing bid and ask price if the Companys publicly reported common stock price closes between $0.50 and $0.99; or (iii) $0.50 if the Companys publicly reported common stock price closes below $0.50. As a result of this feature, the conversion feature is subject to derivative accounting pursuant to ASC 815. Accordingly, the fair value of the conversion feature on the date of issuance was estimated using an option pricing model and recorded on the Companys Consolidated Balance Sheet as a derivative liability and a note discount. The fair value of the conversion feature is estimated at the end of each reporting period and the change in the fair value is recorded as a non-operating gain or loss as change in value of derivatives in the Companys Consolidated Statement of Operations.   During the nine months ended May 31, 2015 and 2014, the Company recognized a change in value of the derivative liability of $194,826 and $0, respectively.   Fair Value of Financial Instruments   The Company groups financial assets and financial liabilities measured at fair value into three levels of hierarchy in accordance with ASC 820-10, Fair Value Measurements and Disclosure. Assets and liabilities recorded at fair value in the accompanying balance sheet are categorized based upon the level of judgment associated with the inputs used to measure their fair value.   <table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 10%; border-bottom: black 1pt solid; text-align: justify; line-height: 115%">Level Input:</td> <td style="width: 1%; text-align: justify; line-height: 115%"> </td> <td style="width: 89%; border-bottom: black 1pt solid; text-align: justify; line-height: 115%">Input Definition:</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify; line-height: 115%">Level I</td> <td style="text-align: justify; line-height: 115%"> </td> <td style="text-align: justify; line-height: 115%">Observable quoted prices in active markets for identical assets and liabilities.</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify; line-height: 115%"> </td> <td style="text-align: justify; line-height: 115%"> </td> <td style="text-align: justify; line-height: 115%"> </td></tr> <tr style="vertical-align: top"> <td style="text-align: justify; line-height: 115%">Level II</td> <td style="text-align: justify; line-height: 115%"> </td> <td style="text-align: justify; line-height: 115%">Observable quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market.</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify; line-height: 115%"> </td> <td style="text-align: justify; line-height: 115%"> </td> <td style="text-align: justify; line-height: 115%"> </td></tr> <tr style="vertical-align: top"> <td style="text-align: justify; line-height: 115%">Level III</td> <td style="text-align: justify; line-height: 115%"> </td> <td style="text-align: justify; line-height: 115%">Model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of option pricing models, discounted cash flow models, and similar techniques.</td></tr> </table>   For certain of our financial instruments, including working capital instruments, the carrying amounts are approximate fair value due to their short-term nature. Our notes payable approximate fair value based on prevailing interest rates.   The following table summarizes fair value measurements at May 31, 2015 for assets and liabilities measured at fair value on a recurring basis.   May 31, 2015   <table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: justify; line-height: 115%"> </td> <td nowrap="nowrap" style="line-height: 115%"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; text-align: justify; line-height: 115%">Level 1</td> <td nowrap="nowrap" style="line-height: 115%"> </td> <td nowrap="nowrap" style="line-height: 115%"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; text-align: justify; line-height: 115%">Level 2</td> <td nowrap="nowrap" style="line-height: 115%"> </td> <td nowrap="nowrap" style="line-height: 115%"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; text-align: justify; line-height: 115%">Level 3</td> <td nowrap="nowrap" style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 115%; width: 50%">Derivative Liabilities</td> <td style="line-height: 115%; width: 3%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%; width: 2%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%; width: 10%">-</td> <td style="line-height: 115%; width: 2%"> </td> <td style="line-height: 115%; width: 3%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%; width: 2%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%; width: 10%">-</td> <td style="line-height: 115%; width: 2%"> </td> <td style="line-height: 115%; width: 3%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%; width: 2%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%; width: 10%">709,060</td> <td style="line-height: 115%; width: 1%"> </td></tr> <tr> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> </table>   The assumptions used in valuing derivative instruments issued during the nine months ended May 31, 2015 were as follows:   <table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 82%; line-height: 115%">Risk free interest rate</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 15%; text-align: right; line-height: 115%">0.26</td> <td style="width: 1%; line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Expected life</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">1.0 Years</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Dividend yield</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">None</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Volatility</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">60</td> <td style="line-height: 115%">%</td></tr> </table>   The following is a reconciliation of the derivative liability related to these instruments for the nine months ended May 31, 2015:   <table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 86%; line-height: 115%">Value at August 31, 2014</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 11%; text-align: right; line-height: 115%">118,363</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 9pt; line-height: 115%">Issuance of instruments</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">395,871</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 9pt; line-height: 115%">Change in value</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">194,826</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 9pt; line-height: 115%">Net settlements</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Value at May 31, 2015</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">709,060</td> <td style="line-height: 115%"> </td></tr> </table>   The derivative liabilities are estimated using option pricing models that are based on the individual characteristics of the warrants or instruments on the valuation date, as well as assumptions for expected volatility, expected life and risk-free interest rate. Changes in the assumptions used could have a material impact on the resulting fair value. The primary input affecting the value of our derivatives liabilities is the Companys stock price, term and volatility. Other inputs have a comparatively insignificant effect.   Effect of Recently Issued Accounting Standards   In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern ("ASU 2014-15"). ASU 2014-15 will explicitly require management to assess an entity's ability to continue as a going concern, and to provide related footnote disclosure in certain circumstances. The new standard will be effective for all entities in the first annual period ending after December 15, 2016. Earlier adoption is permitted. We are currently evaluating the impact of the adoption of ASU 2014-15. The adoption of this standard is not expected to have a material impact on the Company's consolidated financial statements.   In May 2014, FASB issued ASU 2014-09, Revenue from Contracts with Customers. The standard will eliminate the transaction- and industry-specific revenue recognition guidance under current U.S. GAAP and replace it with a principles-based approach for determining revenue recognition. ASU 2014-09 is effective for annual and interim periods beginning after December 15, 2016. Early adoption is not permitted. The revenue recognition standard is required to be applied retrospectively, including any combination of practical expedients as allowed in the standard. We are evaluating the impact, if any, of the adoption of ASU 2014-09 to our financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting.   In July 2013, the FASB issued ASU 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, which eliminates diversity in practice for the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss or a tax credit carryforward is available to reduce the taxable income or tax payable that would result from disallowance of a tax position. ASU 2013-11 affects only the presentation of such amounts in an entitys balance sheet and is effective for fiscal years beginning after December 15, 2013 and interim periods within those years. Early adoption is permitted. We adopted this standard during fiscal 2015 and believe that it did not have a significant effect on our financial position or results of operation.

2. PROPERTY AND EQUIPMENT   Depreciation and amortization of property and equipment amounted to $47,866 and $94,624 for the nine months ended May 31, 2015 and 2014, respectively, and is included in the accompanying consolidated statements of operations in selling, general and administrative expenses.   At May 31, 2015, property and equipment consists of the following:   <table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center; line-height: 115%"> </td> <td nowrap="nowrap" style="line-height: 115%"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">MAY 2015</td> <td nowrap="nowrap" style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 82%; line-height: 115%">Computer equipment</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 15%; text-align: right; line-height: 115%">553,255</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Software and Equipment</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">39,400</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">592,655</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Accumulated depreciation</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">(442,938</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 9pt; line-height: 115%">Net property and equipment</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">149,717</td> <td style="line-height: 115%"> </td></tr> </table>

3. NOTES PAYABLE   Bank   In May 2014, the Company entered into a Credit Agreement and related term loan and line of credit with Opus Bank ( Opus ). Pursuant to the terms of the agreement, the Company issued a promissory note in the amount of $2,000,000, the proceeds of which were required to be used to finance repayment of the amounts owed to TCA. Monthly payments of principal and interest are required through the maturity date in May 2017. The amounts owed to Colgan and CUB are subordinated to amounts owed to Opus under the Credit Agreement and related debt facilities. Amounts outstanding under the Credit Agreement are secured by substantially all assets of the Company.   On April 13, 2015, the Company and its lenders executed a second amendment (Second Amendment) of the Companys Credit Facilities (the Credit Agreement) with Opus Bank ratified by California United Bank and Colgan Financial Group (collectively Lenders). The Second Amendment was designed to provide the Company with increased cash and credit availability as the Company seeks to expand and raise additional equity for working capital purposes. Under the terms of the Second Amendment, the Lenders agreed to waive any and all covenant violations that existed prior to the Second Amendment or that may occur through June 30, 2015. The Amendment also permitted the Company to not make any principal and/or interest payments to the Lenders through August 1, 2015, provided there are no Events of Default by the Company. The line of credit is for a maximum amount of $3,000,000. Payments of interest only will be due monthly with the unpaid balance due, in full, on the maturity date in January 2016.   As of May 31, 2015, the balance outstanding on the term loan and line of credit amounted to $1,537,416 and $2,025,084, respectively. At May 31, 2015, amounts owed pursuant to the Credit Agreement bear interest at a rate of 5.75% per annum.   In connection with the Credit Agreement, the Company issued 248,011 warrants to purchase common stock at an exercise price of $1.00 per share, which increased to 375,000 warrants due to dilutive issuances of equity by the Company during the eight months ended August 31, 2014. The warrants are exercisable immediately. In the event of future dilutive issuances, the number of warrants issuable shall be increased based on a specified formula. The warrants were valued at $78,281 on the date of issuance, which was recorded as a note discount During the nine months ended May 31, 2015, the Company recognized $19,569 of amortization related to this discount, leaving a balance of $52,189 at May 31, 2015.    Bank   In October 2010, the Company issued a promissory note to California United Bank (CUB) for $1,250,000 and has been amended several times since issuance. The note was last amended in May 2013. The note bears interest at a variable rate, subject to a minimum of 7.25% per annum. The interest rate at December 31, 2013 was 7.25%. Payments of interest are due monthly with one payment of all outstanding principal plus accrued interest due on March 5, 2014. The note is secured by substantially all assets of the Company and is guaranteed by one former shareholders/officer, by one shareholders/officer, a trust of one of the officers/shareholders, and UFAS.    In May 2014, the Company and CUB amended the promissory note of $1,250,000 to extend the maturity date to the earlier of i) October 2014 or ii) the completion of specified debt / equity funding. CUB also agreed to subordinate its security interest to another lender if certain criteria were met. In December 2014, the Company entered into a Change in Terms Agreement with California United Bank (CUB) which included an extension of the maturity date of the facility to April 30, 2015 and an adjustment of the interest rate to five percent (5%) in excess of the Prime Rate.   On April 13, 2015, the Company and its lenders executed a second amendment (Second Amendment) of the Companys Credit Facilities (the Credit Agreement) with Opus Bank ratified by California United Bank and Colgan Financial Group (collectively Lenders). The Lenders agreed to waive any and all covenant violations that existed prior to the Second Amendment or that may occur through June 30, 2015. The Amendment also permitted the Company to not make any principal and/or interest payments to the Lenders through August 1, 2015, provided there are no Events of Default by the Company and extended the maturity date of the facility to January 1, 2016.   As of May 31, 2015, the balance remaining is $894,812.   Secured Convertible Notes   In December 2014, in consideration for funds in the amount of $500,000 received by Greenwood Hall, Inc. from Colgan Financial Group, Inc. and Robert Logan (Logan, and together with CFG, the Holder), the Company executed a secured convertible promissory note. The note bears interest at 12% per year, the interest of which is payable monthly. This is a 3 year note and is secured by substantially all assets of the Company. This note is subordinate to the notes held by Opus Bank and California United Bank.   On April 13, 2015, the Company and its lenders executed a second amendment (Second Amendment) of the Companys Credit Facilities (the Credit Agreement) with Opus Bank ratified by California United Bank and Colgan Financial Group (collectively Lenders). The Lenders agreed to waive any and all covenant violations that existed prior to the Second Amendment or that may occur through June 30, 2015. The Amendment also permitted the Company to not make any principal and/or interest payments to the Lenders through August 1, 2015, provided there are no Events of Default by the Company.   In connection with this debt, the Company issued the right to purchase warrants upon the payment or conversion of the note principal. The conversion feature and warrants both include provisions that call for the instrument to be converted to equity at a price equal to the lesser of i) $1.50 per share or ii) 85% of the weighted average price per share of the Companys trading price for the 10 trading days prior to conversion / exercise. As a result of this feature, the warrants and conversion feature are subject to derivative accounting pursuant to ASC 815. Accordingly, the fair value of the warrants and conversion feature on the date of issuance was estimated using an option pricing model and recorded on the Companys Consolidated Balance Sheet as a derivative liability and a note discount. The fair value of the discount on the issuance date was estimated at $322,730 and is being amortized over the term of the note using the effective interest method. Amortization of the note discount during the nine months ended May 31, 2015 amounted to $53,788.   On March 31, 2015, the Company entered into a one-year $ 295,000 Convertible Note (Note) with Redwood Fund LP (Redwood). In conjunction with the Note, the Company issued Redwood warrants that are exercisable for 295,000 shares of the Companys common stock over the next five (5) years at an exercise price of $ 1.00 per share. Redwood has an option to provide additional convertible debt to the Company in the amount of $ 250,000 at the same terms. Interest will accrue monthly at 10% annually and the note is unsecured.   On April 24, 2015, the Company entered into a one-year $ 295,000 Convertible Note (Note) with Lincoln Park Capital Fund LLC (Lincoln Park). In conjunction with the Note, the Company issued Lincoln Park warrants that are exercisable for 295,000 shares of the Companys common stock over the next five (5) years at an exercise price of $ 1.00 per share. Redwood has an option to provide additional convertible debt to the Company in the amount of $ 250,000 at the same terms. Interest will accrue monthly at 10% annually and the note is unsecured.   Credit Agreement   During 2013, the Company entered into a Credit Agreement with TCA Global Credit Master Fund, LP (TCA). Pursuant to the Credit Agreement, the Company was granted an initial revolving credit facility of $1,500,000, which was subsequently increased to $1,850,000 later in 2013, and may be increased up to $7,000,000 upon i) the written request of the Company and ii) approval by TCA.   In December 2013, the Company and TCA entered into the Second Amendment to Credit Agreement whereby the parties aggregated all amounts owed to TCA under the Credit Agreement, which totaled $2,210,798 inclusive of $330,000 of loan fees incurred in connection with the second amendment. In addition, TCA waived the Companys default of the terms of the Credit Agreement as of December 2, 2013 in connection with the execution of Second Amendment to Credit Agreement.   Amounts outstanding under the Second Amendment to Credit Agreement bore interest at 15% per annum and are payable in monthly payments of principal and interest commencing in March 2014, with the final payment due in October 2014, and share first priority with California United Bank on a pari passu basis.   As of December 31, 2013, the amount of principal and accrued interest outstanding amounted to $2,210,798 and $25,431, respectively. The $330,000 of loan fees was recorded as a note discount on the date of the promissory note and is being amortized to interest expense over the term of the note. As of December 31, 2013, the unamortized note discount amounted to $298,417.   During the eight months ended August 31, 2014, in connection with the funding of the Opus Credit Agreement, all amounts owed to TCA were paid off and the note discount of $298,417 was recognized as interest expense.   Loan and Security Agreement   During 2013, the Company entered into a Loan and Security Agreement with Colgan Financial Group, Inc. ( Colgan ) pursuant to which the Company issued a promissory note of $600,000. The note bears interest at 2.5% per month, is payable in monthly installments of principal and interest through June 2014, is guaranteed by one shareholder of the Company and an advisor to the Company and is secured by substantially all assets of the Company. This note is subordinate to the notes held by California United Bank. In July 2014, a paydown of $144,000 was made in connection with an equity funding. In April 2015, the Company received an additional $200,000 in funding under this agreement.   On April 13, 2015, the Company and its lenders executed a second amendment (Second Amendment) of the Companys Credit Facilities (the Credit Agreement) with Opus Bank ratified by California United Bank and Colgan Financial Group (collectively Lenders). The Lenders agreed to waive any and all covenant violations that existed prior to the Second Amendment or that may occur through June 30, 2015. The Amendment also permitted the Company to not make any principal and/or interest payments to the Lenders through August 1, 2015, provided there are no Events of Default by the Company. As of May 31, 2015, the balance remaining is $715,071.   During the eight months ended August 31, 2014, the Company issued two convertible promissory notes to Colgan, one in the amount of $175,000 and one in the amount of $200,000. In connection with these two convertible promissory notes, the Company issued 198,409 shares of common stock valued at $186,270 (the estimated fair value of the shares on the issuance date), which was recorded as interest expense during the eight months ended August 31, 2014. In addition, the Company incurred an aggregate of $80,000 in fixed loan fees / interest expense. The notes were paid in full during the eight months ended August 31, 2014.   Unsecured Promissory Note   In March 2014, the Company issued an unsecured promissory note in the amount of $1,350,000. The note bore interest at a rate of 10% per annum and was due in September 2014. This note and related accrued interest was converted to units, comprised of one share of common stock and one warrant at an exercise price of $1.30, in July of 2014 (refer to note 5 for further discussion).   The Company also finances the purchases of small equipment. The amount of such notes is not significant at May 31, 2015. The following is a schedule, by year, of future minimum principal payments required under notes payable as of May 31, 2015:     <table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 77%; text-align: center; line-height: 115%">Years Ending  August 31, 2015 (remainder of)</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 20%; text-align: right; line-height: 115%">3,187,755</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center; line-height: 115%">2016</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">590,000</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: center; line-height: 115%">2017</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">- </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center; line-height: 115%">2018</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">515,000</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: center; line-height: 115%">2019</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center; line-height: 115%">Total</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">4,292,755</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: center; line-height: 115%">Note discount</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">(689,002</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">3,603,753</td> <td style="line-height: 115%"> </td></tr> </table>

4. RELATED PARTY TRANSACTIONS   One of the Companys customers, MarkeTouch Media, Inc. (MarkeTouch), held a 7.5% interest in our common stock during 2013.As of May 31, 2015 and 2014, the Company owed $0 and $14,333, respectively, relating to this share repurchase obligation, which is recorded in accrued expenses.

6. CONCENTRATIONS   Concentration of Credit Risk   The Company maintains its cash and cash equivalents at a financial institution which may, at times, exceed federally insured limits. Historically, the Company has not experienced any losses in such accounts.   Major Customers   For the nine months ended May 31, 2015, 1 customer, and 3 specific projects with that customer, represented 41% of net revenues and for the nine months ended May 31, 2014, 2 customers represented 34% of net revenues. As of May 31, 2015, 3 customers represented 53% of accounts receivable, and for the nine months ended May 31, 2014, 1 customer, and 6 specific projects with that customer, represented 47% of accounts receivable.

7. INCOME TAXES   The difference between income tax expense attributable to continuing operations and the amount of income tax expense that would result from applying domestic federal statutory rates to pre-tax income (loss) is mainly related to an increase in the valuation allowance, partially offset by state income taxes. Valuation allowances are established, when necessary, to reduce deferred income tax assets to the amount expected to be realized. Deferred income tax assets are mainly related to net operating loss carryforwards. Management has chosen to take a 100% valuation allowance against the deferred income tax asset until such time as management believes that its projections of future profits make the realization of the deferred income tax assets more likely than not. Significant judgment is required in the evaluation of deferred income tax benefits and differences in future results from managements estimates could result in material differences.   A majority of the Companys deferred tax asset is comprised of net operating loss carryforwards, offset by a 100% valuation allowance at May 31, 2015 and August 31, 2014.   As of May 31, 2015, the Company is in process of determining the amount of Federal and State net operating loss carry forwards (NOL) available to offset future taxable income. The Companys NOLs will begin expiring in 2032. These NOLs may be used to offset future taxable income, to the extent the Company generates any taxable income, and thereby reduce or eliminate future federal income taxes otherwise payable. Section 382 of the Internal Revenue Code imposes limitations on a corporations ability to utilize NOLs if it experiences an ownership change as defined in Section 382. In general terms, an ownership change may result from transactions increasing the ownership of certain stockholders in the stock of a corporation by more than 50% over a three-year period. In the event that an ownership change has occurred, or were to occur, utilization of the Companys NOLs would be subject to an annual limitation under Section 382. Any unused annual limitation may be carried over to later years. The Company could experience an ownership change under Section 382 as a result of events in the past in combination with events in the future. If so, the use of the Companys NOLs, or a portion thereof, against future taxable income may be subject to an annual limitation under Section 382, which may result in expiration of a portion of the NOLs before utilization.   Due to the existence of the valuation allowance, future changes in the Companys unrecognized tax benefits will not impact its effective tax rate. Any carryforwards that expire prior to utilization as a result of such limitations will be removed, if applicable, from deferred tax assets with a corresponding reduction of the valuation allowance.   The difference between income tax expense attributable to continuing operations and the amount of income tax expense that would result from applying domestic federal statutory rates to pre-tax income (loss) is mainly related to an increase in the valuation allowance, partially offset by state income taxes. Valuation allowances are established, when necessary, to reduce deferred income tax assets to the amount expected to be realized. Deferred income tax assets are mainly related to net operating loss carryforwards. Management has chosen to take a 100% valuation allowance against the deferred income tax asset until such time as management believes that its projections of future profits make the realization of the deferred income tax assets more likely than not. Significant judgment is required in the evaluation of deferred income tax benefits and differences in future results from managements estimates could result in material differences.

