0001615774-16-003941.txt : 20160119 0001615774-16-003941.hdr.sgml : 20160118 20160119172320 ACCESSION NUMBER: 0001615774-16-003941 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 54 CONFORMED PERIOD OF REPORT: 20151130 FILED AS OF DATE: 20160119 DATE AS OF CHANGE: 20160119 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: 161349102 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 s102505_10q.htm FORRM 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 November 30, 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)

310-905-8300
(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 ¨ No x

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 November 30, 2015, there were 47,943,273 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.	25
Item 3. Quantitative and Qualitative Disclosures About Market Risk.	35
Item 4. Controls and Procedures.	35

PART II - OTHER INFORMATION	35
Item 1. Legal Proceedings	35
Item 1A. Risk Factors	36
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	36
Item 3. Defaults Upon Senior Securities	36
Item 4. Mine Safety Disclosures.	36
Item 5. Other Information.	36
Item 6. Exhibits.	37

SIGNATURES

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 November 30, 2015 include all adjustments, consisting of normal recurring adjustments, necessary in order to ensure that the unaudited interim financial statements are not misleading.

GREENWOOD HALL, INC.

INDEX TO FINANCIAL STATEMENTS

Balance Sheets	4
Statements of Operations	5
Statements of Cash Flows	6
Notes to Financial Statements	7

GREENWOOD HALL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

NOVEMBER 30, 2015 AND AUGUST 31, 2015

	(Unaudited)
	November 30,			August 31,
	2015			2015
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	30,328		$	211,725
Accounts receivable, net		251,626			594,035
Prepaid expenses and other current assets		87,922			125,891
Current assets to be disposed of		36,860			36,860

TOTAL CURRENT ASSETS		406,736			968,511

PROPERTY AND EQUIPMENT, net		126,693			142,872

OTHER ASSETS
Deposits and other assets		74,783			75,034

TOTAL OTHER ASSETS		74,783			75,034

TOTAL ASSETS	$	608,212		$	1,186,417

LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

CURRENT LIABILITIES
Accounts payable	$	1,502,751		$	1,332,057
Accrued expenses		789,133			634,780
Accrued payroll and related expenses		523,299			441,279
Deferred revenue		67,526			11,100
Accrued interest		346,659			251,751
Due to shareholders / officer		172,345			169,970
Notes payable, net of discount of $1,054,213 and $1,364,771, respectively		3,814,088			2,955,240
Line of Credit		2,000,000			2,000,000
Derivative liability		97,346			1,664,993
Current liabilities to be disposed of		335,857			335,857

TOTAL CURRENT LIABILITIES		9,649,004			9,797,027

Notes payable, non-current		37,329			552,329

TOTAL LIABILITIES		9,686,333			10,349,356

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY (DEFICIT)
Common stock, $0.001 par value; 937,500,000 shares authorized, 47,943,273 and 45,114,297 shares issued and outstanding, respectively		47,944			45,115
Subscription Receivable		(190,000	)
Additional paid-in capital		13,464,921			9,934,174
Accumulated deficit		(22,400,986	)		(19,142,228	)

TOTAL STOCKHOLDERS' EQUITY (DEFICIT)		(9,078,121	)		(9,162,939	)

Noncontrolling interest		-			-

TOTAL STOCKHOLDERS' EQUITY (DEFICIT)		(9,078,121	)		(9,162,939	)

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	$	608,212		$	1,186,417

See report of independent registered public accounting firm

and notes to consolidated financial statements.

GREENWOOD HALL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE MONTHS ENDED NOVEMBER 30, 2015 AND

THREE MONTHS ENDED NOVEMBER 30, 2014

UNAUDITED

	2015			2014

REVENUES	$	1,290,001		$	2,664,968

OPERATING EXPENSES
Direct cost of services		875,299			1,578,471
Personnel		691,468			858,960
Selling, general and administrative		1,026,477			769,449
Equity-based expense		88,184			-

TOTAL OPERATING EXPENSES		2,681,428			3,206,880

INCOME (LOSS) FROM OPERATIONS		(1,391,427	)		(541,912	)

OTHER INCOME (EXPENSE)
Interest expense		(2,052,792	)		(109,528	)
Change in value of derivatives		202,249			-
Miscellaneous income (expense), net		(16,788	)		82,227

TOTAL OTHER INCOME (EXPENSE)		(1,867,331	)		(27,301	)

INCOME (LOSS) FROM CONTINUING OPERATIONS
BEFORE PROVISION FOR (BENEFIT FROM) INCOME TAXES		(3,258,758	)		(569,213	)

Provision for (benefit from) income taxes		-			-

INCOME (LOSS) FROM CONTINUING OPERATIONS		(3,258,758	)		(569,213	)

INCOME (LOSS) FROM DISCONTINUED OPERATIONS, net of tax		-			-

NET INCOME (LOSS)		(3,258,758	)		(569,213	)