8. COMMITMENTS AND CONTINGENCIES   Lease Commitments   The Company leases its operating facilities under non-cancelable operating leases that expire through 2024. Total rent expense for the nine months ended May 31, 2015 and 2014 amounted to $398,708 and $382,033, respectively. The Company is responsible for certain operating expenses in connection with these leases. The following is a schedule, by year, of future minimum lease payments required under non-cancelable operating leases as of May 31, 2015:   <table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 77%">Years Ending  August 31, 2015 (remainder of)</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 20%; text-align: right">103,733</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>2016</td> <td> </td> <td> </td> <td style="text-align: right">475,769</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>2017</td> <td> </td> <td> </td> <td style="text-align: right">572,058</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>2018</td> <td> </td> <td> </td> <td style="text-align: right">586,837</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>2019</td> <td> </td> <td> </td> <td style="text-align: right">602,277</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Thereafter</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">2,253,372</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">4,594,046</td> <td> </td></tr> </table>   Employment Agreements   At May 31, 2015, the Company maintained an employment agreement with an officer, the terms of which may require the payment of severance benefits upon termination.   Legal Matters   The Company is involved from time to time in various legal proceedings in the normal conduct of its business.   The Company is the subject of pending litigation, which could cause it to incur significant costs in defending such litigation or in resulting actions or judgments. The Robin Hood Foundation (Robin Hood) filed suit against Patriot Communications, LLC (Patriot), a client of the Company, in the Superior Court of the State of California for the County of Los Angeles (Central District) for breach of contract and failure to perform, including among other things an intentional tort claim, in the amount of not less than $5,000,000. On May 6, 2014, Patriot filed a cross-complaint naming PCS Link as a cross-defendant. Patriot denies the allegations set forth by Robin Hood. On August 22, 2014, Robin Hood filed a First Amended Complaint, naming the Company and John Hall, in his individual capacity, as defendants. The First Amended Complaint asserts claims against the Company and Hall for fraud, fraudulent concealment, negligent misrepresentation, negligence and violation of Business & Professions Code section 17200. The First Amended Complaint also alleges a cause of action for breach of contract solely against the Company. An adverse judgment against the Company could be detrimental to the Companys financial standing. Additionally, in the event that Patriot is held liable, Patriot alleges that PCS Link is responsible to indemnify and/or contribute to the satisfaction of any damages because PCS Link acted as a sub-contractor on behalf of Patriot with regard to the filed incident. We believe that we have strong defenses and we are vigorously defending against this lawsuit, but the potential range of loss related to this matter cannot be determined, as the pleadings are still not resolved, and will not be until late 2015, at the earliest. The outcome of this matter is inherently uncertain and could have a materially adverse effect on our business, financial condition and results of operations if decided unfavorably against the Company and John Hall.   The Company is the subject of pending litigation, which could cause it to incur significant costs in defending such litigation or in resulting actions or judgments. Finance 500, Inc. (Finance 500) filed suit against the Company, in the Superior Court of the State of California for the County of Orange (Central Justice) for breach of contract and unjust enrichment, among other things, in the amount of not less than $ 250,000. We believe that we have strong defenses and we are vigorously defending against this lawsuit, but the potential range of loss related to this matter cannot be determined, as the pleadings are still not resolved, and will not resolved anytime in the near future. The outcome of this matter is inherently uncertain and could have a materially adverse effect on our business, financial condition and results of operations if decided unfavorably against the Company.

9. DISCONTINUED OPERATIONS   During 2013, we ceased operations in our affiliated company, UFAS. The operations of UFAS are now presented as discontinued operations in the accompanying consolidated financial statements. UFAS was inactive during the periods ended May 31, 2015 and 2014.

10. SUBSEQUENT EVENTS   On June 3, 2015, the Company executed an agreement with Technical College of Lowcountry to provide student engagement services.   On June 5, 2015, the Company completed a private placement of units (each, a "Unit") at $1.00 per Unit (the "Financing Price") for aggregate gross proceeds of $140,000 (the "Private Placement Financing"). Each Unit consists of one share of Common Stock and one immediately vested warrant, with each such warrant entitling the holder to acquire one additional share of Common Stock on or before the date which is two years from the date of the placement for a price of $1.30 per share. The Company neither has nor will be required to pay any other fees, issue additional stock/warrants other than described in this paragraph, or enter into any consulting agreements with any third parties in connection with the aforementioned Private Placement Financing. As of May 31, 2015 the transaction had not yet funded.   On June 5, 2015, the Company entered into a commercial building lease agreement. The sixty-one (61) month lease, commenced on June 15, 2015, provided for the lease by the Company of approximately 2,369 square feet of space in Los Angeles, California. Base annual rent is initially set at approximately $8,355 per month. Total base rent payable over the lease period is  $556,418.    On June 30, 2015, the Company executed an agreement with Jacksonville State University to provide student retention services.

Organization   Greenwood Hall is an emerging education management solutions provider that delivers end-to-end services that support the entire student lifecycle including offerings that increase student enrollment, improve student experience, optimize student success and outcomes, and help schools maximize operating efficiencies. Since 2006, we have developed and customized turnkey solutions that combine strategy, personnel, proven processes and robust technology to help schools effectively and efficiently improve student outcomes, expand into new markets such as online learning, increase revenues, and deliver enhanced student experiences. Our Company currently has 121 employees and has served more than 40 education clients and over 70 degree programs.

Basis of Presentation   On July 23, 2014, Greenwood Hall, Inc. (formerly Divio Holdings, Corp. (Divio)) and its wholly owned subsidiary, Merger Sub, completed the Merger Agreement, dated July 22, 2014, by and among Divio, Merger Sub, and PCS Link, Inc. (PCS Link). Pursuant to the Merger Agreement, Merger Sub merged with and into PCS Link with PCS Link remaining as the surviving corporation (the Surviving Corporation) in the Merger. Upon the consummation of the Merger, the separate existence of Merger Sub ceased, and PCS Link became a wholly owned subsidiary of Divio. In connection with the Merger and at the Effective Time, the holders of all of the issued and outstanding shares of PCS Link Common Stock exchanged all of such shares (other than dissenting shares as defined in California Corporations Code Section 1300) for a combined total of 25,250,000 shares of Common Stock, representing approximately 71% of the total outstanding shares on the date of the Merger. In connection with the merger, Divio Holdings, Corp. changed its name to Greenwood Hall, Inc.   The Merger was accounted for as a reverse merger with PCS Link as the accounting acquirer and the Company as the legal acquirer. Although, from a legal perspective, the Company acquired PCS Link, from an accounting perspective, the transaction is viewed as a recapitalization of PCS Link accompanied by an issuance of stock by PCS Link for the net assets of Greenwood Hall, Inc. This is because Greenwood Hall, Inc. did not have operations immediately prior to the merger, and following the merger, PCS Link is the operating company. The board of directors of Greenwood Hall, Inc. immediately after the merger consisted of five directors, with four of the five directors nominated by PCS Link. Additionally, PCS Links stockholders owned 71% of the outstanding shares of Greenwood Hall, Inc. immediately after completion of the transaction.   The presentation of the consolidated statements of stockholders' deficit reflects the historical stockholders' deficit of PCS Link through July 23, 2014. The effect of the issuance of shares of Divio common stock in connection with the Merger and the inclusion of Divios outstanding shares of common stock at the time of the Merger on July 23, 2014 is reflected during the eight months ended August 31, 2014.

Principles of Consolidation   The consolidated financial statements include the accounts of Greenwood Hall, PCS Link, and University Financial Aid Solutions, LLC (UFAS), collectively referred to herein as the Company, we, us, our, and Greenwood Hall. All significant intercompany accounts and transactions have been eliminated in consolidation. Through our affiliate UFAS we provided complete financial aid solutions. During 2013, UFAS ceased operations and is presently winding down its affairs. As a result, it is presented in the accompanying consolidated financial statements as discontinued operations.

Going Concern   The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (US GAAP), which contemplates the continuation of the Company as a going concern. The Company has an accumulated deficit and a working capital deficit as of May 31, 2015 and has incurred a loss from operations during 2015. These conditions raise substantial doubt about the Companys ability to continue as a going concern.   The Company has historically funded its activities through cash generated from operations, debt financing, the issuance of equity for cash, and advances from shareholders. During the nine months ended May 31, 2015 the Company received approximately $2,658,358 in net proceeds from financing activities.   Management intends to become profitable by continuing to grow its operations and customer base. If the Company is not successful in becoming profitable, it may have to further delay or reduce expenses, or curtail operations. The accompanying consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that could result should the Company not continue as a going concern.

Use of Estimates   The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures. Management uses its historical records and knowledge of its business in making these estimates. Accordingly, actual results may differ from these estimates.

Cash and Cash Equivalents   For the purpose of the statement of cash flows, the Company considers cash equivalents to include short-term, highly liquid investments with an original maturity of three months or less.

Research and Development   Costs relating to designing and developing new products are expensed in the period incurred.

Revenue Recognition   The Companys contracts are typically structured into two categories, i) fixed-fee service contracts that span a period of time, often in excess of one year, and ii) service contracts at agreed-upon rates based on the volume of service provided. Some of the Companys service contracts are subject to guaranteed minimum amounts of service volume.   The Company recognizes revenue when all of the following have occurred: persuasive evidence of an agreement with the customer exists, services have been rendered, the selling price is fixed or determinable, and collectability of the selling price is reasonably assured. For fixed-fee service contracts, the Company recognizes revenue on a straight-line basis over the period of contract performance. Costs incurred under these service contracts are expensed as incurred.

Deferred Revenue   Deferred revenue primarily consists of prepayments received from customers for which the Companys revenue recognition criteria have not been met. The deferred revenue will be recognized as revenue once the criteria for revenue recognition have been met.

Accounts Receivable   The Company extends credit to its customers. An allowance for doubtful accounts is maintained for estimated losses resulting from the inability of the Companys customers to make required payments. Management specifically analyzes the age of customer balances, historical bad debt experience, customer credit-worthiness, and changes in customer payment terms when making estimates of the collectability of the Companys trade accounts receivable balances. If the Company determines that the financial condition of any of its customers has deteriorated, whether due to customer specific or general economic issues, an increase in the allowance may be made. After all attempts to collect a receivable have failed, the receivable is written off. Based on the information available, management believes the Companys accounts receivable, net of the allowance for doubtful accounts, are collectable.

Property and Equipment   Property and equipment are stated at cost. Depreciation and amortization are being provided using the straight-line method over the estimated useful lives of the assets. The estimated useful lives used are as follows:   <table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 53%; border-bottom: black 1pt solid; text-align: justify; line-height: 115%">Classification</td> <td style="width: 2%; text-align: justify; line-height: 115%"> </td> <td style="width: 45%; border-bottom: black 1pt solid; text-align: justify; line-height: 115%">Life</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify; line-height: 115%">Equipment</td> <td style="text-align: justify; line-height: 115%"> </td> <td style="text-align: justify; line-height: 115%">5-7 Years</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify; line-height: 115%">Computer equipment</td> <td style="text-align: justify; line-height: 115%"> </td> <td style="text-align: justify; line-height: 115%">7 Years</td></tr> </table>   Expenses for repairs and maintenance are charged to expense as incurred, while renewals and betterments are capitalized.

Income Taxes   The Company accounts for income taxes in accordance with ASC 740-10, Income Taxes which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred income taxes are recognized for the tax consequences in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts at each year-end based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. The provision for income taxes represents the tax payable for the period and the change during the period in deferred tax assets and liabilities.

Earnings (Loss) per Share   Basic earnings (loss) per share is computed using the weighted-average number of common shares outstanding during the period. Diluted earnings (loss) per share are computed using the weighted- average number of common shares and dilutive potential common shares outstanding during the period. During 2013, the Company had no instruments that could potentially dilute the number of common shares outstanding. Warrants to purchase common stock were excluded from the computation of diluted shares during the three and nine months ended May 31, 2015 and 2014 as their effect is anti-dilutive .

Variable Interest Entities   Generally, an entity is defined as a variable interest entity (VIE) under current accounting rules if it has (a) equity that is insufficient to permit the entity to finance its activities without additional subordinated financial support from other parties, or (b) equity investors that cannot make significant decisions about the entitys operations, or that do not absorb the expected losses or receive the expected returns of the entity. When determining whether an entity that is a business qualifies as a VIE, we also consider whether (i) we participated significantly in the design of the entity, (ii) we provided more than half of the total financial support to the entity, and (iii) substantially all of the activities of the VIE either involve us or are conducted on our behalf. A VIE is consolidated by its primary beneficiary, which is the party that absorbs or receives a majority of the entitys expected losses or expected residual returns.   University Financial Aid Services, LLC was 60% owned by John Hall and Zan Greenwood, who at the time held a combined 92.5% of our common stock and served as directors of PCS Link. John Hall is the CEO of the Company and Zan Greenwood served as the Companys Chief Operating Officer through June 2013. The equity owners of UFAS have no equity at risk, Greenwood Hall has funded UFAS operations since it was formed in 2010, and we have the ability to exercise control over UFAS through our two shareholders / directors.   Based on our assessment, we have determined that UFAS is a VIE and that we are the primary beneficiary, as defined in current accounting rules. Accordingly, we are required to consolidate the revenues and expenses of UFAS. To date, the Company has not allocated any income or loss of UFAS to noncontrolling interests as the noncontrolling interests never had any equity at risk. As previously discussed, UFAS ceased operations during 2013 and is presently winding down its affairs. The Company does not anticipate having any future involvement with UFAS after it is dissolved.

Marketing and Advertising   Marketing and advertising costs are expensed as incurred. Marketing and advertising amounted to $117,596 and $331,918 for the nine months ended May 31, 2015 and the nine months ended May 31, 2014 respectively, and are included in selling, general and administrative expenses.

Stock-Based Compensation   Compensation costs related to stock options and other equity awards are determined in accordance with FASB ASC 718-10, Compensation-Stock Compensation. Under this method, compensation cost is calculated based on the grant-date fair value estimated in accordance FASB ASC 718-10, amortized on a straight-line basis over the awards vesting period. Stock-based compensation was $1,565,723 and $0 for the nine months ended May 31, 2015 and 2014, respectively, and was $1,031,226 and $0 for the three months ended May 31, 2015 and 2014, respectively. This expense is included in the condensed consolidated statements of operations as Stock-Based Compensation.

Derivative Liabilities   We account for warrants as either equity or liabilities based upon the characteristics and provisions of each instrument. Warrants classified as equity are recorded as additional paid-in capital on our Consolidated Balance Sheet and no further adjustments to their valuation are made. Some of our warrants were determined to be ineligible for equity classification because of provisions that may result in an adjustment to their exercise price. Warrants classified as derivative liabilities and other derivative financial instruments that require separate accounting as assets or liabilities are recorded on our Consolidated Balance Sheet at their fair value on the date of issuance and are revalued on each subsequent balance sheet date until such instruments are exercised or expire, with any changes in the fair value between reporting periods recorded as other income or expense. We estimate the fair value of these liabilities using option pricing models that are based on the individual characteristics of the warrants or instruments on the valuation date, as well as assumptions for expected volatility, expected life and risk-free interest rate.   As part of a debt financing during May 2014, the Company issued warrants to acquire 248,011 shares of Common Stock. These warrants contain a mechanism to increase the number of warrants upon the issuance of certain dilutive equity securities. If during the terms of the warrants, the Company issues additional shares of Common Stock or equivalents, the warrant holders are entitled to additional warrants with the same terms as the original warrants. As a result of these features, the warrants are subject to derivative accounting as prescribed under ASC 815. Accordingly, the fair value of the warrants on the date of issuance was estimated using an option pricing model and recorded on the Companys Consolidated Balance Sheet as a derivative liability. The fair value of the Warrants is estimated at the end of each reporting period and the change in the fair value of the Warrants is recorded as a non-operating gain or loss as change in value of derivatives in the Companys Consolidated Statement of Operations.   In December 2014, the Company entered into a Secured Convertible Note with Colgan Financial Group, Inc. ( Colgan ) and Rob Logan pursuant to which the Company issued a convertible promissory note of $500,000 and the right to purchase warrants upon the payment or conversion of the note principal. The conversion feature and warrants both include provisions that call for the instrument to be converted to equity at a price equal to the lesser of i) $1.50 per share or ii) 85% of the weighted average price per share of the Companys trading price for the 10 trading days prior to conversion / exercise. As a result of this feature, the warrants and conversion feature are subject to derivative accounting pursuant to ASC 815. Accordingly, the fair value of the warrants and conversion feature on the date of issuance was estimated using an option pricing model and recorded on the Companys Consolidated Balance Sheet as a derivative liability and a note discount. The fair value of the warrants and conversion feature is estimated at the end of each reporting period and the change in the fair value is recorded as a non-operating gain or loss as change in value of derivatives in the Companys Consolidated Statement of Operations.   In March 2015, the Company entered into a Convertible Note with Redwood Fund, LP ( Redwood ) pursuant to which the Company issued a convertible promissory note of $250,000 and the right to purchase warrants upon the payment or conversion of the note principal. The conversion feature includes provisions that call for the instrument to be converted to equity at a price equal to (i) $1.00 if the Companys common stock price closes above $1.00; (ii) the average of the publicly reported closing bid and ask price if the Companys publicly reported common stock price closes between $0.50 and $0.99; or (iii) $0.50 if the Companys publicly reported common stock price closes below $0.50. As a result of this feature, the conversion feature is subject to derivative accounting pursuant to ASC 815. Accordingly, the fair value of the conversion feature on the date of issuance was estimated using an option pricing model and recorded on the Companys Consolidated Balance Sheet as a derivative liability and a note discount. The fair value of the conversion feature is estimated at the end of each reporting period and the change in the fair value is recorded as a non-operating gain or loss as change in value of derivatives in the Companys Consolidated Statement of Operations.   In April 2015, the Company entered into a Convertible Note with Lincoln Park Capital Fund, LLP ( Lincoln Park ) pursuant to which the Company issued a convertible promissory note of $250,000 and the right to purchase warrants upon the payment or conversion of the note principal. The conversion feature includes provisions that call for the instrument to be converted to equity at a price equal to (i) $1.00 if the Companys common stock price closes above $1.00; (ii) the average of the publicly reported closing bid and ask price if the Companys publicly reported common stock price closes between $0.50 and $0.99; or (iii) $0.50 if the Companys publicly reported common stock price closes below $0.50. As a result of this feature, the conversion feature is subject to derivative accounting pursuant to ASC 815. Accordingly, the fair value of the conversion feature on the date of issuance was estimated using an option pricing model and recorded on the Companys Consolidated Balance Sheet as a derivative liability and a note discount. The fair value of the conversion feature is estimated at the end of each reporting period and the change in the fair value is recorded as a non-operating gain or loss as change in value of derivatives in the Companys Consolidated Statement of Operations.   During the nine months ended May 31, 2015 and 2014, the Company recognized a change in value of the derivative liability of $194,826 and $0, respectively.

Fair Value of Financial Instruments   The Company groups financial assets and financial liabilities measured at fair value into three levels of hierarchy in accordance with ASC 820-10, Fair Value Measurements and Disclosure. Assets and liabilities recorded at fair value in the accompanying balance sheet are categorized based upon the level of judgment associated with the inputs used to measure their fair value.   <table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 10%; border-bottom: black 1pt solid; text-align: justify; line-height: 115%">Level Input:</td> <td style="width: 1%; text-align: justify; line-height: 115%"> </td> <td style="width: 89%; border-bottom: black 1pt solid; text-align: justify; line-height: 115%">Input Definition:</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify; line-height: 115%">Level I</td> <td style="text-align: justify; line-height: 115%"> </td> <td style="text-align: justify; line-height: 115%">Observable quoted prices in active markets for identical assets and liabilities.</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify; line-height: 115%"> </td> <td style="text-align: justify; line-height: 115%"> </td> <td style="text-align: justify; line-height: 115%"> </td></tr> <tr style="vertical-align: top"> <td style="text-align: justify; line-height: 115%">Level II</td> <td style="text-align: justify; line-height: 115%"> </td> <td style="text-align: justify; line-height: 115%">Observable quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market.</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify; line-height: 115%"> </td> <td style="text-align: justify; line-height: 115%"> </td> <td style="text-align: justify; line-height: 115%"> </td></tr> <tr style="vertical-align: top"> <td style="text-align: justify; line-height: 115%">Level III</td> <td style="text-align: justify; line-height: 115%"> </td> <td style="text-align: justify; line-height: 115%">Model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of option pricing models, discounted cash flow models, and similar techniques.</td></tr> </table>   For certain of our financial instruments, including working capital instruments, the carrying amounts are approximate fair value due to their short-term nature. Our notes payable approximate fair value based on prevailing interest rates.   The following table summarizes fair value measurements at May 31, 2015 for assets and liabilities measured at fair value on a recurring basis.   May 31, 2015   <table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: justify; line-height: 115%"> </td> <td nowrap="nowrap" style="line-height: 115%"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; text-align: justify; line-height: 115%">Level 1</td> <td nowrap="nowrap" style="line-height: 115%"> </td> <td nowrap="nowrap" style="line-height: 115%"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; text-align: justify; line-height: 115%">Level 2</td> <td nowrap="nowrap" style="line-height: 115%"> </td> <td nowrap="nowrap" style="line-height: 115%"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; text-align: justify; line-height: 115%">Level 3</td> <td nowrap="nowrap" style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 115%; width: 50%">Derivative Liabilities</td> <td style="line-height: 115%; width: 3%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%; width: 2%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%; width: 10%">-</td> <td style="line-height: 115%; width: 2%"> </td> <td style="line-height: 115%; width: 3%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%; width: 2%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%; width: 10%">-</td> <td style="line-height: 115%; width: 2%"> </td> <td style="line-height: 115%; width: 3%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%; width: 2%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%; width: 10%">709,060</td> <td style="line-height: 115%; width: 1%"> </td></tr> <tr> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> </table>   The assumptions used in valuing derivative instruments issued during the nine months ended May 31, 2015 were as follows:   <table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 82%; line-height: 115%">Risk free interest rate</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 15%; text-align: right; line-height: 115%">0.26</td> <td style="width: 1%; line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Expected life</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">1.0 Years</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Dividend yield</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">None</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Volatility</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">60</td> <td style="line-height: 115%">%</td></tr> </table>   The following is a reconciliation of the derivative liability related to these instruments for the nine months ended May 31, 2015:   <table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 86%; line-height: 115%">Value at August 31, 2014</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 11%; text-align: right; line-height: 115%">118,363</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 9pt; line-height: 115%">Issuance of instruments</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">395,871</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 9pt; line-height: 115%">Change in value</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">194,826</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 9pt; line-height: 115%">Net settlements</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Value at May 31, 2015</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">709,060</td> <td style="line-height: 115%"> </td></tr> </table>   The derivative liabilities are estimated using option pricing models that are based on the individual characteristics of the warrants or instruments on the valuation date, as well as assumptions for expected volatility, expected life and risk-free interest rate. Changes in the assumptions used could have a material impact on the resulting fair value. The primary input affecting the value of our derivatives liabilities is the Companys stock price, term and volatility. Other inputs have a comparatively insignificant effect.

Effect of Recently Issued Accounting Standards   In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern ("ASU 2014-15"). ASU 2014-15 will explicitly require management to assess an entity's ability to continue as a going concern, and to provide related footnote disclosure in certain circumstances. The new standard will be effective for all entities in the first annual period ending after December 15, 2016. Earlier adoption is permitted. We are currently evaluating the impact of the adoption of ASU 2014-15. The adoption of this standard is not expected to have a material impact on the Company's consolidated financial statements.   In May 2014, FASB issued ASU 2014-09, Revenue from Contracts with Customers. The standard will eliminate the transaction- and industry-specific revenue recognition guidance under current U.S. GAAP and replace it with a principles-based approach for determining revenue recognition. ASU 2014-09 is effective for annual and interim periods beginning after December 15, 2016. Early adoption is not permitted. The revenue recognition standard is required to be applied retrospectively, including any combination of practical expedients as allowed in the standard. We are evaluating the impact, if any, of the adoption of ASU 2014-09 to our financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting.   In July 2013, the FASB issued ASU 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, which eliminates diversity in practice for the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss or a tax credit carryforward is available to reduce the taxable income or tax payable that would result from disallowance of a tax position. ASU 2013-11 affects only the presentation of such amounts in an entitys balance sheet and is effective for fiscal years beginning after December 15, 2013 and interim periods within those years. Early adoption is permitted. We adopted this standard during fiscal 2015 and believe that it did not have a significant effect on our financial position or results of operation.

The estimated useful lives used are as follows:   <table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 53%; border-bottom: black 1pt solid; text-align: justify; line-height: 115%">Classification</td> <td style="width: 2%; text-align: justify; line-height: 115%"> </td> <td style="width: 45%; border-bottom: black 1pt solid; text-align: justify; line-height: 115%">Life</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify; line-height: 115%">Equipment</td> <td style="text-align: justify; line-height: 115%"> </td> <td style="text-align: justify; line-height: 115%">5-7 Years</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify; line-height: 115%">Computer equipment</td> <td style="text-align: justify; line-height: 115%"> </td> <td style="text-align: justify; line-height: 115%">7 Years</td></tr> </table>

The following table summarizes fair value measurements at May 31, 2015 for assets and liabilities measured at fair value on a recurring basis.   May 31, 2015   <table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: justify; line-height: 115%"> </td> <td nowrap="nowrap" style="line-height: 115%"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; text-align: justify; line-height: 115%">Level 1</td> <td nowrap="nowrap" style="line-height: 115%"> </td> <td nowrap="nowrap" style="line-height: 115%"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; text-align: justify; line-height: 115%">Level 2</td> <td nowrap="nowrap" style="line-height: 115%"> </td> <td nowrap="nowrap" style="line-height: 115%"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; text-align: justify; line-height: 115%">Level 3</td> <td nowrap="nowrap" style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 115%; width: 50%">Derivative Liabilities</td> <td style="line-height: 115%; width: 3%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%; width: 2%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%; width: 10%">-</td> <td style="line-height: 115%; width: 2%"> </td> <td style="line-height: 115%; width: 3%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%; width: 2%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%; width: 10%">-</td> <td style="line-height: 115%; width: 2%"> </td> <td style="line-height: 115%; width: 3%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%; width: 2%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%; width: 10%">709,060</td> <td style="line-height: 115%; width: 1%"> </td></tr> <tr> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> </table>

The assumptions used in valuing derivative instruments issued during the nine months ended May 31, 2015 were as follows:   <table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 82%; line-height: 115%">Risk free interest rate</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 15%; text-align: right; line-height: 115%">0.26</td> <td style="width: 1%; line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Expected life</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">1.0 Years</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Dividend yield</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">None</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Volatility</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">60</td> <td style="line-height: 115%">%</td></tr> </table>

The following is a reconciliation of the derivative liability related to these instruments for the nine months ended May 31, 2015:   <table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 86%; line-height: 115%">Value at August 31, 2014</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 11%; text-align: right; line-height: 115%">118,363</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 9pt; line-height: 115%">Issuance of instruments</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">395,871</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 9pt; line-height: 115%">Change in value</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">194,826</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 9pt; line-height: 115%">Net settlements</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Value at May 31, 2015</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">709,060</td> <td style="line-height: 115%"> </td></tr> </table>

The following is a schedule, by year, of future minimum principal payments required under notes payable as of May 31, 2015:     <table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 77%; text-align: center; line-height: 115%">Years Ending  August 31, 2015 (remainder of)</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 20%; text-align: right; line-height: 115%">3,187,755</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center; line-height: 115%">2016</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">590,000</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: center; line-height: 115%">2017</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> -</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center; line-height: 115%">2018</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">515,000</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: center; line-height: 115%">2019</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center; line-height: 115%">Total</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">4,292,755</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: center; line-height: 115%">Note discount</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">(689,002</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">3,603,753</td> <td style="line-height: 115%"> </td></tr></table>

The assumptions used in valuing warrants issued for services during the nine months ended May 31, 2015 were as follows:   <table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 77%; line-height: 115%">Risk free interest rate</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 20%; text-align: right; line-height: 115%">1.10</td> <td style="width: 1%; line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Expected life</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">1.5 - 10 Years</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Dividend yield</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">None</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Volatility</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">60</td> <td style="line-height: 115%">%</td></tr> </table>

The following is a schedule, by year, of future minimum lease payments required under non-cancelable operating leases as of May 31, 2015:   <table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 77%">Years Ending  August 31, 2015 (remainder of)</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 20%; text-align: right">103,733</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>2016</td> <td> </td> <td> </td> <td style="text-align: right">475,769</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>2017</td> <td> </td> <td> </td> <td style="text-align: right">572,058</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>2018</td> <td> </td> <td> </td> <td style="text-align: right">586,837</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>2019</td> <td> </td> <td> </td> <td style="text-align: right">602,277</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Thereafter</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">2,253,372</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">4,594,046</td> <td> </td></tr> </table>

As of May 31, 2015, the members of the Board of Directors hold options to purchase 1,750,000 shares of common stock at exercise prices ranging from $0.01 to $0.75, which were granted prior to May 31, 2015.   <table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">Transactions in FY2015</td> <td nowrap="nowrap" style="line-height: 115%"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">Quantity</td> <td nowrap="nowrap" style="line-height: 115%"> </td> <td nowrap="nowrap" style="line-height: 115%"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">Weighted-Average Exercise Price Per Share</td> <td nowrap="nowrap" style="line-height: 115%"> </td> <td nowrap="nowrap" style="line-height: 115%"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">Weighted-Average Remaining Contractual Life</td> <td nowrap="nowrap" style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 49%; line-height: 115%">Outstanding, August 31, 2014</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 11%; text-align: right; line-height: 115%">1,085,000</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 17%; text-align: right; line-height: 115%">0.01</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 14%; text-align: right; line-height: 115%">9.15</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Granted</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">1,050,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">0.61</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">9.81</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Exercised</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">0</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Cancelled/Forfeited</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">(385,000)</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">0.01</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">9.15</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Outstanding, May 31, 2015</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">1,750,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">0.37</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">9.54</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Exercisable, May 31, 2015</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">700,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">0.01</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">9.15</td> <td style="line-height: 115%"> </td></tr> </table>

The exercise prices for the options outstanding at May 31, 2015 ranged from $0.01 to $0.75, and the information relating to these options is as follows:  <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="line-height: 120%; font-style: italic"> </td> <td nowrap="nowrap" colspan="2" style="text-align: center; line-height: 120%; font-style: italic"> </td> <td nowrap="nowrap" style="line-height: 120%; font-style: italic"> </td> <td nowrap="nowrap" style="line-height: 120%; font-style: italic"> </td> <td nowrap="nowrap" colspan="2" style="text-align: center; line-height: 120%; font-style: italic"> </td> <td nowrap="nowrap" style="line-height: 120%; font-style: italic"> </td> <td nowrap="nowrap" style="line-height: 120%; font-style: italic"> </td> <td nowrap="nowrap" colspan="6" style="border-bottom: black 1pt solid; text-align: center; line-height: 120%; font-style: italic">Options Exerciseable</td> <td nowrap="nowrap" style="line-height: 120%; font-style: italic"> </td> <td nowrap="nowrap" style="line-height: 120%; font-style: italic"> </td> <td nowrap="nowrap" colspan="2" style="text-align: center; line-height: 120%; font-style: italic"> </td> <td nowrap="nowrap" style="line-height: 120%; font-style: italic"> </td> <td nowrap="nowrap" style="line-height: 120%; font-style: italic"> </td> <td nowrap="nowrap" colspan="6" style="border-bottom: black 1pt solid; text-align: center; line-height: 120%; font-style: italic">Options Outstanding</td> <td nowrap="nowrap" style="line-height: 120%; font-style: italic"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" colspan="4" style="border-bottom: black 1pt solid; line-height: 120%; font-style: italic">Exercise Price</td> <td nowrap="nowrap" style="line-height: 120%; font-style: italic"> </td> <td nowrap="nowrap" style="line-height: 120%; font-style: italic"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 120%; font-style: italic">Quantity</td> <td nowrap="nowrap" style="line-height: 120%; font-style: italic"> </td> <td nowrap="nowrap" style="line-height: 120%; font-style: italic"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 120%; font-style: italic">Weighted- Average Exercise Price Per Share</td> <td nowrap="nowrap" style="line-height: 120%; font-style: italic"> </td> <td nowrap="nowrap" style="line-height: 120%; font-style: italic"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 120%; font-style: italic">Weighted- Average Remaining Contractual Life</td> <td nowrap="nowrap" style="line-height: 120%; font-style: italic"> </td> <td nowrap="nowrap" style="line-height: 120%; font-style: italic"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 120%; font-style: italic">Quantity</td> <td nowrap="nowrap" style="line-height: 120%; font-style: italic"> </td> <td nowrap="nowrap" style="line-height: 120%; font-style: italic"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 120%; font-style: italic">Weighted- Average Exercise Price Per Share</td> <td nowrap="nowrap" style="line-height: 120%; font-style: italic"> </td> <td nowrap="nowrap" style="line-height: 120%; font-style: italic"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 120%; font-style: italic">Weighted- Average Remaining Contractual Life</td> <td nowrap="nowrap" style="line-height: 120%; font-style: italic"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 4%"> </td> <td style="width: 1%; line-height: 120%; font-style: italic">$</td> <td style="width: 1%; line-height: 120%; font-style: italic"> </td> <td style="width: 4%; text-align: right; line-height: 120%; font-style: italic">0.01</td> <td style="width: 1%; line-height: 120%; font-style: italic"> </td> <td style="width: 1%; line-height: 120%; font-style: italic"> </td> <td style="width: 1%; line-height: 120%; font-style: italic"> </td> <td style="width: 10%; text-align: right; line-height: 120%; font-style: italic">700,000</td> <td style="width: 1%; line-height: 120%; font-style: italic"> </td> <td style="width: 1%; line-height: 120%; font-style: italic"> </td> <td style="width: 1%; line-height: 120%; font-style: italic">$</td> <td style="width: 10%; text-align: right; line-height: 120%; font-style: italic">0.01</td> <td style="width: 1%; line-height: 120%; font-style: italic"> </td> <td style="width: 1%; line-height: 120%; font-style: italic"> </td> <td style="width: 1%; line-height: 120%; font-style: italic"> </td> <td style="width: 10%; text-align: right; line-height: 120%; font-style: italic">9.15</td> <td style="width: 1%; line-height: 120%; font-style: italic"> </td> <td style="width: 1%; line-height: 120%; font-style: italic"> </td> <td style="width: 1%; line-height: 120%; font-style: italic"> </td> <td style="width: 17%; text-align: right; line-height: 120%; font-style: italic">700,000</td> <td style="width: 1%; line-height: 120%; font-style: italic"> </td> <td style="width: 1%; line-height: 120%; font-style: italic"> </td> <td style="width: 1%; line-height: 120%; font-style: italic"> </td> <td style="width: 12%; text-align: right; line-height: 120%; font-style: italic">0.01</td> <td style="width: 1%; line-height: 120%; font-style: italic"> </td> <td style="width: 1%; line-height: 120%; font-style: italic"> </td> <td style="width: 1%; line-height: 120%; font-style: italic"> </td> <td style="width: 12%; text-align: right; line-height: 120%; font-style: italic">9.15</td> <td style="width: 1%; line-height: 120%; font-style: italic"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 120%; font-style: italic"> </td> <td style="line-height: 120%; font-style: italic">$</td> <td style="line-height: 120%; font-style: italic"> </td> <td style="text-align: right; line-height: 120%; font-style: italic">0.50</td> <td style="line-height: 120%; font-style: italic"> </td> <td style="line-height: 120%; font-style: italic"> </td> <td style="line-height: 120%; font-style: italic"> </td> <td style="text-align: right; line-height: 120%; font-style: italic"> </td> <td style="line-height: 120%; font-style: italic"> </td> <td style="line-height: 120%; font-style: italic"> </td> <td style="line-height: 120%; font-style: italic"> </td> <td style="text-align: right; line-height: 120%; font-style: italic"> </td> <td style="line-height: 120%; font-style: italic"> </td> <td style="line-height: 120%; font-style: italic"> </td> <td style="line-height: 120%; font-style: italic"> </td> <td style="text-align: right; line-height: 120%; font-style: italic"> </td> <td style="line-height: 120%; font-style: italic"> </td> <td style="line-height: 120%; font-style: italic"> </td> <td style="line-height: 120%; font-style: italic"> </td> <td style="text-align: right; line-height: 120%; font-style: italic">600,000</td> <td style="line-height: 120%; font-style: italic"> </td> <td style="line-height: 120%; font-style: italic"> </td> <td style="line-height: 120%; font-style: italic"> </td> <td style="text-align: right; line-height: 120%; font-style: italic">0.50</td> <td style="line-height: 120%; font-style: italic"> </td> <td style="line-height: 120%; font-style: italic"> </td> <td style="line-height: 120%; font-style: italic"> </td> <td style="text-align: right; line-height: 120%; font-style: italic">9.78</td> <td style="line-height: 120%; font-style: italic"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 120%; font-style: italic"> </td> <td style="line-height: 120%; font-style: italic">$</td> <td style="line-height: 120%; font-style: italic"> </td> <td style="text-align: right; line-height: 120%; font-style: italic">0.75</td> <td style="line-height: 120%; font-style: italic"> </td> <td style="line-height: 120%; font-style: italic"> </td> <td style="border-bottom: black 1pt solid; line-height: 120%; font-style: italic"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 120%; font-style: italic"> </td> <td style="line-height: 120%; font-style: italic"> </td> <td style="line-height: 120%; font-style: italic"> </td> <td style="border-bottom: black 1pt solid; line-height: 120%; font-style: italic"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 120%; font-style: italic"> </td> <td style="line-height: 120%; font-style: italic"> </td> <td style="line-height: 120%; font-style: italic"> </td> <td style="border-bottom: black 1pt solid; line-height: 120%; font-style: italic"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 120%; font-style: italic"> </td> <td style="line-height: 120%; font-style: italic"> </td> <td style="line-height: 120%; font-style: italic"> </td> <td style="border-bottom: black 1pt solid; line-height: 120%; font-style: italic"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 120%; font-style: italic">450,000</td> <td style="line-height: 120%; font-style: italic"> </td> <td style="line-height: 120%; font-style: italic"> </td> <td style="border-bottom: black 1pt solid; line-height: 120%; font-style: italic"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 120%; font-style: italic">0.75</td> <td style="line-height: 120%; font-style: italic"> </td> <td style="line-height: 120%; font-style: italic"> </td> <td style="border-bottom: black 1pt solid; line-height: 120%; font-style: italic"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 120%; font-style: italic">9.84</td> <td style="line-height: 120%; font-style: italic"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td colspan="4" style="text-align: center; line-height: 120%; font-style: italic">Total</td> <td style="line-height: 120%; font-style: italic"> </td> <td style="line-height: 120%; font-style: italic"> </td> <td style="border-bottom: black 1pt solid; line-height: 120%; font-style: italic"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 120%; font-style: italic">700,000</td> <td style="line-height: 120%; font-style: italic"> </td> <td style="line-height: 120%; font-style: italic"> </td> <td style="border-bottom: black 1pt solid; line-height: 120%; font-style: italic">$</td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 120%; font-style: italic">0.01</td> <td style="line-height: 120%; font-style: italic"> </td> <td style="line-height: 120%; font-style: italic"> </td> <td style="border-bottom: black 1pt solid; line-height: 120%; font-style: italic"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 120%; font-style: italic">9.15</td> <td style="line-height: 120%; font-style: italic"> </td> <td style="line-height: 120%; font-style: italic"> </td> <td style="border-bottom: black 1pt solid; line-height: 120%; font-style: italic"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 120%; font-style: italic">1,750,000</td> <td style="line-height: 120%; font-style: italic"> </td> <td style="line-height: 120%; font-style: italic"> </td> <td style="border-bottom: black 1pt solid; line-height: 120%; font-style: italic"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 120%; font-style: italic">0.37</td> <td style="line-height: 120%; font-style: italic"> </td> <td style="line-height: 120%; font-style: italic"> </td> <td style="border-bottom: black 1pt solid; line-height: 120%; font-style: italic"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 120%; font-style: italic">9.54</td> <td style="line-height: 120%; font-style: italic"> </td></tr> </table>

P7Y

P5Y

0.01

398708

382033

250000 5673980 1387530 4286450 693765

600000

1500000

1250000

500000

1250000

295000

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330000

1350000

894812

0.10

0.0575

0.05

0.12

0.10

25431

78281

248011

295000 295000 1.00 1.00 P5Y P5Y

375000

monthly

2014-03-31

500,000 October2014

298417

3000000

1537416

2025084

53788

322730 144000 715071

175000

200000

198409

186270

80000

210692

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SUBSEQUENT EVENTS (Details Narratives) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 7 elrn-20150531_cal.xml XBRL CALCULATION FILE EX-101.DEF 8 elrn-20150531_def.xml XBRL DEFINITION FILE EX-101.LAB 9 elrn-20150531_lab.xml XBRL LABEL FILE Computer Equipment [Member] Property, Plant and Equipment, Type [Axis] Equipment [Member] Software and Equipment [Member] Second Amendment [Member] Amendment [Axis] Credit Agreement [Member] Financial Instrument [Axis] Revolving Credit Facility [Member] Credit Facility [Axis] TCA Global Credit Master Fund, LP [Member] Related Party [Axis] California United Bank [Member] Promissory Note Two [Member] Debt Instrument [Axis] Promissory Note [Member] Colgan Financial Group, Inc [Member] Loan and Security Agreement [Member] MarkeTouch Media, Inc. [Member] Common Stock [Member] Equity Components [Axis] Customer Concentration Risk [Member] Concentration Risk Type [Axis] Sales Revenue, Services, Net [Member] Concentration Risk Benchmark [Axis] Accounts Receivable [Member] Maximum [Member] Range [Axis] Minimum [Member] Fair Value, Inputs, Level 1 [Member] Fair Value, Hierarchy [Axis] Fair Value, Inputs, Level 2 [Member] Fair Value, Inputs, Level 3 [Member] Warrant [Member] August 31, 2014 [Member] Report Date [Axis] Promissory Note One [Member] Promissory Note Three [Member] Unsecured Promissory Note [Member] September 2014 Additional Paid-in Capital [Member] Accumulated Deficit [Member] Total Greenwood Hall, Inc Stockholders' Equity (Deficit) Consultant [Member] January 2015 John Hall [Member] Title of Individual [Axis] Zan Greenwood [Member] Redwood [Member] Lincoln Park [Member] 0.01 [Member] Stock Options [Member] Award Type [Axis] 0.50 [Member] 0.75 [Member] Vendor [Member] Subsequent Event [Member] Subsequent Event Type [Axis] ISO and NQSO options [Member] Mr. Kyle Murphy [Member] Convertible Note [Member] Redwood [Member] Lincoln Park [Member] Document And Entity Information Document Type Amendment Flag Amendment Description Document Period End Date Trading Symbol Entity Registrant Name Entity Central Index Key Current Fiscal Year End Date Entity Filer Category Entity Common Stock, Shares Outstanding Entity Current Reporting Status Entity Voluntary Filers Entity Well Known Seasoned Issuer Document Fiscal Year Focus Document Fiscal Period Focus Statement of Financial Position [Abstract] ASSETS CURRENT ASSETS Cash and cash equivalents Accounts receivable, net Prepaid expenses and other current assets Current assets to be disposed of TOTAL CURRENT ASSETS PROPERTY AND EQUIPMENT, net OTHER ASSETS Deposits and other assets TOTAL OTHER ASSETS TOTAL ASSETS LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) CURRENT LIABILITIES Accounts payable Accrued expenses Accrued payroll and related expenses Book Overdraft Deferred revenue Accrued interest Due to shareholders / officer Notes payable, net of discount of $689,002 and $71,758, respectively Line of credit Derivative liability Current liabilities to be disposed of TOTAL CURRENT LIABILITIES Notes payable, non-current TOTAL LIABILITIES COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY (DEFICIT) Common stock, $0.001 par value; 937,500,000 shares authorized, 41,503,980 and 38,536,450 shares issued and outstanding, respectively Additional paid-in capital Accumulated deficit TOTAL GREENWOOD HALL, INC. STOCKHOLDERS' EQUITY (DEFICIT) Noncontrolling interest TOTAL STOCKHOLDERS' EQUITY (DEFICIT) TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Debt Instrument, Unamortized Discount Common Stock, Par Value Per Share Common Stock, Shares Authorized Common Stock, Shares, Issued Common Stock, Shares, Outstanding Income Statement [Abstract] REVENUES OPERATING EXPENSES Direct cost of services Personnel Selling, general and administrative Stock Based Compensation TOTAL OPERATING EXPENSES INCOME (LOSS) FROM OPERATIONS OTHER INCOME (EXPENSE) Interest expense Change in value of derivatives Miscellaneous income (expense), net TOTAL OTHER INCOME (EXPENSE) INCOME (LOSS) FROM BEFORE PROVISION FOR INCOME TAXES NET LOSS Net income (loss) attributable to noncontrolling interests Net income (loss) attributable to Grenwood Hall, Inc. Earnings per share - basic and diluted Basic earnings per share attributable to Greenwood Hall, Inc. Weighted average common shares - basic and diluted Statement of Cash Flows [Abstract] CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) from continuing operations Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities of continuing operations: Stock-based compensation Depreciation and amortization Amortization of note discount Change in value of derivative liabilities Changes in operating assets and liabilities: Accounts receivable Prepaid expenses and other current assets Accounts payable Accrued expenses Accrued payroll and related Deferred revenue Accrued interest and related Advances from officers, net NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment NET CASH USED IN INVESTING ACTIVITIES CASH FLOWS FROM FINANCING ACTIVITIES: Book overdraft Proceeds from issuance of notes payable Payments on notes payable Repurchase of common stock Proceeds from the sale of stock NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES NET INCREASE (DECREASE) IN CASH CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR CASH AND CASH EQUIVALENTS, END OF YEAR Supplemental disclosures: Interest paid in cash Income taxes paid in cash Notes to Financial Statements [Abstract] ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES PROPERTY AND EQUIPMENT NOTES PAYABLE RELATED PARTY TRANSACTIONS Equity [Abstract] STOCKHOLDERS' EQUITY Risks and Uncertainties [Abstract] CONCENTRATIONS INCOME TAXES COMMITMENTS AND CONTINGENCIES Discontinued Operations and Disposal Groups [Abstract] DISCONTINUED OPERATIONS SUBSEQUENT EVENTS Organization EX-101.PRE 10 elrn-20150531_pre.xml XBRL PRESENTATION FILE XML 11 R39.htm IDEA: XBRL DOCUMENT

COMMITMENTS AND CONTINGENCIES (Details)	May. 31, 2015 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2015 (remainder of)	$ 103,733
2016	475,769
2017	572,058
2018	586,837
2019	602,277
Thereafter	2,253,372
Total	$ 4,594,046

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STOCKHOLDERS' EQUITY (Details 1) - $ / shares
9 Months Ended

May. 31, 2015

Aug. 31, 2014

Option Exercisable 700,000

Option Exercisable, Price $ 0.01

Option Exercisable, Remaining Contractual Life 9 years 1 month 24 days

Option Outstanding 1,750,000 1,085,000

Option Exercise Price $ 0.37 $ 0.01

Option Remaining Contractual Life 9 years 6 months 15 days

Stock Options [Member]

Option Exercisable 700,000

Option Exercisable, Price $ 0.01

Option Exercisable, Remaining Contractual Life 9 years 1 month 24 days

Option Outstanding 1,750,000

Option Exercise Price $ 0.37

Option Remaining Contractual Life 9 years 6 months 15 days

0.01 [Member] | Stock Options [Member]

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Option Outstanding 700,000

Option Exercise Price $ 0.01

Option Remaining Contractual Life 9 years 1 month 24 days

0.50 [Member] | Stock Options [Member]

Option Outstanding 600,000

Option Exercise Price $ 0.50

Option Remaining Contractual Life 9 years 9 months 11 days

0.75 [Member] | Stock Options [Member]

Option Outstanding 450,000

Option Exercise Price $ 0.75

Option Remaining Contractual Life 9 years 10 months 2 days

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ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 3)
9 Months Ended

May. 31, 2015

USD ($)

Notes to Financial Statements [Abstract]

Value at August 31, 2014 $ 118,363

Issuance of instruments 395,871

Change in value $ 194,826

Net settlements

Value at May 31, 2015 $ 709,060

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CONCENTRATIONS (Details Narratives) - Customer Concentration Risk [Member]
9 Months Ended

May. 31, 2015

May. 31, 2014

Sales Revenue, Services, Net [Member]

Concentration Risk [Line Items]

Concentration Risk, Percentage 41.00% 34.00%

Accounts Receivable [Member]

Concentration Risk [Line Items]

Concentration Risk, Percentage 53.00% 47.00%

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RELATED PARTY TRANSACTIONS
9 Months Ended

May. 31, 2015

Notes to Financial Statements [Abstract]

RELATED PARTY TRANSACTIONS
4. RELATED PARTY TRANSACTIONS

One of the Company’s customers, MarkeTouch Media, Inc. (“MarkeTouch”), held a 7.5% interest in our common stock during 2013.As of May 31, 2015 and 2014, the Company owed $0 and $14,333, respectively, relating to this share repurchase obligation, which is recorded in accrued expenses.

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NOTES PAYABLE (Details) - USD ($)

May. 31, 2015

Aug. 31, 2014

Years Ending December 31,

2015 (remainder of) $ 3,187,755

2016 $ 590,000

2017

2018 $ 515,000

2019

Total $ 4,292,755

Note discount (689,002) $ (71,758)

Long-term Debt $ 3,603,753

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PROPERTY AND EQUIPMENT (Details Narratives) - USD ($)
9 Months Ended

May. 31, 2015

May. 31, 2014

Property, Plant and Equipment [Abstract]

Depreciation, Depletion and Amortization $ 47,866 $ 94,624

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1 Months Ended 6 Months Ended 8 Months Ended 9 Months Ended

Apr. 30, 2015

Apr. 24, 2015

Mar. 31, 2015

Dec. 31, 2013

Feb. 28, 2015

Aug. 31, 2014

May. 31, 2015

May. 31, 2014

Dec. 31, 2014

Sep. 30, 2014

Mar. 31, 2014

Dec. 31, 2012

Oct. 31, 2010

Interest rate 5.75% 12.00%

Exercise price $ 1.30 $ 0.01

Amortization of Debt Discount (Premium) $ 98,945 $ 410,125

Warrants value $ 78,281

Warrants due to dilutive issuances 375,000

Debt Instrument, Unamortized Discount 71,758 $ 689,002

Interest expense 298,417

Line of credit $ 2,025,084

Weighted average price per share $ 1.50 $ 0.61

Amortization of the note discount $ 53,788

Fair value issunace of note 322,730

Convertible promissory notes $ 175,000

Issued shares of common stock 198,409

Estimated fair value of shares issued $ 186,270

Fixed loan fees / interest expense 80,000

Maximum [Member]

Line of credit amount $ 3,000,000

Unsecured Promissory Note [Member]

Debt Instrument, Fee Amount $ 1,350,000

Exercise price $ 1.30

Promissory Note Two [Member] | California United Bank [Member]

Debt Instrument, Face Amount $ 1,250,000 $ 1,250,000 $ 1,250,000

Debt Instrument, Interest Rate, Stated Percentage 7.25% 7.25%

Debt Instrument, Outstanding Amount $ 2,000,000

Amortization of Debt Discount (Premium) $ 19,569

Debt Instrument, Unamortized Discount 52,189

Promissory Note [Member] | Loan and Security Agreement [Member] | Colgan Financial Group, Inc [Member]

Debt Instrument, Face Amount $ 600,000

Debt Instrument, Interest Rate, Stated Percentage 2.50%

Debt Instrument Increase Additional Borrowings $ 200,000

Debt Instrument, Unamortized Discount $ 298,417

Paydown amount in connection with an equity funding 144,000

Balance Paydown amount in connection with an equity funding 715,071

Convertible promissory notes 200,000

Unsecured Promissory Note [Member]

Interest rate 10.00%

Promissory Note One [Member] | California United Bank [Member]

Debt Instrument, Face Amount $ 500,000

Debt Instrument, Interest Rate, Stated Percentage 5.75%

Convertible Note [Member] | Redwood [Member]

Debt Instrument, Face Amount $ 295,000

Debt Instrument Increase Additional Borrowings $ 250,000

Interest rate 10.00%

Exercisable warrant issued 295,000

Exercise price of warrant $ 1.00

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Debt Instrument Increase Additional Borrowings $ 250,000

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Interest rate 5.00%

Warrants value $ 248,011

Debt Instrument Maturity Period 500,000

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Revolving Credit Facility [Member] | Credit Agreement [Member] | TCA Global Credit Master Fund, LP [Member] | Second Amendment [Member]

Debt Instrument, Interest Rate, Stated Percentage 15.00% 15.00%

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Debt Instrument, Fee Amount 330,000 330,000

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Debt Instrument, Unamortized Discount $ 298,417 $ 298,417

Debt Instrument, Frequency of Periodic Payment monthly

Debt Instrument, Date of First Required Payment Mar. 31, 2014

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RELATED PARTY TRANSACTIONS (Details Narratives) - USD ($)

May. 31, 2015

May. 31, 2014

Dec. 31, 2013

Related Party Transaction [Line Items]

Accrued Liabilities, Current $ 0 $ 14,333

MarkeTouch Media, Inc. [Member]

Related Party Transaction [Line Items]

Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners 7.50%

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NOTES PAYABLE
9 Months Ended

May. 31, 2015

Notes to Financial Statements [Abstract]

NOTES PAYABLE
3. NOTES PAYABLE

Bank

In May 2014, the Company entered into a Credit Agreement and related term loan and line of credit with Opus Bank (“ Opus ”). Pursuant to the terms of the agreement, the Company issued a promissory note in the amount of $2,000,000, the proceeds of which were required to be used to finance repayment of the amounts owed to TCA. Monthly payments of principal and interest are required through the maturity date in May 2017. The amounts owed to Colgan and CUB are subordinated to amounts owed to Opus under the Credit Agreement and related debt facilities. Amounts outstanding under the Credit Agreement are secured by substantially all assets of the Company.

On April 13, 2015, the Company and its lenders executed a second amendment (“Second Amendment”) of the Company’s Credit Facilities (the “Credit Agreement”) with Opus Bank ratified by California United Bank and Colgan Financial Group (collectively “Lenders”). The Second Amendment was designed to provide the Company with increased cash and credit availability as the Company seeks to expand and raise additional equity for working capital purposes. Under the terms of the Second Amendment, the Lenders agreed to waive any and all covenant violations that existed prior to the Second Amendment or that may occur through June 30, 2015. The Amendment also permitted the Company to not make any principal and/or interest payments to the Lenders through August 1, 2015, provided there are no Events of Default by the Company. The line of credit is for a maximum amount of $3,000,000. Payments of interest only will be due monthly with the unpaid balance due, in full, on the maturity date in January 2016.

As of May 31, 2015, the balance outstanding on the term loan and line of credit amounted to $1,537,416 and $2,025,084, respectively. At May 31, 2015, amounts owed pursuant to the Credit Agreement bear interest at a rate of 5.75% per annum.

In connection with the Credit Agreement, the Company issued 248,011 warrants to purchase common stock at an exercise price of $1.00 per share, which increased to 375,000 warrants due to dilutive issuances of equity by the Company during the eight months ended August 31, 2014. The warrants are exercisable immediately. In the event of future dilutive issuances, the number of warrants issuable shall be increased based on a specified formula. The warrants were valued at $78,281 on the date of issuance, which was recorded as a note discount During the nine months ended May 31, 2015, the Company recognized $19,569 of amortization related to this discount, leaving a balance of $52,189 at May 31, 2015.

Bank

In October 2010, the Company issued a promissory note to California United Bank (“CUB”) for $1,250,000 and has been amended several times since issuance. The note was last amended in May 2013. The note bears interest at a variable rate, subject to a minimum of 7.25% per annum. The interest rate at December 31, 2013 was 7.25%. Payments of interest are due monthly with one payment of all outstanding principal plus accrued interest due on March 5, 2014. The note is secured by substantially all assets of the Company and is guaranteed by one former shareholders/officer, by one shareholders/officer, a trust of one of the officers/shareholders, and UFAS.

In May 2014, the Company and CUB amended the promissory note of $1,250,000 to extend the maturity date to the earlier of i) October 2014 or ii) the completion of specified debt / equity funding. CUB also agreed to subordinate its security interest to another lender if certain criteria were met. In December 2014, the Company entered into a Change in Terms Agreement with California United Bank (“CUB”) which included an extension of the maturity date of the facility to April 30, 2015 and an adjustment of the interest rate to five percent (5%) in excess of the Prime Rate.

On April 13, 2015, the Company and its lenders executed a second amendment (“Second Amendment”) of the Company’s Credit Facilities (the “Credit Agreement”) with Opus Bank ratified by California United Bank and Colgan Financial Group (collectively “Lenders”). The Lenders agreed to waive any and all covenant violations that existed prior to the Second Amendment or that may occur through June 30, 2015. The Amendment also permitted the Company to not make any principal and/or interest payments to the Lenders through August 1, 2015, provided there are no Events of Default by the Company and extended the maturity date of the facility to January 1, 2016.

As of May 31, 2015, the balance remaining is $894,812.

Secured Convertible Notes

In December 2014, in consideration for funds in the amount of $500,000 received by Greenwood Hall, Inc. from Colgan Financial Group, Inc. and Robert Logan (“Logan,” and together with CFG, the “Holder”), the Company executed a secured convertible promissory note. The note bears interest at 12% per year, the interest of which is payable monthly. This is a 3 year note and is secured by substantially all assets of the Company. This note is subordinate to the notes held by Opus Bank and California United Bank.

On April 13, 2015, the Company and its lenders executed a second amendment (“Second Amendment”) of the Company’s Credit Facilities (the “Credit Agreement”) with Opus Bank ratified by California United Bank and Colgan Financial Group (collectively “Lenders”). The Lenders agreed to waive any and all covenant violations that existed prior to the Second Amendment or that may occur through June 30, 2015. The Amendment also permitted the Company to not make any principal and/or interest payments to the Lenders through August 1, 2015, provided there are no Events of Default by the Company.

In connection with this debt, the Company issued the right to purchase warrants upon the payment or conversion of the note principal. The conversion feature and warrants both include provisions that call for the instrument to be converted to equity at a price equal to the lesser of i) $1.50 per share or ii) 85% of the weighted average price per share of the Company’s trading price for the 10 trading days prior to conversion / exercise. As a result of this feature, the warrants and conversion feature are subject to derivative accounting pursuant to ASC 815. Accordingly, the fair value of the warrants and conversion feature on the date of issuance was estimated using an option pricing model and recorded on the Company’s Consolidated Balance Sheet as a derivative liability and a note discount. The fair value of the discount on the issuance date was estimated at $322,730 and is being amortized over the term of the note using the effective interest method. Amortization of the note discount during the nine months ended May 31, 2015 amounted to $53,788.

On March 31, 2015, the Company entered into a one-year $ 295,000 Convertible Note (“Note”) with Redwood Fund LP (“Redwood”). In conjunction with the Note, the Company issued Redwood warrants that are exercisable for 295,000 shares of the Company’s common stock over the next five (5) years at an exercise price of $ 1.00 per share. Redwood has an option to provide additional convertible debt to the Company in the amount of $ 250,000 at the same terms. Interest will accrue monthly at 10% annually and the note is unsecured.

On April 24, 2015, the Company entered into a one-year $ 295,000 Convertible Note (“Note”) with Lincoln Park Capital Fund LLC (“Lincoln Park”). In conjunction with the Note, the Company issued Lincoln Park warrants that are exercisable for 295,000 shares of the Company’s common stock over the next five (5) years at an exercise price of $ 1.00 per share. Redwood has an option to provide additional convertible debt to the Company in the amount of $ 250,000 at the same terms. Interest will accrue monthly at 10% annually and the note is unsecured.

Credit Agreement

During 2013, the Company entered into a Credit Agreement with TCA Global Credit Master Fund, LP (“TCA”). Pursuant to the Credit Agreement, the Company was granted an initial revolving credit facility of $1,500,000, which was subsequently increased to $1,850,000 later in 2013, and may be increased up to $7,000,000 upon i) the written request of the Company and ii) approval by TCA.

In December 2013, the Company and TCA entered into the Second Amendment to Credit Agreement whereby the parties aggregated all amounts owed to TCA under the Credit Agreement, which totaled $2,210,798 inclusive of $330,000 of loan fees incurred in connection with the second amendment. In addition, TCA waived the Company’s default of the terms of the Credit Agreement as of December 2, 2013 in connection with the execution of Second Amendment to Credit Agreement.

Amounts outstanding under the Second Amendment to Credit Agreement bore interest at 15% per annum and are payable in monthly payments of principal and interest commencing in March 2014, with the final payment due in October 2014, and share first priority with California United Bank on a pari passu basis.

As of December 31, 2013, the amount of principal and accrued interest outstanding amounted to $2,210,798 and $25,431, respectively. The $330,000 of loan fees was recorded as a note discount on the date of the promissory note and is being amortized to interest expense over the term of the note. As of December 31, 2013, the unamortized note discount amounted to $298,417.

During the eight months ended August 31, 2014, in connection with the funding of the Opus Credit Agreement, all amounts owed to TCA were paid off and the note discount of $298,417 was recognized as interest expense.

Loan and Security Agreement

During 2013, the Company entered into a Loan and Security Agreement with Colgan Financial Group, Inc. (“ Colgan ”) pursuant to which the Company issued a promissory note of $600,000. The note bears interest at 2.5% per month, is payable in monthly installments of principal and interest through June 2014, is guaranteed by one shareholder of the Company and an advisor to the Company and is secured by substantially all assets of the Company. This note is subordinate to the notes held by California United Bank. In July 2014, a paydown of $144,000 was made in connection with an equity funding. In April 2015, the Company received an additional $200,000 in funding under this agreement.

On April 13, 2015, the Company and its lenders executed a second amendment (“Second Amendment”) of the Company’s Credit Facilities (the “Credit Agreement”) with Opus Bank ratified by California United Bank and Colgan Financial Group (collectively “Lenders”). The Lenders agreed to waive any and all covenant violations that existed prior to the Second Amendment or that may occur through June 30, 2015. The Amendment also permitted the Company to not make any principal and/or interest payments to the Lenders through August 1, 2015, provided there are no Events of Default by the Company. As of May 31, 2015, the balance remaining is $715,071.

During the eight months ended August 31, 2014, the Company issued two convertible promissory notes to Colgan, one in the amount of $175,000 and one in the amount of $200,000. In connection with these two convertible promissory notes, the Company issued 198,409 shares of common stock valued at $186,270 (the estimated fair value of the shares on the issuance date), which was recorded as interest expense during the eight months ended August 31, 2014. In addition, the Company incurred an aggregate of $80,000 in fixed loan fees / interest expense. The notes were paid in full during the eight months ended August 31, 2014.

Unsecured Promissory Note

In March 2014, the Company issued an unsecured promissory note in the amount of $1,350,000. The note bore interest at a rate of 10% per annum and was due in September 2014. This note and related accrued interest was converted to units, comprised of one share of common stock and one warrant at an exercise price of $1.30, in July of 2014 (refer to note 5 for further discussion).

The Company also finances the purchases of small equipment. The amount of such notes is not significant at May 31, 2015. The following is a schedule, by year, of future minimum principal payments required under notes payable as of May 31, 2015:

Years Ending
August 31,
2015 (remainder of) $ 3,187,755

2016 590,000

2017 -

2018 515,000

2019 -

Total 4,292,755

Note discount (689,002 )

$ 3,603,753

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STOCKHOLDERS' EQUITY (Details) - $ / shares
6 Months Ended 9 Months Ended

Feb. 28, 2015

May. 31, 2015

Quantity

Outstanding, Beggining Balance 1,085,000 1,085,000

Granted 1,050,000

Exercised

Cancelled/Forfeited (385,000)

Outstanding, Ending Balance 1,750,000

Exercisable, Ending Balance 700,000

Weighted-Average Exercise Price Per Share

Outstanding, Beggining Balance $ 0.01 $ 0.01

Granted $ 1.50 $ 0.61

Exercised

Cancelled/Forfeited $ 0.01

Outstanding, Ending Balance 0.37

Exercisable, Ending Balance $ 0.01

Outstanding, Beggining Balance 9 years 6 months 15 days

Granted 9 years 9 months 22 days

Cancelled/Forfeited 9 years 1 month 24 days

Outstanding, Ending Balance 9 years 6 months 15 days

Exercisable, Ending Balance 9 years 1 month 24 days

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COMMITMENTS AND CONTINGENCIES (Details Narratives) - USD ($)
9 Months Ended

May. 31, 2015

May. 31, 2014

Commitments and Contingencies Disclosure [Abstract]

Loss Contingency, Loss in Period $ 5,000,000

Lease Expiration Period 2024

Operating Leases, Rent Expense, Net $ 398,708 $ 382,033

Gain (Loss) on Contract Termination $ 250,000

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CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)

May. 31, 2015

Aug. 31, 2014

CURRENT ASSETS

Cash and cash equivalents $ 367,286

Accounts receivable, net $ 727,140 1,039,065

Prepaid expenses and other current assets 91,636 305,691

Current assets to be disposed of 36,860 36,860

TOTAL CURRENT ASSETS 855,636 1,748,902

PROPERTY AND EQUIPMENT, net 149,717 211,525

OTHER ASSETS

Deposits and other assets 40,812 57,659

TOTAL OTHER ASSETS 40,812 57,659

TOTAL ASSETS 1,046,165 2,018,086

CURRENT LIABILITIES

Accounts payable 957,736 835,423

Accrued expenses 401,955 284,362

Accrued payroll and related expenses 440,129 $ 411,280

Book Overdraft $ 173,948

Deferred revenue $ 1,102,500

Accrued interest $ 101,630 35,773

Due to shareholders / officer 169,238 155,476

Notes payable, net of discount of $689,002 and $71,758, respectively 3,088,753 2,053,134

Line of credit 2,000,000 1,500,000

Derivative liability 709,060 118,363

Current liabilities to be disposed of 335,857 335,857

TOTAL CURRENT LIABILITIES 8,378,306 6,832,168

Notes payable, non-current 515,000 1,297,988

TOTAL LIABILITIES $ 8,893,306 $ 8,130,156

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY (DEFICIT)

Common stock, $0.001 par value; 937,500,000 shares authorized, 41,503,980 and 38,536,450 shares issued and outstanding, respectively $ 41,974 $ 38,536

Additional paid-in capital 6,182,259 3,149,711

Accumulated deficit (14,071,374) (9,300,317)

TOTAL GREENWOOD HALL, INC. STOCKHOLDERS' EQUITY (DEFICIT) $ (7,847,141) $ (6,112,070)

Noncontrolling interest

TOTAL STOCKHOLDERS' EQUITY (DEFICIT) $ (7,847,141) $ (6,112,070)

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) $ 1,046,165 $ 2,018,086

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Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).
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Excess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of additional paid-in capital associated with common and preferred stock. For additional paid-in capital associated with only common stock, use the element additional paid in capital, common stock. For additional paid-in capital associated with only preferred stock, use the element additional paid in capital, preferred stock.
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Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.
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Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.
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Carrying value as of the balance sheet date of payments made in excess of existing cash balances, which will be honored by the bank but reflected as a loan to the entity. Overdrafts generally have a very short time frame for correction or repayment and are therefore more similar to short-term bank financing than trade financing.
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Amount of short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.
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Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur.
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Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.
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The carrying amount of consideration received or receivable as of the balance sheet date on potential earnings that were not recognized as revenue in conformity with GAAP, and which are expected to be recognized as such within one year or the normal operating cycle, if longer, including sales, license fees, and royalties, but excluding interest income.
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Carrying value of amounts transferred to third parties for security purposes that are expected to be returned or applied towards payment within one year or during the operating cycle, if shorter.
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Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset, expected to be settled within one year or normal operating cycle, if longer. Includes assets not subject to a master netting arrangement and not elected to be offset.
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Amounts due to recorded owners or owners with a beneficial interest of more than 10 percent of the voting interests or officers of the company. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).
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Total of the carrying values as of the balance sheet date of obligations incurred through that date and payable for obligations related to services received from employees, such as accrued salaries and bonuses, payroll taxes and fringe benefits. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).
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Carrying amount as of the balance sheet date of the asset arising from a financial instrument or a contract used to mitigate a specified risk (hedge), and which are expected to be converted into cash or otherwise disposed of within a year or the normal operating cycle, if longer.
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Carrying amount as of the balance sheet date of the liability arising from a financial instrument or a contract used to mitigate a specified risk (hedge), and which are expected to be converted into cash or otherwise disposed of within a year or the normal operating cycle, if longer.
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Carrying value as of the balance sheet date of [accrued] interest payable on all forms of debt, including trade payables, that has been incurred and is unpaid. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).
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Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.
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Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any.
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Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.
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The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.
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ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
9 Months Ended

May. 31, 2015

Notes to Financial Statements [Abstract]

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization

Greenwood Hall is an emerging education management solutions provider that delivers end-to-end services that support the entire student lifecycle including offerings that increase student enrollment, improve student experience, optimize student success and outcomes, and help schools maximize operating efficiencies. Since 2006, we have developed and customized turnkey solutions that combine strategy, personnel, proven processes and robust technology to help schools effectively and efficiently improve student outcomes, expand into new markets such as online learning, increase revenues, and deliver enhanced student experiences. Our Company currently has 121 employees and has served more than 40 education clients and over 70 degree programs.

Basis of Presentation

On July 23, 2014, Greenwood Hall, Inc. (formerly Divio Holdings, Corp. (“Divio”)) and its wholly owned subsidiary, Merger Sub, completed the Merger Agreement, dated July 22, 2014, by and among Divio, Merger Sub, and PCS Link, Inc. (“PCS Link”). Pursuant to the Merger Agreement, Merger Sub merged with and into PCS Link with PCS Link remaining as the surviving corporation (the “Surviving Corporation”) in the Merger. Upon the consummation of the Merger, the separate existence of Merger Sub ceased, and PCS Link became a wholly owned subsidiary of Divio. In connection with the Merger and at the Effective Time, the holders of all of the issued and outstanding shares of PCS Link Common Stock exchanged all of such shares (other than “dissenting shares” as defined in California Corporations Code Section 1300) for a combined total of 25,250,000 shares of Common Stock, representing approximately 71% of the total outstanding shares on the date of the Merger. In connection with the merger, Divio Holdings, Corp. changed its name to Greenwood Hall, Inc.

The Merger was accounted for as a “reverse merger” with PCS Link as the accounting acquirer and the Company as the legal acquirer. Although, from a legal perspective, the Company acquired PCS Link, from an accounting perspective, the transaction is viewed as a recapitalization of PCS Link accompanied by an issuance of stock by PCS Link for the net assets of Greenwood Hall, Inc. This is because Greenwood Hall, Inc. did not have operations immediately prior to the merger, and following the merger, PCS Link is the operating company. The board of directors of Greenwood Hall, Inc. immediately after the merger consisted of five directors, with four of the five directors nominated by PCS Link. Additionally, PCS Link’s stockholders owned 71% of the outstanding shares of Greenwood Hall, Inc. immediately after completion of the transaction.

The presentation of the consolidated statements of stockholders' deficit reflects the historical stockholders' deficit of PCS Link through July 23, 2014. The effect of the issuance of shares of Divio common stock in connection with the Merger and the inclusion of Divio’s outstanding shares of common stock at the time of the Merger on July 23, 2014 is reflected during the eight months ended August 31, 2014.

Principles of Consolidation

The consolidated financial statements include the accounts of Greenwood Hall, PCS Link, and University Financial Aid Solutions, LLC (“UFAS”), collectively referred to herein as the Company, we, us, our, and Greenwood Hall. All significant intercompany accounts and transactions have been eliminated in consolidation. Through our affiliate UFAS we provided complete financial aid solutions. During 2013, UFAS ceased operations and is presently winding down its affairs. As a result, it is presented in the accompanying consolidated financial statements as discontinued operations.

Going Concern

The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”), which contemplates the continuation of the Company as a going concern. The Company has an accumulated deficit and a working capital deficit as of May 31, 2015 and has incurred a loss from operations during 2015. These conditions raise substantial doubt about the Company’s ability to continue as a going concern.

The Company has historically funded its activities through cash generated from operations, debt financing, the issuance of equity for cash, and advances from shareholders. During the nine months ended May 31, 2015 the Company received approximately $2,658,358 in net proceeds from financing activities.

Management intends to become profitable by continuing to grow its operations and customer base. If the Company is not successful in becoming profitable, it may have to further delay or reduce expenses, or curtail operations. The accompanying consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that could result should the Company not continue as a going concern.

Use of Estimates

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures. Management uses its historical records and knowledge of its business in making these estimates. Accordingly, actual results may differ from these estimates.

Cash and Cash Equivalents

For the purpose of the statement of cash flows, the Company considers cash equivalents to include short-term, highly liquid investments with an original maturity of three months or less.

Research and Development

Costs relating to designing and developing new products are expensed in the period incurred.

Revenue Recognition

The Company’s contracts are typically structured into two categories, i) fixed-fee service contracts that span a period of time, often in excess of one year, and ii) service contracts at agreed-upon rates based on the volume of service provided. Some of the Company’s service contracts are subject to guaranteed minimum amounts of service volume.

The Company recognizes revenue when all of the following have occurred: persuasive evidence of an agreement with the customer exists, services have been rendered, the selling price is fixed or determinable, and collectability of the selling price is reasonably assured. For fixed-fee service contracts, the Company recognizes revenue on a straight-line basis over the period of contract performance. Costs incurred under these service contracts are expensed as incurred.

Deferred Revenue

Deferred revenue primarily consists of prepayments received from customers for which the Company’s revenue recognition criteria have not been met. The deferred revenue will be recognized as revenue once the criteria for revenue recognition have been met.

Accounts Receivable

The Company extends credit to its customers. An allowance for doubtful accounts is maintained for estimated losses resulting from the inability of the Company’s customers to make required payments. Management specifically analyzes the age of customer balances, historical bad debt experience, customer credit-worthiness, and changes in customer payment terms when making estimates of the collectability of the Company’s trade accounts receivable balances. If the Company determines that the financial condition of any of its customers has deteriorated, whether due to customer specific or general economic issues, an increase in the allowance may be made. After all attempts to collect a receivable have failed, the receivable is written off. Based on the information available, management believes the Company’s accounts receivable, net of the allowance for doubtful accounts, are collectable.

Property and Equipment

Property and equipment are stated at cost. Depreciation and amortization are being provided using the straight-line method over the estimated useful lives of the assets. The estimated useful lives used are as follows:

Classification Life

Equipment 5-7 Years

Computer equipment 7 Years

Expenses for repairs and maintenance are charged to expense as incurred, while renewals and betterments are capitalized.

Income Taxes

The Company accounts for income taxes in accordance with ASC 740-10, “Income Taxes” which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred income taxes are recognized for the tax consequences in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts at each year-end based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. The provision for income taxes represents the tax payable for the period and the change during the period in deferred tax assets and liabilities.

Earnings (Loss) per Share

Basic earnings (loss) per share is computed using the weighted-average number of common shares outstanding during the period. Diluted earnings (loss) per share are computed using the weighted- average number of common shares and dilutive potential common shares outstanding during the period. Warrants to purchase common stock were excluded from the computation of diluted shares during the three and nine months ended May 31, 2015 and 2014 as their effect is anti-dilutive .

Variable Interest Entities

Generally, an entity is defined as a variable interest entity (“VIE”) under current accounting rules if it has (a) equity that is insufficient to permit the entity to finance its activities without additional subordinated financial support from other parties, or (b) equity investors that cannot make significant decisions about the entity’s operations, or that do not absorb the expected losses or receive the expected returns of the entity. When determining whether an entity that is a business qualifies as a VIE, we also consider whether (i) we participated significantly in the design of the entity, (ii) we provided more than half of the total financial support to the entity, and (iii) substantially all of the activities of the VIE either involve us or are conducted on our behalf. A VIE is consolidated by its primary beneficiary, which is the party that absorbs or receives a majority of the entity’s expected losses or expected residual returns.

University Financial Aid Services, LLC was 60% owned by John Hall and Zan Greenwood, who at the time held a combined 92.5% of our common stock and served as directors of PCS Link. John Hall is the CEO of the Company and Zan Greenwood served as the Company’s Chief Operating Officer through June 2013. The equity owners of UFAS have no equity at risk, Greenwood Hall has funded UFAS’ operations since it was formed in 2010, and we have the ability to exercise control over UFAS through our two shareholders / directors.

Based on our assessment, we have determined that UFAS is a VIE and that we are the primary beneficiary, as defined in current accounting rules. Accordingly, we are required to consolidate the revenues and expenses of UFAS. To date, the Company has not allocated any income or loss of UFAS to noncontrolling interests as the noncontrolling interests never had any equity at risk. As previously discussed, UFAS ceased operations during 2013 and is presently winding down its affairs. The Company does not anticipate having any future involvement with UFAS after it is dissolved.

Marketing and Advertising

Marketing and advertising costs are expensed as incurred. Marketing and advertising amounted to $117,596 and $331,918 for the nine months ended May 31, 2015 and the nine months ended May 31, 2014 respectively, and are included in selling, general and administrative expenses.

Stock-Based Compensation

Compensation costs related to stock options and other equity awards are determined in accordance with FASB ASC 718-10, “Compensation-Stock Compensation.” Under this method, compensation cost is calculated based on the grant-date fair value estimated in accordance FASB ASC 718-10, amortized on a straight-line basis over the awards’ vesting period. Stock-based compensation was $1,565,723 and $0 for the nine months ended May 31, 2015 and 2014, respectively, and was $1,031,226 and $0 for the three months ended May 31, 2015 and 2014, respectively. This expense is included in the condensed consolidated statements of operations as Stock-Based Compensation.

Derivative Liabilities

We account for warrants as either equity or liabilities based upon the characteristics and provisions of each instrument. Warrants classified as equity are recorded as additional paid-in capital on our Consolidated Balance Sheet and no further adjustments to their valuation are made. Some of our warrants were determined to be ineligible for equity classification because of provisions that may result in an adjustment to their exercise price. Warrants classified as derivative liabilities and other derivative financial instruments that require separate accounting as assets or liabilities are recorded on our Consolidated Balance Sheet at their fair value on the date of issuance and are revalued on each subsequent balance sheet date until such instruments are exercised or expire, with any changes in the fair value between reporting periods recorded as other income or expense. We estimate the fair value of these liabilities using option pricing models that are based on the individual characteristics of the warrants or instruments on the valuation date, as well as assumptions for expected volatility, expected life and risk-free interest rate.

As part of a debt financing during May 2014, the Company issued warrants to acquire 248,011 shares of Common Stock. These warrants contain a mechanism to increase the number of warrants upon the issuance of certain dilutive equity securities. If during the terms of the warrants, the Company issues additional shares of Common Stock or equivalents, the warrant holders are entitled to additional warrants with the same terms as the original warrants. As a result of these features, the warrants are subject to derivative accounting as prescribed under ASC 815. Accordingly, the fair value of the warrants on the date of issuance was estimated using an option pricing model and recorded on the Company’s Consolidated Balance Sheet as a derivative liability. The fair value of the Warrants is estimated at the end of each reporting period and the change in the fair value of the Warrants is recorded as a non-operating gain or loss as change in value of derivatives in the Company’s Consolidated Statement of Operations.

In December 2014, the Company entered into a Secured Convertible Note with Colgan Financial Group, Inc. (“ Colgan ”) and Rob Logan pursuant to which the Company issued a convertible promissory note of $500,000 and the right to purchase warrants upon the payment or conversion of the note principal. The conversion feature and warrants both include provisions that call for the instrument to be converted to equity at a price equal to the lesser of i) $1.50 per share or ii) 85% of the weighted average price per share of the Company’s trading price for the 10 trading days prior to conversion / exercise. As a result of this feature, the warrants and conversion feature are subject to derivative accounting pursuant to ASC 815. Accordingly, the fair value of the warrants and conversion feature on the date of issuance was estimated using an option pricing model and recorded on the Company’s Consolidated Balance Sheet as a derivative liability and a note discount. The fair value of the warrants and conversion feature is estimated at the end of each reporting period and the change in the fair value is recorded as a non-operating gain or loss as change in value of derivatives in the Company’s Consolidated Statement of Operations.

In March 2015, the Company entered into a Convertible Note with Redwood Fund, LP (“ Redwood ”) pursuant to which the Company issued a convertible promissory note of $250,000 and the right to purchase warrants upon the payment or conversion of the note principal. The conversion feature includes provisions that call for the instrument to be converted to equity at a price equal to (i) $1.00 if the Company’s common stock price closes above $1.00; (ii) the average of the publicly reported closing bid and ask price if the Company’s publicly reported common stock price closes between $0.50 and $0.99; or (iii) $0.50 if the Company’s publicly reported common stock price closes below $0.50. As a result of this feature, the conversion feature is subject to derivative accounting pursuant to ASC 815. Accordingly, the fair value of the conversion feature on the date of issuance was estimated using an option pricing model and recorded on the Company’s Consolidated Balance Sheet as a derivative liability and a note discount. The fair value of the conversion feature is estimated at the end of each reporting period and the change in the fair value is recorded as a non-operating gain or loss as change in value of derivatives in the Company’s Consolidated Statement of Operations.

In April 2015, the Company entered into a Convertible Note with Lincoln Park Capital Fund, LLP (“ Lincoln Park ”) pursuant to which the Company issued a convertible promissory note of $250,000 and the right to purchase warrants upon the payment or conversion of the note principal. The conversion feature includes provisions that call for the instrument to be converted to equity at a price equal to (i) $1.00 if the Company’s common stock price closes above $1.00; (ii) the average of the publicly reported closing bid and ask price if the Company’s publicly reported common stock price closes between $0.50 and $0.99; or (iii) $0.50 if the Company’s publicly reported common stock price closes below $0.50. As a result of this feature, the conversion feature is subject to derivative accounting pursuant to ASC 815. Accordingly, the fair value of the conversion feature on the date of issuance was estimated using an option pricing model and recorded on the Company’s Consolidated Balance Sheet as a derivative liability and a note discount. The fair value of the conversion feature is estimated at the end of each reporting period and the change in the fair value is recorded as a non-operating gain or loss as change in value of derivatives in the Company’s Consolidated Statement of Operations.

During the nine months ended May 31, 2015 and 2014, the Company recognized a change in value of the derivative liability of $194,826 and $0, respectively.

Fair Value of Financial Instruments

The Company groups financial assets and financial liabilities measured at fair value into three levels of hierarchy in accordance with ASC 820-10, “Fair Value Measurements and Disclosure”. Assets and liabilities recorded at fair value in the accompanying balance sheet are categorized based upon the level of judgment associated with the inputs used to measure their fair value.

Level Input: Input Definition:

Level I Observable quoted prices in active markets for identical assets and liabilities.

Level II Observable quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market.

Level III Model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of option pricing models, discounted cash flow models, and similar techniques.

For certain of our financial instruments, including working capital instruments, the carrying amounts are approximate fair value due to their short-term nature. Our notes payable approximate fair value based on prevailing interest rates.

The following table summarizes fair value measurements at May 31, 2015 for assets and liabilities measured at fair value on a recurring basis.

May 31, 2015

Level 1 Level 2 Level 3

Derivative Liabilities $ - $ - $ 709,060

The assumptions used in valuing derivative instruments issued during the nine months ended May 31, 2015 were as follows:

Risk free interest rate 0.26 %

Expected life 1.0 Years

Dividend yield None

Volatility 60 %

The following is a reconciliation of the derivative liability related to these instruments for the nine months ended May 31, 2015:

Value at August 31, 2014 $ 118,363

Issuance of instruments 395,871

Change in value 194,826

Net settlements -

Value at May 31, 2015 $ 709,060

The derivative liabilities are estimated using option pricing models that are based on the individual characteristics of the warrants or instruments on the valuation date, as well as assumptions for expected volatility, expected life and risk-free interest rate. Changes in the assumptions used could have a material impact on the resulting fair value. The primary input affecting the value of our derivatives liabilities is the Company’s stock price, term and volatility. Other inputs have a comparatively insignificant effect.

Effect of Recently Issued Accounting Standards

In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern ("ASU 2014-15"). ASU 2014-15 will explicitly require management to assess an entity's ability to continue as a going concern, and to provide related footnote disclosure in certain circumstances. The new standard will be effective for all entities in the first annual period ending after December 15, 2016. Earlier adoption is permitted. We are currently evaluating the impact of the adoption of ASU 2014-15. The adoption of this standard is not expected to have a material impact on the Company's consolidated financial statements.

In May 2014, FASB issued ASU 2014-09, Revenue from Contracts with Customers. The standard will eliminate the transaction- and industry-specific revenue recognition guidance under current U.S. GAAP and replace it with a principles-based approach for determining revenue recognition. ASU 2014-09 is effective for annual and interim periods beginning after December 15, 2016. Early adoption is not permitted. The revenue recognition standard is required to be applied retrospectively, including any combination of practical expedients as allowed in the standard. We are evaluating the impact, if any, of the adoption of ASU 2014-09 to our financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting.

In July 2013, the FASB issued ASU 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, which eliminates diversity in practice for the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss or a tax credit carryforward is available to reduce the taxable income or tax payable that would result from disallowance of a tax position. ASU 2013-11 affects only the presentation of such amounts in an entity’s balance sheet and is effective for fiscal years beginning after December 15, 2013 and interim periods within those years. Early adoption is permitted. We adopted this standard during fiscal 2015 and believe that it did not have a significant effect on our financial position or results of operation.

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STOCKHOLDERS' EQUITY (Details 3) - $ / shares

Nov. 30, 2024

May. 31, 2021

Apr. 30, 2020

Mar. 31, 2020

Jul. 31, 2016

Equity [Abstract]

Warrants Outstanding Exercise Price 1 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 0.01

Number of Warrants Outstanding 1 1,264,023 375,000 295,000 295,000 100,000

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ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)
9 Months Ended

May. 31, 2015

Equipment [Member] | Maximum [Member]

Property, Plant and Equipment [Line Items]

Property, Plant and Equipment, Estimated Useful Lives 7 years

Equipment [Member] | Minimum [Member]

Property, Plant and Equipment [Line Items]

Property, Plant and Equipment, Estimated Useful Lives 5 years

Computer Equipment [Member]

Property, Plant and Equipment [Line Items]

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STOCKHOLDERS' EQUITY (Details Narratives) - USD ($)
3 Months Ended 9 Months Ended

May. 31, 2015

May. 31, 2014

May. 31, 2015

May. 31, 2014

Jul. 31, 2015

Aug. 31, 2014

Common Stock, Shares Authorized 937,500,000 937,500,000 937,500,000

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Exercise price $ 0.01 $ 0.01 $ 1.30

Warrnts value $ 41,168

Warrants for services 100,000

Expected term 1 year 8 months 12 days

Recognized operating expense $ 3,902,068 $ 2,532,855 $ 10,360,785 $ 8,962,527

Shares reserved for issuance 5,000,000

Granted shares 1,050,000

Fair value of options $ 210,692

Risk free interest rate 2.72%

Expected life 5 years 6 months

Dividend yield 0.00%

Volatility 30.00%

Offering of common stock 5,673,980 5,673,980

Common stock agreed to issue to shareholders 1,387,530 1,387,530

Warrants forfeited equal to common stock exercisable 4,286,450 4,286,450

Expense recognized $ 693,765 $ 693,765

Mr. Kyle Murphy [Member]

Warrants issued in exchange for previously agreed stock-based compensation 250,000 250,000

Maximum [Member]

Options to purchase 0.01

Minimum [Member]

Options to purchase 0.75

Stock Options [Member]

Options to purchase 1,750,000

September 2014

Share repurchase obligation $ 1,000,000 $ 1,000,000

Total debt $ 1,386,450 $ 1,386,450

Exercise price $ 1.00 $ 1.00

Total proceeds $ 1,000,000 $ 1,000,000

January 2015

Common Stock, Shares Authorized 250,000 250,000

Accrued interest $ 11,555 $ 11,555

Exercise price $ 1.00 $ 1.00

Total proceeds $ 250,000 $ 250,000

Consultant [Member]

Exercise price $ 1.00 $ 1.00

Additional warrants 1,264,024

Warrants for services 1,264,023

Expected term 10 years

Common Stock [Member]

Common Stock, Shares Authorized 937,500,000 937,500,000

Common Stock, Par or Stated Value Per Share $ 0.0001 $ 0.0001

Share repurchase obligation $ 3,036,450 $ 3,036,450

Accrued interest $ 1,645,611 $ 1,645,611

Vendor [Member]

Shares received by vender 80,000

Recognized operating expense $ 72,000

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Total

Risk-free interest rate 2.72%

Expected Life 5 years 6 months

Dividend yield 0.00%

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PROPERTY AND EQUIPMENT
9 Months Ended

May. 31, 2015

Notes to Financial Statements [Abstract]

PROPERTY AND EQUIPMENT
2. PROPERTY AND EQUIPMENT

Depreciation and amortization of property and equipment amounted to $47,866 and $94,624 for the nine months ended May 31, 2015 and 2014, respectively, and is included in the accompanying consolidated statements of operations in selling, general and administrative expenses.

At May 31, 2015, property and equipment consists of the following:

MAY 2015

Computer equipment $ 553,255

Software and Equipment 39,400

592,655

Accumulated depreciation (442,938 )

Net property and equipment $ 149,717

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CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($)

May. 31, 2015

Aug. 31, 2014

Statement of Financial Position [Abstract]

Debt Instrument, Unamortized Discount $ 689,002 $ 71,758

Common Stock, Par Value Per Share $ 0.001 $ 0.001

Common Stock, Shares Authorized 937,500,000 937,500,000

Common Stock, Shares, Issued 41,503,980 38,536,450

Common Stock, Shares, Outstanding 41,503,980 38,536,450

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ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
9 Months Ended

May. 31, 2015

Notes to Financial Statements [Abstract]

Property and Equipment
The estimated useful lives used are as follows:

Classification Life

Equipment 5-7 Years

Computer equipment 7 Years

summarizes fair value measurements
The following table summarizes fair value measurements at May 31, 2015 for assets and liabilities measured at fair value on a recurring basis.

May 31, 2015

Level 1 Level 2 Level 3

Derivative Liabilities $ - $ - $ 709,060

Warrants
The assumptions used in valuing derivative instruments issued during the nine months ended May 31, 2015 were as follows:

Risk free interest rate 0.26 %

Expected life 1.0 Years

Dividend yield None

Volatility 60 %

Derivative liability
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Value at August 31, 2014 $ 118,363

Issuance of instruments 395,871

Change in value 194,826

Net settlements -

Value at May 31, 2015 $ 709,060

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Total

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PROPERTY AND EQUIPMENT (Tables)
9 Months Ended

May. 31, 2015

Notes to Financial Statements [Abstract]

Property and equipment
At May 31, 2015, property and equipment consists of the following:

MAY 2015

Computer equipment $ 553,255

Software and Equipment 39,400

592,655

Accumulated depreciation (442,938 )

Net property and equipment $ 149,717

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
3 Months Ended 9 Months Ended

May. 31, 2015

May. 31, 2014

May. 31, 2015

May. 31, 2014

Income Statement [Abstract]

REVENUES $ 2,170,894 $ 1,644,090 $ 6,316,282 $ 5,692,214

OPERATING EXPENSES

Direct cost of services 1,166,113 877,990 3,724,551 2,771,977

Personnel 1,339,866 942,940 2,364,335 3,346,772

Selling, general and administrative 364,863 $ 711,925 2,706,176 $ 2,843,778

Stock Based Compensation 1,031,226 1,565,723

TOTAL OPERATING EXPENSES 3,902,068 $ 2,532,855 10,360,785 $ 8,962,527

INCOME (LOSS) FROM OPERATIONS (1,731,174) (888,765) (4,044,503) (3,270,313)

OTHER INCOME (EXPENSE)

Interest expense (198,477) $ (562,667) (510,275) $ (935,649)

Change in value of derivatives (57,956) (194,826)

Miscellaneous income (expense), net 10,518 $ (50,495) (21,343) $ (104,309)

TOTAL OTHER INCOME (EXPENSE) (245,915) (613,162) (726,444) (1,039,958)

INCOME (LOSS) FROM BEFORE (1,977,089) (1,501,927) (4,770,947) (4,310,271)

PROVISION FOR INCOME TAXES (111) (523) (111) (523)

NET LOSS $ (1,977,200) $ (1,502,450) $ (4,771,058) $ (4,310,794)

Net income (loss) attributable to noncontrolling interests

Net income (loss) attributable to Grenwood Hall, Inc. $ (1,977,200) $ (1,502,450) $ (4,771,058) $ (4,310,794)

Earnings per share - basic and diluted

Basic earnings per share attributable to Greenwood Hall, Inc. $ (0.05) $ (0.06) $ (0.12) $ (0.17)

Weighted average common shares - basic and diluted 41,221,068 25,051,591 40,048,299 25,051,591

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INCOME TAXES
9 Months Ended

May. 31, 2015

Notes to Financial Statements [Abstract]

INCOME TAXES
7. INCOME TAXES

The difference between income tax expense attributable to continuing operations and the amount of income tax expense that would result from applying domestic federal statutory rates to pre-tax income (loss) is mainly related to an increase in the valuation allowance, partially offset by state income taxes. Valuation allowances are established, when necessary, to reduce deferred income tax assets to the amount expected to be realized. Deferred income tax assets are mainly related to net operating loss carryforwards. Management has chosen to take a 100% valuation allowance against the deferred income tax asset until such time as management believes that its projections of future profits make the realization of the deferred income tax assets more likely than not. Significant judgment is required in the evaluation of deferred income tax benefits and differences in future results from management’s estimates could result in material differences.

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CONCENTRATIONS
9 Months Ended

May. 31, 2015

Risks and Uncertainties [Abstract]

CONCENTRATIONS
6. CONCENTRATIONS

Concentration of Credit Risk

The Company maintains its cash and cash equivalents at a financial institution which may, at times, exceed federally insured limits. Historically, the Company has not experienced any losses in such accounts.

Major Customers

For the nine months ended May 31, 2015, 1 customer, and 3 specific projects with that customer, represented 41% of net revenues and for the nine months ended May 31, 2014, 2 customers represented 34% of net revenues. As of May 31, 2015, 3 customers represented 53% of accounts receivable, and for the nine months ended May 31, 2014, 1 customer, and 6 specific projects with that customer, represented 47% of accounts receivable.

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ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1)

May. 31, 2015

USD ($)

Fair Value, Inputs, Level 1 [Member]

Derivative Liabilities

Fair Value, Inputs, Level 2 [Member]

Derivative Liabilities

Fair Value, Inputs, Level 3 [Member]

Derivative Liabilities $ 709,060

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NOTES PAYABLE (Tables)
9 Months Ended

May. 31, 2015

Notes to Financial Statements [Abstract]

Schedule of future minimum principal payments required under notes payable
The following is a schedule, by year, of future minimum principal payments required under notes payable as of May 31, 2015:

Years Ending
August 31,
2015 (remainder of) $ 3,187,755

2016 590,000

2017 -

2018 515,000

2019 -

Total 4,292,755

Note discount (689,002 )

$ 3,603,753

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SUBSEQUENT EVENTS
9 Months Ended

May. 31, 2015

Notes to Financial Statements [Abstract]

SUBSEQUENT EVENTS
10. SUBSEQUENT EVENTS

On June 3, 2015, the Company executed an agreement with Technical College of Lowcountry to provide student engagement services.

On June 5, 2015, the Company completed a private placement of units (each, a "Unit") at $1.00 per Unit (the "Financing Price") for aggregate gross proceeds of $140,000 (the "Private Placement Financing"). Each Unit consists of one share of Common Stock and one immediately vested warrant, with each such warrant entitling the holder to acquire one additional share of Common Stock on or before the date which is two years from the date of the placement for a price of $1.30 per share. The Company neither has nor will be required to pay any other fees, issue additional stock/warrants other than described in this paragraph, or enter into any consulting agreements with any third parties in connection with the aforementioned Private Placement Financing. As of May 31, 2015 the transaction had not yet funded.

On June 5, 2015, the Company entered into a commercial building lease agreement. The sixty-one (61) month lease, commenced on June 15, 2015, provided for the lease by the Company of approximately 2,369 square feet of space in Los Angeles, California. Base annual rent is initially set at approximately $8,355 per month. Total base rent payable over the lease period is

$556,418.

On June 30, 2015, the Company executed an agreement with Jacksonville State University to provide student retention services.

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COMMITMENTS AND CONTINGENCIES
9 Months Ended

May. 31, 2015

Notes to Financial Statements [Abstract]

COMMITMENTS AND CONTINGENCIES
8. COMMITMENTS AND CONTINGENCIES

Lease Commitments

The Company leases its operating facilities under non-cancelable operating leases that expire through 2024. Total rent expense for the nine months ended May 31, 2015 and 2014 amounted to $398,708 and $382,033, respectively. The Company is responsible for certain operating expenses in connection with these leases. The following is a schedule, by year, of future minimum lease payments required under non-cancelable operating leases as of May 31, 2015:

Years Ending
August 31,
2015 (remainder of) $ 103,733

2016 475,769

2017 572,058

2018 586,837

2019 602,277

Thereafter 2,253,372

$ 4,594,046

Employment Agreements

At May 31, 2015, the Company maintained an employment agreement with an officer, the terms of which may require the payment of severance benefits upon termination.

Legal Matters

The Company is involved from time to time in various legal proceedings in the normal conduct of its business.

The Company is the subject of pending litigation, which could cause it to incur significant costs in defending such litigation or in resulting actions or judgments. The Robin Hood Foundation (“Robin Hood”) filed suit against Patriot Communications, LLC (“Patriot”), a client of the Company, in the Superior Court of the State of California for the County of Los Angeles (Central District) for breach of contract and failure to perform, including among other things an intentional tort claim, in the amount of not less than $5,000,000. On May 6, 2014, Patriot filed a cross-complaint naming PCS Link as a cross-defendant. Patriot denies the allegations set forth by Robin Hood. On August 22, 2014, Robin Hood filed a First Amended Complaint, naming the Company and John Hall, in his individual capacity, as defendants. The First Amended Complaint asserts claims against the Company and Hall for fraud, fraudulent concealment, negligent misrepresentation, negligence and violation of Business & Professions Code section 17200. The First Amended Complaint also alleges a cause of action for breach of contract solely against the Company. An adverse judgment against the Company could be detrimental to the Company’s financial standing. Additionally, in the event that Patriot is held liable, Patriot alleges that PCS Link is responsible to indemnify and/or contribute to the satisfaction of any damages because PCS Link acted as a sub-contractor on behalf of Patriot with regard to the filed incident. We believe that we have strong defenses and we are vigorously defending against this lawsuit, but the potential range of loss related to this matter cannot be determined, as the pleadings are still not resolved, and will not be until late 2015, at the earliest. The outcome of this matter is inherently uncertain and could have a materially adverse effect on our business, financial condition and results of operations if decided unfavorably against the Company and John Hall.

The Company is the subject of pending litigation, which could cause it to incur significant costs in defending such litigation or in resulting actions or judgments. Finance 500, Inc. (“Finance 500”) filed suit against the Company, in the Superior Court of the State of California for the County of Orange (Central Justice) for breach of contract and unjust enrichment, among other things, in the amount of not less than $ 250,000. We believe that we have strong defenses and we are vigorously defending against this lawsuit, but the potential range of loss related to this matter cannot be determined, as the pleadings are still not resolved, and will not resolved anytime in the near future. The outcome of this matter is inherently uncertain and could have a materially adverse effect on our business, financial condition and results of operations if decided unfavorably against the Company.

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DISCONTINUED OPERATIONS
9 Months Ended

May. 31, 2015

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS
9. DISCONTINUED OPERATIONS

During 2013, we ceased operations in our affiliated company, UFAS. The operations of UFAS are now presented as discontinued operations in the accompanying consolidated financial statements. UFAS was inactive during the periods ended May 31, 2015 and 2014.

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ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
9 Months Ended

May. 31, 2015

Notes to Financial Statements [Abstract]

Organization
Organization

Greenwood Hall is an emerging education management solutions provider that delivers end-to-end services that support the entire student lifecycle including offerings that increase student enrollment, improve student experience, optimize student success and outcomes, and help schools maximize operating efficiencies. Since 2006, we have developed and customized turnkey solutions that combine strategy, personnel, proven processes and robust technology to help schools effectively and efficiently improve student outcomes, expand into new markets such as online learning, increase revenues, and deliver enhanced student experiences. Our Company currently has 121 employees and has served more than 40 education clients and over 70 degree programs.

Basis of Presentation
Basis of Presentation

On July 23, 2014, Greenwood Hall, Inc. (formerly Divio Holdings, Corp. (“Divio”)) and its wholly owned subsidiary, Merger Sub, completed the Merger Agreement, dated July 22, 2014, by and among Divio, Merger Sub, and PCS Link, Inc. (“PCS Link”). Pursuant to the Merger Agreement, Merger Sub merged with and into PCS Link with PCS Link remaining as the surviving corporation (the “Surviving Corporation”) in the Merger. Upon the consummation of the Merger, the separate existence of Merger Sub ceased, and PCS Link became a wholly owned subsidiary of Divio. In connection with the Merger and at the Effective Time, the holders of all of the issued and outstanding shares of PCS Link Common Stock exchanged all of such shares (other than “dissenting shares” as defined in California Corporations Code Section 1300) for a combined total of 25,250,000 shares of Common Stock, representing approximately 71% of the total outstanding shares on the date of the Merger. In connection with the merger, Divio Holdings, Corp. changed its name to Greenwood Hall, Inc.

The Merger was accounted for as a “reverse merger” with PCS Link as the accounting acquirer and the Company as the legal acquirer. Although, from a legal perspective, the Company acquired PCS Link, from an accounting perspective, the transaction is viewed as a recapitalization of PCS Link accompanied by an issuance of stock by PCS Link for the net assets of Greenwood Hall, Inc. This is because Greenwood Hall, Inc. did not have operations immediately prior to the merger, and following the merger, PCS Link is the operating company. The board of directors of Greenwood Hall, Inc. immediately after the merger consisted of five directors, with four of the five directors nominated by PCS Link. Additionally, PCS Link’s stockholders owned 71% of the outstanding shares of Greenwood Hall, Inc. immediately after completion of the transaction.

The presentation of the consolidated statements of stockholders' deficit reflects the historical stockholders' deficit of PCS Link through July 23, 2014. The effect of the issuance of shares of Divio common stock in connection with the Merger and the inclusion of Divio’s outstanding shares of common stock at the time of the Merger on July 23, 2014 is reflected during the eight months ended August 31, 2014.

Principles of Consolidation
Principles of Consolidation

The consolidated financial statements include the accounts of Greenwood Hall, PCS Link, and University Financial Aid Solutions, LLC (“UFAS”), collectively referred to herein as the Company, we, us, our, and Greenwood Hall. All significant intercompany accounts and transactions have been eliminated in consolidation. Through our affiliate UFAS we provided complete financial aid solutions. During 2013, UFAS ceased operations and is presently winding down its affairs. As a result, it is presented in the accompanying consolidated financial statements as discontinued operations.

Going Concern
Going Concern

The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”), which contemplates the continuation of the Company as a going concern. The Company has an accumulated deficit and a working capital deficit as of May 31, 2015 and has incurred a loss from operations during 2015. These conditions raise substantial doubt about the Company’s ability to continue as a going concern.

The Company has historically funded its activities through cash generated from operations, debt financing, the issuance of equity for cash, and advances from shareholders. During the nine months ended May 31, 2015 the Company received approximately $2,658,358 in net proceeds from financing activities.

Management intends to become profitable by continuing to grow its operations and customer base. If the Company is not successful in becoming profitable, it may have to further delay or reduce expenses, or curtail operations. The accompanying consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that could result should the Company not continue as a going concern.

Use of Estimates
Use of Estimates

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures. Management uses its historical records and knowledge of its business in making these estimates. Accordingly, actual results may differ from these estimates.

Cash and Cash Equivalents
Cash and Cash Equivalents

For the purpose of the statement of cash flows, the Company considers cash equivalents to include short-term, highly liquid investments with an original maturity of three months or less.

Research and Development
Research and Development

Costs relating to designing and developing new products are expensed in the period incurred.

Revenue Recognition
Revenue Recognition

The Company’s contracts are typically structured into two categories, i) fixed-fee service contracts that span a period of time, often in excess of one year, and ii) service contracts at agreed-upon rates based on the volume of service provided. Some of the Company’s service contracts are subject to guaranteed minimum amounts of service volume.

The Company recognizes revenue when all of the following have occurred: persuasive evidence of an agreement with the customer exists, services have been rendered, the selling price is fixed or determinable, and collectability of the selling price is reasonably assured. For fixed-fee service contracts, the Company recognizes revenue on a straight-line basis over the period of contract performance. Costs incurred under these service contracts are expensed as incurred.

Deferred Revenue
Deferred Revenue

Deferred revenue primarily consists of prepayments received from customers for which the Company’s revenue recognition criteria have not been met. The deferred revenue will be recognized as revenue once the criteria for revenue recognition have been met.

Accounts Receivable
Accounts Receivable

The Company extends credit to its customers. An allowance for doubtful accounts is maintained for estimated losses resulting from the inability of the Company’s customers to make required payments. Management specifically analyzes the age of customer balances, historical bad debt experience, customer credit-worthiness, and changes in customer payment terms when making estimates of the collectability of the Company’s trade accounts receivable balances. If the Company determines that the financial condition of any of its customers has deteriorated, whether due to customer specific or general economic issues, an increase in the allowance may be made. After all attempts to collect a receivable have failed, the receivable is written off. Based on the information available, management believes the Company’s accounts receivable, net of the allowance for doubtful accounts, are collectable.

Property and Equipment
Property and Equipment

Property and equipment are stated at cost. Depreciation and amortization are being provided using the straight-line method over the estimated useful lives of the assets. The estimated useful lives used are as follows:

Classification Life

Equipment 5-7 Years

Computer equipment 7 Years

Expenses for repairs and maintenance are charged to expense as incurred, while renewals and betterments are capitalized.

Income Taxes
Income Taxes

The Company accounts for income taxes in accordance with ASC 740-10, “Income Taxes” which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred income taxes are recognized for the tax consequences in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts at each year-end based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. The provision for income taxes represents the tax payable for the period and the change during the period in deferred tax assets and liabilities.

Earnings (Loss) per Share
Earnings (Loss) per Share

Basic earnings (loss) per share is computed using the weighted-average number of common shares outstanding during the period. Diluted earnings (loss) per share are computed using the weighted- average number of common shares and dilutive potential common shares outstanding during the period. During 2013, the Company had no instruments that could potentially dilute the number of common shares outstanding. Warrants to purchase common stock were excluded from the computation of diluted shares during the three and nine months ended May 31, 2015 and 2014 as their effect is anti-dilutive .

Variable Interest Entities
Variable Interest Entities

Generally, an entity is defined as a variable interest entity (“VIE”) under current accounting rules if it has (a) equity that is insufficient to permit the entity to finance its activities without additional subordinated financial support from other parties, or (b) equity investors that cannot make significant decisions about the entity’s operations, or that do not absorb the expected losses or receive the expected returns of the entity. When determining whether an entity that is a business qualifies as a VIE, we also consider whether (i) we participated significantly in the design of the entity, (ii) we provided more than half of the total financial support to the entity, and (iii) substantially all of the activities of the VIE either involve us or are conducted on our behalf. A VIE is consolidated by its primary beneficiary, which is the party that absorbs or receives a majority of the entity’s expected losses or expected residual returns.

University Financial Aid Services, LLC was 60% owned by John Hall and Zan Greenwood, who at the time held a combined 92.5% of our common stock and served as directors of PCS Link. John Hall is the CEO of the Company and Zan Greenwood served as the Company’s Chief Operating Officer through June 2013. The equity owners of UFAS have no equity at risk, Greenwood Hall has funded UFAS’ operations since it was formed in 2010, and we have the ability to exercise control over UFAS through our two shareholders / directors.

Based on our assessment, we have determined that UFAS is a VIE and that we are the primary beneficiary, as defined in current accounting rules. Accordingly, we are required to consolidate the revenues and expenses of UFAS. To date, the Company has not allocated any income or loss of UFAS to noncontrolling interests as the noncontrolling interests never had any equity at risk. As previously discussed, UFAS ceased operations during 2013 and is presently winding down its affairs. The Company does not anticipate having any future involvement with UFAS after it is dissolved.

Marketing and Advertising
Marketing and Advertising

Marketing and advertising costs are expensed as incurred. Marketing and advertising amounted to $117,596 and $331,918 for the nine months ended May 31, 2015 and the nine months ended May 31, 2014 respectively, and are included in selling, general and administrative expenses.

Stock-Based Compensation
Stock-Based Compensation

Compensation costs related to stock options and other equity awards are determined in accordance with FASB ASC 718-10, “Compensation-Stock Compensation.” Under this method, compensation cost is calculated based on the grant-date fair value estimated in accordance FASB ASC 718-10, amortized on a straight-line basis over the awards’ vesting period. Stock-based compensation was $1,565,723 and $0 for the nine months ended May 31, 2015 and 2014, respectively, and was $1,031,226 and $0 for the three months ended May 31, 2015 and 2014, respectively. This expense is included in the condensed consolidated statements of operations as Stock-Based Compensation.

Derivative Liabilities
Derivative Liabilities

We account for warrants as either equity or liabilities based upon the characteristics and provisions of each instrument. Warrants classified as equity are recorded as additional paid-in capital on our Consolidated Balance Sheet and no further adjustments to their valuation are made. Some of our warrants were determined to be ineligible for equity classification because of provisions that may result in an adjustment to their exercise price. Warrants classified as derivative liabilities and other derivative financial instruments that require separate accounting as assets or liabilities are recorded on our Consolidated Balance Sheet at their fair value on the date of issuance and are revalued on each subsequent balance sheet date until such instruments are exercised or expire, with any changes in the fair value between reporting periods recorded as other income or expense. We estimate the fair value of these liabilities using option pricing models that are based on the individual characteristics of the warrants or instruments on the valuation date, as well as assumptions for expected volatility, expected life and risk-free interest rate.

As part of a debt financing during May 2014, the Company issued warrants to acquire 248,011 shares of Common Stock. These warrants contain a mechanism to increase the number of warrants upon the issuance of certain dilutive equity securities. If during the terms of the warrants, the Company issues additional shares of Common Stock or equivalents, the warrant holders are entitled to additional warrants with the same terms as the original warrants. As a result of these features, the warrants are subject to derivative accounting as prescribed under ASC 815. Accordingly, the fair value of the warrants on the date of issuance was estimated using an option pricing model and recorded on the Company’s Consolidated Balance Sheet as a derivative liability. The fair value of the Warrants is estimated at the end of each reporting period and the change in the fair value of the Warrants is recorded as a non-operating gain or loss as change in value of derivatives in the Company’s Consolidated Statement of Operations.

In December 2014, the Company entered into a Secured Convertible Note with Colgan Financial Group, Inc. (“ Colgan ”) and Rob Logan pursuant to which the Company issued a convertible promissory note of $500,000 and the right to purchase warrants upon the payment or conversion of the note principal. The conversion feature and warrants both include provisions that call for the instrument to be converted to equity at a price equal to the lesser of i) $1.50 per share or ii) 85% of the weighted average price per share of the Company’s trading price for the 10 trading days prior to conversion / exercise. As a result of this feature, the warrants and conversion feature are subject to derivative accounting pursuant to ASC 815. Accordingly, the fair value of the warrants and conversion feature on the date of issuance was estimated using an option pricing model and recorded on the Company’s Consolidated Balance Sheet as a derivative liability and a note discount. The fair value of the warrants and conversion feature is estimated at the end of each reporting period and the change in the fair value is recorded as a non-operating gain or loss as change in value of derivatives in the Company’s Consolidated Statement of Operations.

In March 2015, the Company entered into a Convertible Note with Redwood Fund, LP (“ Redwood ”) pursuant to which the Company issued a convertible promissory note of $250,000 and the right to purchase warrants upon the payment or conversion of the note principal. The conversion feature includes provisions that call for the instrument to be converted to equity at a price equal to (i) $1.00 if the Company’s common stock price closes above $1.00; (ii) the average of the publicly reported closing bid and ask price if the Company’s publicly reported common stock price closes between $0.50 and $0.99; or (iii) $0.50 if the Company’s publicly reported common stock price closes below $0.50. As a result of this feature, the conversion feature is subject to derivative accounting pursuant to ASC 815. Accordingly, the fair value of the conversion feature on the date of issuance was estimated using an option pricing model and recorded on the Company’s Consolidated Balance Sheet as a derivative liability and a note discount. The fair value of the conversion feature is estimated at the end of each reporting period and the change in the fair value is recorded as a non-operating gain or loss as change in value of derivatives in the Company’s Consolidated Statement of Operations.

In April 2015, the Company entered into a Convertible Note with Lincoln Park Capital Fund, LLP (“ Lincoln Park ”) pursuant to which the Company issued a convertible promissory note of $250,000 and the right to purchase warrants upon the payment or conversion of the note principal. The conversion feature includes provisions that call for the instrument to be converted to equity at a price equal to (i) $1.00 if the Company’s common stock price closes above $1.00; (ii) the average of the publicly reported closing bid and ask price if the Company’s publicly reported common stock price closes between $0.50 and $0.99; or (iii) $0.50 if the Company’s publicly reported common stock price closes below $0.50. As a result of this feature, the conversion feature is subject to derivative accounting pursuant to ASC 815. Accordingly, the fair value of the conversion feature on the date of issuance was estimated using an option pricing model and recorded on the Company’s Consolidated Balance Sheet as a derivative liability and a note discount. The fair value of the conversion feature is estimated at the end of each reporting period and the change in the fair value is recorded as a non-operating gain or loss as change in value of derivatives in the Company’s Consolidated Statement of Operations.

During the nine months ended May 31, 2015 and 2014, the Company recognized a change in value of the derivative liability of $194,826 and $0, respectively.

Fair Value of Financial Instruments
Fair Value of Financial Instruments

The Company groups financial assets and financial liabilities measured at fair value into three levels of hierarchy in accordance with ASC 820-10, “Fair Value Measurements and Disclosure”. Assets and liabilities recorded at fair value in the accompanying balance sheet are categorized based upon the level of judgment associated with the inputs used to measure their fair value.

Level Input: Input Definition:

Level I Observable quoted prices in active markets for identical assets and liabilities.

Level II Observable quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market.

Level III Model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of option pricing models, discounted cash flow models, and similar techniques.

For certain of our financial instruments, including working capital instruments, the carrying amounts are approximate fair value due to their short-term nature. Our notes payable approximate fair value based on prevailing interest rates.

The following table summarizes fair value measurements at May 31, 2015 for assets and liabilities measured at fair value on a recurring basis.

May 31, 2015

Level 1 Level 2 Level 3

Derivative Liabilities $ - $ - $ 709,060

The assumptions used in valuing derivative instruments issued during the nine months ended May 31, 2015 were as follows:

Risk free interest rate 0.26 %

Expected life 1.0 Years

Dividend yield None

Volatility 60 %

The following is a reconciliation of the derivative liability related to these instruments for the nine months ended May 31, 2015:

Value at August 31, 2014 $ 118,363

Issuance of instruments 395,871

Change in value 194,826

Net settlements -

Value at May 31, 2015 $ 709,060

The derivative liabilities are estimated using option pricing models that are based on the individual characteristics of the warrants or instruments on the valuation date, as well as assumptions for expected volatility, expected life and risk-free interest rate. Changes in the assumptions used could have a material impact on the resulting fair value. The primary input affecting the value of our derivatives liabilities is the Company’s stock price, term and volatility. Other inputs have a comparatively insignificant effect.

Effect of Recently Issued Accounting Standards
Effect of Recently Issued Accounting Standards

In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern ("ASU 2014-15"). ASU 2014-15 will explicitly require management to assess an entity's ability to continue as a going concern, and to provide related footnote disclosure in certain circumstances. The new standard will be effective for all entities in the first annual period ending after December 15, 2016. Earlier adoption is permitted. We are currently evaluating the impact of the adoption of ASU 2014-15. The adoption of this standard is not expected to have a material impact on the Company's consolidated financial statements.

In May 2014, FASB issued ASU 2014-09, Revenue from Contracts with Customers. The standard will eliminate the transaction- and industry-specific revenue recognition guidance under current U.S. GAAP and replace it with a principles-based approach for determining revenue recognition. ASU 2014-09 is effective for annual and interim periods beginning after December 15, 2016. Early adoption is not permitted. The revenue recognition standard is required to be applied retrospectively, including any combination of practical expedients as allowed in the standard. We are evaluating the impact, if any, of the adoption of ASU 2014-09 to our financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting.

In July 2013, the FASB issued ASU 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, which eliminates diversity in practice for the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss or a tax credit carryforward is available to reduce the taxable income or tax payable that would result from disallowance of a tax position. ASU 2013-11 affects only the presentation of such amounts in an entity’s balance sheet and is effective for fiscal years beginning after December 15, 2013 and interim periods within those years. Early adoption is permitted. We adopted this standard during fiscal 2015 and believe that it did not have a significant effect on our financial position or results of operation.

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STOCKHOLDERS' EQUITY (Details 2) - 9 months ended May. 31, 2015

Total

Risk free interest rate 2.72%

Expected life 5 years 6 months

Dividend yield 0.00%

Volatility 30.00%

Warrant [Member]

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COMMITMENTS AND CONTINGENCIES (Tables)
9 Months Ended

May. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]
The following is a schedule, by year, of future minimum lease payments required under non-cancelable operating leases as of May 31, 2015:

Years Ending
August 31,
2015 (remainder of) $ 103,733

2016 475,769

2017 572,058

2018 586,837

2019 602,277

Thereafter 2,253,372

$ 4,594,046

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ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(Details Narratives) - USD ($)
1 Months Ended 3 Months Ended 6 Months Ended 9 Months Ended

Apr. 30, 2015

Mar. 31, 2015

May. 31, 2015

May. 31, 2014

Feb. 28, 2015

May. 31, 2015

May. 31, 2014

Marketing and advertising $ 117,596 $ 331,918

Change in fair value of derivative liability $ 57,956 194,826

Net amount from financing activities $ 2,658,358

Description of Organization Our Company currently has 121 employees and has served more than 40 education clients and over 70 degree programs.

Number of outstanding common shares 25,250,000 25,250,000

Total percentage of Common stock 71.00%

Acquire warrants 248,011

Change in value of the derivative liability $ (194,826)

Convertible promissory note $ 500,000 $ 500,000

Weighted average price per share $ 1.50 $ 0.61

Stock-based compensation $ 1,031,226 $ 1,565,723

Redwood [Member]

Convertible promissory note $ 250,000

Conversion price, Description The conversion feature includes provisions that call for the instrument to be converted to equity at a price equal to (i) $1.00 if the Company’s common stock price closes above $1.00; (ii) the average of the publicly reported closing bid and ask price if the Company’s publicly reported common stock price closes between $0.50 and $0.99; or (iii) $0.50 if the Company’s publicly reported common stock price closes below $0.50.

Lincoln Park [Member]

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John Hall [Member]

Ownership of percentage 60.00% 60.00%

Zan Greenwood [Member]

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SUBSEQUENT EVENTS (Details Narratives) - Jun. 05, 2015 - Subsequent Event [Member]

USD ($)

ft²

$ / shares

Gross proceeds $ 140,000

Warrant purchase exercise price | $ / shares $ 1.30

Total base rent payable $ 556,418

Annual rent $ 8,355

Lease Area | ft² 2,369

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
9 Months Ended

May. 31, 2015

May. 31, 2014

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income (loss) from continuing operations $ (4,771,058) $ (4,310,794)

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities of continuing operations:

Stock-based compensation 1,565,723

Depreciation and amortization 47,866 $ 94,624

Amortization of note discount 98,945 $ 410,125

Change in value of derivative liabilities 194,826

Changes in operating assets and liabilities:

Accounts receivable 311,925 $ 348,796

Prepaid expenses and other current assets 230,903 154,684

Accounts payable 124,544 308,778

Accrued expenses 117,592 429,555

Accrued payroll and related 28,849 11,555

Deferred revenue (1,102,500) 82,780

Accrued interest and related 65,859 133,433

Advances from officers, net 60,882 86,782

NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $ (3,025,644) (2,249,682)

CASH FLOWS FROM INVESTING ACTIVITIES:

Purchase of property and equipment (21,772)

NET CASH USED IN INVESTING ACTIVITIES (21,772)

CASH FLOWS FROM FINANCING ACTIVITIES:

Book overdraft $ 173,948 (208,436)

Proceeds from issuance of notes payable 1,701,500 5,661,354

Payments on notes payable $ (455,535) (3,510,732)

Repurchase of common stock $ (39,000)

Proceeds from the sale of stock $ 1,238,445

NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 2,658,358 $ 1,903,186

NET INCREASE (DECREASE) IN CASH (367,286) (368,268)

CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR $ 367,286 $ 368,268

CASH AND CASH EQUIVALENTS, END OF YEAR

Supplemental disclosures:

Interest paid in cash $ 297,009 $ 935,649

Income taxes paid in cash

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STOCKHOLDERS' EQUITY
9 Months Ended

May. 31, 2015

Equity [Abstract]

STOCKHOLDERS' EQUITY
5. STOCKHOLDERS’ EQUITY

The Company is authorized to issue one class of stock, which represents 937,500,000 shares of common stock, par value $0.0001.

Common Stock

Pursuant to an agreement between the Company and MarkeTouch, the Company is repurchasing the shares held by MarkeTouch. As of May 31, 2014 the Company owed $14,333 relating to this share repurchase obligation, which is recorded in accrued expenses.

In July 2014, the Company sold 3,036,450 units, comprised of one share of common stock and one warrant to purchase common stock, at a price of $1.00 per unit. As a result, the Company raised $1,645,611 net of fees and converted $1,386,450 of debt and accrued interest. The warrants have an exercise price of $1.30 per share and expire 24 months from the date of closing of the Merger.

In September 2014, the Company sold 1,000,000 units, comprised of one share of common stock and one warrant to purchase common stock, at a price of $1.00 per unit, for total proceeds of $1,000,000.

In January 2015, the Company sold 250,000 units, comprised of one share of common stock and one warrant to purchase common stock, at a price of $1.00 per unit, for total proceeds of $250,000. The Company incurred $11,555 of fees associated with this raise, which are presented net of the proceeds.

Stock Issued for Services

In April 2015, the Company entered into a 3-month agreement with a vendor for advisory and consulting services. For the nine months ended May 31, 2015, the vendor had received 80,000 shares which were recognized as an operating expense of $72,000.

Stock Option Plan

In July 2014, the Board of Directors adopted, and the shareholders approved, the 2014 Stock Option Plan (the "Option Plan") under which a total of 5,000,000 shares of common stock had been reserved for issuance. The 2014 Stock Option Plan will terminate in September 2024.

Stock Options

As of May 31, 2015, employees hold 0 shares of common, which were granted prior to May 31, 2015. As of May 31, 2015, the members of the Board of Directors hold options to purchase 1,750,000 shares of common stock at exercise prices ranging from $0.01 to $0.75, which were granted prior to May 31, 2015.

Transactions in FY2015 Quantity Weighted-Average
Exercise Price Per
Share Weighted-Average
Remaining
Contractual Life

Outstanding, August 31, 2014 1,085,000 0.01 9.15

Granted 1,050,000 0.61 9.81

Exercised 0

Cancelled/Forfeited (385,000) 0.01 9.15

Outstanding, May 31, 2015 1,750,000 0.37 9.54

Exercisable, May 31, 2015 700,000 0.01 9.15

The fair value of the options, granted during the nine months ended May 31, 2015 is estimated at $210,692. The fair value of these options was estimated at the date of grant using the Black Scholes option pricing model with the following assumptions for Fiscal quarter ended May 31, 2015: no dividend, expected volatility of 30%, risk free interest rate of 2.72%, and expected life of 5.5 years.

The weighted average remaining contractual life of options outstanding issued under the Plan, both Qualified ISO and NonQualified SO, was 9.54 years at May 31, 2015. The exercise prices for the options outstanding at May 31, 2015 ranged from $0.01 to $0.75, and the information relating to these options is as follows:

Options Exerciseable Options Outstanding

Exercise Price Quantity Weighted-
Average
Exercise
Price Per
Share Weighted-
Average
Remaining
Contractual
Life Quantity Weighted-
Average
Exercise
Price Per
Share Weighted-
Average
Remaining
Contractual
Life

$ 0.01 700,000 $ 0.01 9.15 700,000 0.01 9.15

$ 0.50 600,000 0.50 9.78

$ 0.75 450,000 0.75 9.84

Total 700,000 $ 0.01 9.15 1,750,000 0.37 9.54

Warrants Issued for Services

During the period ended May 31, 2015, the Company issued 1,264,023 warrants to a consultant for services. The warrants are exercisable at $1.00 per share, have a term of 10 years, and were 100% vested upon issuance. The Company valued these warrants at $493,329 using the Black-Scholes model and the significant inputs to that model below. The Company recognized these warrants as an expense during the period ended February 28, 2015. In addition, these warrants include provisions that call for the issuance of an additional 1,264,024 warrants at substantially the same terms in the event of certain achievements by the consultant.

During the period ended February 28, 2015, the Company issued 100,000 warrants for services. The warrants are exercisable at $0.01 per share, have a term of 1.7 years, and were 100% vested upon issuance. The Company valued these warrants at $41,168 using the Black-Scholes model and the significant inputs to that model below. The Company recognized these warrants as an expense during the period ended February 28, 2015.

The assumptions used in valuing warrants issued for services during the nine months ended May 31, 2015 were as follows:

Risk free interest rate 1.10 %

Expected life 1.5 - 10 Years

Dividend yield None

Volatility 60 %

Warrants Outstanding

In March 2015, the Company issued an S-1 to register 5,673,980 shares of common stock. As part of this offering, the Company agreed to issue 1,387,530 shares to Company shareholders holding warrants for the purchase of the Company’s common stock. This resulted in the warrant holders forfeiting warrants equal that could have been exercised for 4,286,450 shares of common stock of the Company. The company recognized $693,765 of expense associated with this exchange.

Mr. Kyle Murphy agreed to accept 250,000 warrants in exchange for previously agreed to stock-based compensation upon his resignation from the Company.

The following is a summary of warrants outstanding at May 31, 2015:

Exercise Price Number of Warrants Expiration Date

$ 1.00 375,000 May 2021

$ 1.00 1,264,023 November 2024

$ 0.01 100,000 July 2016

$ 1.00 295,000 March 2020

$ 1.00 295,000 April 2020

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May. 31, 2015

Aug. 31, 2014

Property, Plant and Equipment, Gross $ 592,655

Accumulated depreciation (442,938)

Net property and equipment 149,717 $ 211,525

Computer Equipment [Member]

Property, Plant and Equipment, Gross 553,255

Equipment [Member]

Property, Plant and Equipment, Gross $ 39,400

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INCOME TAXES (Details Narratives) - USD ($)
9 Months Ended

May. 31, 2015

May. 31, 2014

Income Tax Disclosure [Abstract]

Percentage Of Valuation Allowance 100.00% 100.00%

Income Tax Examination, Penalties and Interest Expense $ 0 $ 0

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The sum of the amounts of estimated penalties and interest recognized in the period arising from income tax examinations.
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STOCKHOLDERS' EQUITY (Tables)
9 Months Ended

May. 31, 2015

Equity [Abstract]

Summary of Stock Options activity
As of May 31, 2015, the members of the Board of Directors hold options to purchase 1,750,000 shares of common stock at exercise prices ranging from $0.01 to $0.75, which were granted prior to May 31, 2015.

Transactions in FY2015 Quantity Weighted-Average
Exercise Price Per
Share Weighted-Average
Remaining
Contractual Life

Outstanding, August 31, 2014 1,085,000 0.01 9.15

Granted 1,050,000 0.61 9.81

Exercised 0

Cancelled/Forfeited (385,000) 0.01 9.15

Outstanding, May 31, 2015 1,750,000 0.37 9.54

Exercisable, May 31, 2015 700,000 0.01 9.15

Summary of Stock Options, Exercise Price
The exercise prices for the options outstanding at May 31, 2015 ranged from $0.01 to $0.75, and the information relating to these options is as follows:

Options Exerciseable Options Outstanding

Exercise Price Quantity Weighted-
Average
Exercise
Price Per
Share Weighted-
Average
Remaining
Contractual
Life Quantity Weighted-
Average
Exercise
Price Per
Share Weighted-
Average
Remaining
Contractual
Life

$ 0.01 700,000 $ 0.01 9.15 700,000 0.01 9.15

$ 0.50 600,000 0.50 9.78

$ 0.75 450,000 0.75 9.84

Total 700,000 $ 0.01 9.15 1,750,000 0.37 9.54

Warrants issued for services
The assumptions used in valuing warrants issued for services during the nine months ended May 31, 2015 were as follows:

Risk free interest rate 1.10 %

Expected life 1.5 - 10 Years

Dividend yield None

Volatility 60 %

Summary of warrants outstanding
The following is a summary of warrants outstanding at May 31, 2015:

Exercise Price Number of Warrants Expiration Date

$ 1.00 375,000 May 2021

$ 1.00 1,264,023 November 2024

$ 0.01 100,000 July 2016

$ 1.00 295,000 March 2020

$ 1.00 295,000 April 2020

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STOCKHOLDERS' EQUITY (Details 1) - $ / shares	9 Months Ended
STOCKHOLDERS' EQUITY (Details 1) - $ / shares	May. 31, 2015	Aug. 31, 2014
Option Exercisable	700,000
Option Exercisable, Price	$ 0.01
Option Exercisable, Remaining Contractual Life	9 years 1 month 24 days
Option Outstanding	1,750,000	1,085,000
Option Exercise Price	$ 0.37	$ 0.01
Option Remaining Contractual Life	9 years 6 months 15 days
Stock Options [Member]
Option Exercisable	700,000
Option Exercisable, Price	$ 0.01
Option Exercisable, Remaining Contractual Life	9 years 1 month 24 days
Option Outstanding	1,750,000
Option Exercise Price	$ 0.37
Option Remaining Contractual Life	9 years 6 months 15 days
0.01 [Member] \| Stock Options [Member]
Option Exercisable	700,000
Option Exercisable, Price	$ 0.01
Option Exercisable, Remaining Contractual Life	9 years 1 month 24 days
Option Outstanding	700,000
Option Exercise Price	$ 0.01
Option Remaining Contractual Life	9 years 1 month 24 days
0.50 [Member] \| Stock Options [Member]
Option Outstanding	600,000
Option Exercise Price	$ 0.50
Option Remaining Contractual Life	9 years 9 months 11 days
0.75 [Member] \| Stock Options [Member]
Option Outstanding	450,000
Option Exercise Price	$ 0.75
Option Remaining Contractual Life	9 years 10 months 2 days

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 3)	9 Months Ended
	May. 31, 2015 USD ($)
Notes to Financial Statements [Abstract]
Value at August 31, 2014	$ 118,363
Issuance of instruments	395,871
Change in value	$ 194,826
Net settlements
Value at May 31, 2015	$ 709,060

CONCENTRATIONS (Details Narratives) - Customer Concentration Risk [Member]	9 Months Ended
	May. 31, 2015	May. 31, 2014
Sales Revenue, Services, Net [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	41.00%	34.00%
Accounts Receivable [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	53.00%	47.00%

NOTES PAYABLE (Details) - USD ($)	May. 31, 2015	Aug. 31, 2014
Years Ending December 31,
2015 (remainder of)	$ 3,187,755
2016	$ 590,000
2017
2018	$ 515,000
2019
Total	$ 4,292,755
Note discount	(689,002)	$ (71,758)
Long-term Debt	$ 3,603,753

PROPERTY AND EQUIPMENT (Details Narratives) - USD ($)	9 Months Ended
PROPERTY AND EQUIPMENT (Details Narratives) - USD ($)	May. 31, 2015	May. 31, 2014
Property, Plant and Equipment [Abstract]
Depreciation, Depletion and Amortization	$ 47,866	$ 94,624

NOTES PAYABLE (Details Narrative) - USD ($)	1 Months Ended				6 Months Ended	8 Months Ended	9 Months Ended
NOTES PAYABLE (Details Narrative) - USD ($)	Apr. 30, 2015	Apr. 24, 2015	Mar. 31, 2015	Dec. 31, 2013	Feb. 28, 2015	Aug. 31, 2014	May. 31, 2015	May. 31, 2014	Dec. 31, 2014	Sep. 30, 2014	Mar. 31, 2014	Dec. 31, 2012	Oct. 31, 2010
Interest rate							5.75%		12.00%
Exercise price						$ 1.30	$ 0.01
Amortization of Debt Discount (Premium)							$ 98,945	$ 410,125
Warrants value						$ 78,281
Warrants due to dilutive issuances							375,000
Debt Instrument, Unamortized Discount						71,758	$ 689,002
Interest expense						298,417
Line of credit							$ 2,025,084
Weighted average price per share					$ 1.50		$ 0.61
Amortization of the note discount					$ 53,788
Fair value issunace of note					322,730
Convertible promissory notes						$ 175,000
Issued shares of common stock						198,409
Estimated fair value of shares issued						$ 186,270
Fixed loan fees / interest expense						80,000
Maximum [Member]
Line of credit amount	$ 3,000,000
Unsecured Promissory Note [Member]
Debt Instrument, Fee Amount											$ 1,350,000
Exercise price											$ 1.30
Promissory Note Two [Member] \| California United Bank [Member]
Debt Instrument, Face Amount					$ 1,250,000							$ 1,250,000	$ 1,250,000
Debt Instrument, Interest Rate, Stated Percentage					7.25%								7.25%
Debt Instrument, Outstanding Amount												$ 2,000,000
Amortization of Debt Discount (Premium)							$ 19,569
Debt Instrument, Unamortized Discount							52,189
Promissory Note [Member] \| Loan and Security Agreement [Member] \| Colgan Financial Group, Inc [Member]
Debt Instrument, Face Amount				$ 600,000
Debt Instrument, Interest Rate, Stated Percentage				2.50%
Debt Instrument Increase Additional Borrowings	$ 200,000
Debt Instrument, Unamortized Discount				$ 298,417
Paydown amount in connection with an equity funding				144,000
Balance Paydown amount in connection with an equity funding							715,071
Convertible promissory notes				200,000
Unsecured Promissory Note [Member]
Interest rate										10.00%
Promissory Note One [Member] \| California United Bank [Member]
Debt Instrument, Face Amount													$ 500,000
Debt Instrument, Interest Rate, Stated Percentage													5.75%
Convertible Note [Member] \| Redwood [Member]
Debt Instrument, Face Amount			$ 295,000
Debt Instrument Increase Additional Borrowings			$ 250,000
Interest rate			10.00%
Exercisable warrant issued			295,000
Exercise price of warrant			$ 1.00
Exercisable period of warrant			5 years
Convertible Note [Member] \| Lincoln Park [Member]
Debt Instrument, Face Amount		$ 295,000
Debt Instrument Increase Additional Borrowings		$ 250,000
Interest rate		10.00%
Exercisable warrant issued		295,000
Exercise price of warrant		$ 1.00
Exercisable period of warrant		5 years
Credit Agreement [Member]
Debt Instrument, Fee Amount							$ 894,812
Interest rate							5.00%
Warrants value						$ 248,011
Debt Instrument Maturity Period							500,000
Line of credit amount							$ 1,537,416
Revolving Credit Facility [Member] \| Credit Agreement [Member] \| TCA Global Credit Master Fund, LP [Member]
Debt Instrument, Face Amount				1,500,000
Debt Instrument Increase Additional Borrowings				$ 1,850,000
Revolving Credit Facility [Member] \| Credit Agreement [Member] \| TCA Global Credit Master Fund, LP [Member] \| Second Amendment [Member]
Debt Instrument, Interest Rate, Stated Percentage				15.00%		15.00%
Debt Instrument, Outstanding Amount				$ 2,210,798		$ 2,210,798
Debt Instrument, Fee Amount				330,000		330,000
Debt Instrument, Increase, Accrued Interest				25,431
Debt Instrument, Unamortized Discount				$ 298,417		$ 298,417
Debt Instrument, Frequency of Periodic Payment				monthly
Debt Instrument, Date of First Required Payment				Mar. 31, 2014
Debt Instrument Maturity Period				October2014
Revolving Credit Facility [Member] \| Credit Agreement [Member] \| Maximum [Member] \| TCA Global Credit Master Fund, LP [Member]
Debt Instrument Increase Additional Borrowings				$ 7,000,000

RELATED PARTY TRANSACTIONS (Details Narratives) - USD ($)	May. 31, 2015	May. 31, 2014	Dec. 31, 2013
Related Party Transaction [Line Items]
Accrued Liabilities, Current	$ 0	$ 14,333
MarkeTouch Media, Inc. [Member]
Related Party Transaction [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners			7.50%

STOCKHOLDERS' EQUITY (Details) - $ / shares	6 Months Ended	9 Months Ended
STOCKHOLDERS' EQUITY (Details) - $ / shares	Feb. 28, 2015	May. 31, 2015
Quantity
Outstanding, Beggining Balance	1,085,000	1,085,000
Granted		1,050,000
Exercised
Cancelled/Forfeited		(385,000)
Outstanding, Ending Balance		1,750,000
Exercisable, Ending Balance		700,000
Weighted-Average Exercise Price Per Share
Outstanding, Beggining Balance	$ 0.01	$ 0.01
Granted	$ 1.50	$ 0.61
Exercised
Cancelled/Forfeited		$ 0.01
Outstanding, Ending Balance		0.37
Exercisable, Ending Balance		$ 0.01
Outstanding, Beggining Balance		9 years 6 months 15 days
Granted		9 years 9 months 22 days
Cancelled/Forfeited		9 years 1 month 24 days
Outstanding, Ending Balance		9 years 6 months 15 days
Exercisable, Ending Balance		9 years 1 month 24 days

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	May. 31, 2015	Aug. 31, 2014
CURRENT ASSETS
Cash and cash equivalents		$ 367,286
Accounts receivable, net	$ 727,140	1,039,065
Prepaid expenses and other current assets	91,636	305,691
Current assets to be disposed of	36,860	36,860
TOTAL CURRENT ASSETS	855,636	1,748,902
PROPERTY AND EQUIPMENT, net	149,717	211,525
OTHER ASSETS
Deposits and other assets	40,812	57,659
TOTAL OTHER ASSETS	40,812	57,659
TOTAL ASSETS	1,046,165	2,018,086
CURRENT LIABILITIES
Accounts payable	957,736	835,423
Accrued expenses	401,955	284,362
Accrued payroll and related expenses	440,129	$ 411,280
Book Overdraft	$ 173,948
Deferred revenue		$ 1,102,500
Accrued interest	$ 101,630	35,773
Due to shareholders / officer	169,238	155,476
Notes payable, net of discount of $689,002 and $71,758, respectively	3,088,753	2,053,134
Line of credit	2,000,000	1,500,000
Derivative liability	709,060	118,363
Current liabilities to be disposed of	335,857	335,857
TOTAL CURRENT LIABILITIES	8,378,306	6,832,168
Notes payable, non-current	515,000	1,297,988
TOTAL LIABILITIES	$ 8,893,306	$ 8,130,156
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY (DEFICIT)
Common stock, $0.001 par value; 937,500,000 shares authorized, 41,503,980 and 38,536,450 shares issued and outstanding, respectively	$ 41,974	$ 38,536
Additional paid-in capital	6,182,259	3,149,711
Accumulated deficit	(14,071,374)	(9,300,317)
TOTAL GREENWOOD HALL, INC. STOCKHOLDERS' EQUITY (DEFICIT)	$ (7,847,141)	$ (6,112,070)
Noncontrolling interest
TOTAL STOCKHOLDERS' EQUITY (DEFICIT)	$ (7,847,141)	$ (6,112,070)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	$ 1,046,165	$ 2,018,086

STOCKHOLDERS' EQUITY (Details 3) - $ / shares	Nov. 30, 2024	May. 31, 2021	Apr. 30, 2020	Mar. 31, 2020	Jul. 31, 2016
Equity [Abstract]
Warrants Outstanding Exercise Price 1	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 0.01
Number of Warrants Outstanding 1	1,264,023	375,000	295,000	295,000	100,000

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	9 Months Ended
	May. 31, 2015
Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	7 years
Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	5 years
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	7 years

STOCKHOLDERS' EQUITY (Details Narratives) - USD ($)	3 Months Ended		9 Months Ended
STOCKHOLDERS' EQUITY (Details Narratives) - USD ($)	May. 31, 2015	May. 31, 2014	May. 31, 2015	May. 31, 2014	Jul. 31, 2015	Aug. 31, 2014
Common Stock, Shares Authorized	937,500,000		937,500,000			937,500,000
Common Stock, Par or Stated Value Per Share	$ 0.001		$ 0.001			$ 0.001
Share repurchase obligation						$ 14,333
Exercise price	$ 0.01		$ 0.01			$ 1.30
Warrnts value			$ 41,168
Warrants for services			100,000
Expected term			1 year 8 months 12 days
Recognized operating expense	$ 3,902,068	$ 2,532,855	$ 10,360,785	$ 8,962,527
Shares reserved for issuance					5,000,000
Granted shares			1,050,000
Fair value of options			$ 210,692
Risk free interest rate			2.72%
Expected life			5 years 6 months
Dividend yield			0.00%
Volatility			30.00%
Offering of common stock	5,673,980		5,673,980
Common stock agreed to issue to shareholders	1,387,530		1,387,530
Warrants forfeited equal to common stock exercisable	4,286,450		4,286,450
Expense recognized	$ 693,765		$ 693,765
Mr. Kyle Murphy [Member]
Warrants issued in exchange for previously agreed stock-based compensation	250,000		250,000
Maximum [Member]
Options to purchase			0.01
Minimum [Member]
Options to purchase			0.75
Stock Options [Member]
Options to purchase			1,750,000
September 2014
Share repurchase obligation	$ 1,000,000		$ 1,000,000
Total debt	$ 1,386,450		$ 1,386,450
Exercise price	$ 1.00		$ 1.00
Total proceeds	$ 1,000,000		$ 1,000,000
January 2015
Common Stock, Shares Authorized	250,000		250,000
Accrued interest	$ 11,555		$ 11,555
Exercise price	$ 1.00		$ 1.00
Total proceeds	$ 250,000		$ 250,000
Consultant [Member]
Exercise price	$ 1.00		$ 1.00
Additional warrants			1,264,024
Warrants for services			1,264,023
Expected term			10 years
Common Stock [Member]
Common Stock, Shares Authorized	937,500,000		937,500,000
Common Stock, Par or Stated Value Per Share	$ 0.0001		$ 0.0001
Share repurchase obligation	$ 3,036,450		$ 3,036,450
Accrued interest	$ 1,645,611		$ 1,645,611
Vendor [Member]
Shares received by vender			80,000
Recognized operating expense			$ 72,000

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) - 9 months ended May. 31, 2015 - Range Member	Total
Risk-free interest rate	2.72%
Expected Life	5 years 6 months
Dividend yield	0.00%
Volatility	30.00%
Warrant [Member]
Risk-free interest rate	1.10%
Expected Life	1 year
Dividend yield	0.00%
Volatility	60.00%

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($)	May. 31, 2015	Aug. 31, 2014
Statement of Financial Position [Abstract]
Debt Instrument, Unamortized Discount	$ 689,002	$ 71,758
Common Stock, Par Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares Authorized	937,500,000	937,500,000
Common Stock, Shares, Issued	41,503,980	38,536,450
Common Stock, Shares, Outstanding	41,503,980	38,536,450

Document and Entity Information - May. 31, 2015 - shares	Total
Document And Entity Information
Document Type	10-Q
Amendment Flag	false
Document Period End Date	May 31, 2015
Trading Symbol	ELRN
Entity Registrant Name	Greenwood Hall, Inc.
Entity Central Index Key	0001557644
Current Fiscal Year End Date	--08-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding	41,503,980
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well Known Seasoned Issuer	No
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q3

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1)	May. 31, 2015 USD ($)
Fair Value, Inputs, Level 1 [Member]
Derivative Liabilities
Fair Value, Inputs, Level 2 [Member]
Derivative Liabilities
Fair Value, Inputs, Level 3 [Member]
Derivative Liabilities	$ 709,060

SUBSEQUENT EVENTS (Details Narratives) - Jun. 05, 2015 - Subsequent Event [Member]	USD ($) ft² $ / shares
Gross proceeds	$ 140,000
Warrant purchase exercise price \| $ / shares	$ 1.30
Total base rent payable	$ 556,418
Annual rent	$ 8,355
Lease Area \| ft²	2,369

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	9 Months Ended
	May. 31, 2015	May. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) from continuing operations	$ (4,771,058)	$ (4,310,794)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities of continuing operations:
Stock-based compensation	1,565,723
Depreciation and amortization	47,866	$ 94,624
Amortization of note discount	98,945	$ 410,125
Change in value of derivative liabilities	194,826
Changes in operating assets and liabilities:
Accounts receivable	311,925	$ 348,796
Prepaid expenses and other current assets	230,903	154,684
Accounts payable	124,544	308,778
Accrued expenses	117,592	429,555
Accrued payroll and related	28,849	11,555
Deferred revenue	(1,102,500)	82,780
Accrued interest and related	65,859	133,433
Advances from officers, net	60,882	86,782
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	$ (3,025,644)	(2,249,682)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment		(21,772)
NET CASH USED IN INVESTING ACTIVITIES		(21,772)
CASH FLOWS FROM FINANCING ACTIVITIES:
Book overdraft	$ 173,948	(208,436)
Proceeds from issuance of notes payable	1,701,500	5,661,354
Payments on notes payable	$ (455,535)	(3,510,732)
Repurchase of common stock		$ (39,000)
Proceeds from the sale of stock	$ 1,238,445
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	2,658,358	$ 1,903,186
NET INCREASE (DECREASE) IN CASH	(367,286)	(368,268)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	$ 367,286	$ 368,268
CASH AND CASH EQUIVALENTS, END OF YEAR
Supplemental disclosures:
Interest paid in cash	$ 297,009	$ 935,649
Income taxes paid in cash

PROPERTY AND EQUIPMENT (Details) - USD ($)	May. 31, 2015	Aug. 31, 2014
Property, Plant and Equipment, Gross	$ 592,655
Accumulated depreciation	(442,938)
Net property and equipment	149,717	$ 211,525
Computer Equipment [Member]
Property, Plant and Equipment, Gross	553,255
Equipment [Member]
Property, Plant and Equipment, Gross	$ 39,400

INCOME TAXES (Details Narratives) - USD ($)	9 Months Ended
INCOME TAXES (Details Narratives) - USD ($)	May. 31, 2015	May. 31, 2014
Income Tax Disclosure [Abstract]
Percentage Of Valuation Allowance	100.00%	100.00%
Income Tax Examination, Penalties and Interest Expense	$ 0	$ 0