Net income (loss) attributable to noncontrolling interests		-			-

Net income (loss) attributable to PCS Link, Inc. common stockholders	$	(3,258,758	)	$	(569,213	)

Earnings per share - basic and diluted
Income (loss) from continuing operations attributable to Greenwood Hall, Inc. common stockholders	$	(0.07	)	$	(0.01	)
Income (loss) from discontinuing operations attributable to Greenwood Hall, Inc. common stockholders		-			-

Net income (loss) attributable to Greenwood Hall, Inc. common stockholders	$	(0.07	)	$	(0.01	)

Weighted average common shares - basic and diluted		47,656,478			39,536,450

See report of independent registered public accounting firm

and notes to consolidated financial statements.

GREENWOOD HALL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE THREE MONTHS ENDED NOVEMBER 30, 2015 AND

THREE MONTHS ENDED NOVEMBER 30, 2104

UNAUDITED

	2015			2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	(3,258,758	)	$	(569,213	)
Net (income) loss from discontinued operations		-			-
Net income (loss) from continuing operations		(3,258,758	)		(569,213	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities of continuing operations:
Non-cash interest on convertible promissory notes		335,559			6,523
Stock-based compensation		20,084			-
Shares issued for services		68,100			-
Shares issued for settlement		1,500,000			-
Depreciation and amortization		16,179			15,840
Change in value of derivatives		(202,249	)		-
Changes in operating assets and liabilities:
Accounts receivable		342,410			439,804
Prepaid expenses and other current assets		37,969			196,660
Deposits and other assets		251			-
Accounts payable		169,157			(204,546	)
Accrued expenses		154,353			20,177
Accrued payroll and related		82,020			16,653
Deferred revenue		56,426			(993,897	)
Accrued interest		94,908			(14,848	)
Advances from officers, net		2,375			(42,890	)
Net cash provided by (used in) operating activities of continuing operations		(581,216	)		(1,129,737	)
Net cash provided by (used in) operating activities of discontinued operations		-			-

NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES		(581,216	)		(1,129,737	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of notes payable		100,000			-
Payments on notes payable		(10,181	)		(192,750	)
Proceeds from the sale of stock		310,000			-
Proceeds from the sale of units		-			1,000,000
Net cash provided by (used in) financing activities of continuing operations		399,819			807,250
Net cash provided by (used in) financing activities of discontinued operations		-			-

NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES		399,819			807,250

NET INCREASE (DECREASE) IN CASH FROM CONTINUING OPERATIONS		(181,397	)		(322,487	)
NET INCREASE (DECREASE) IN CASH FROM DISCONTINUED OPERATIONS		-			-
NET INCREASE (DECREASE) IN CASH		(181,397	)		(322,487	)

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD		211,725			367,286

CASH AND CASH EQUIVALENTS, END OF PERIOD	$	30,328		$	44,799

Supplemental disclosures:
Interest paid in cash	$	297,009		$	117,853
Income taxes paid in cash	$	-		$	-

Supplemental disclosure of non-cash investing and financing activities:
Conversion of convertible note and accrued interest into common stock	$	80,000		$	-

See report of independent registered public accounting firm

and notes to consolidated financial statements.

GREENWOOD HALL, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization

Greenwood Hall is an education technology company. We provide technology-enabled solutions that enable public and private, not-for-profit colleges and universities to support student learning anywhere. Greenwood Hall does this by providing the services and technology that enable schools to revolutionize how they are able to manage the student lifecycle. Each one of our solutions are designed to help our education partners increase revenue, improve efficiencies, enhance student experience, and improve student outcomes. 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 111 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 November 30, 2015 and has incurred a loss from operations during the first quarter of fiscal year 2016. 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 quarter ended November 30, 2015, the Company received approximately $400,000 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.

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. Potential dilutive instruments including warrants, stock options, and shares issuable upon conversion of promissory notes, have been excluded from the computation of diluted shares as their effect is anti-dilutive during fiscal 2016 and 2015.

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 $12,833 and $29,685 for the three months ended November 30, 2015, and the three months ended November 30, 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 $20,084 and $0 for the three months ended November 30, 2015 and the three months ended November 30, 2014, respectively. This expense is included in the condensed consolidated statements of operations as Equity-based expense.

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.

During 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 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 (“CUB”). 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 ratified by CUB and CFG (collectively “Lenders”). As part of the amendment dated April 13, 2015, CFG may convert its outstanding balance under this note at the lessor of 85% of the 10 day average trading price or $1.50.

In December 2014, the Company entered into a Secured Convertible Note with CFG and Robert Logan pursuant to which the Company issued a convertible promissory note of $500,000 and the right to purchase shares 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 $295,000 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 August 2015, this note was converted into shares of common stock. In connection with the conversion, the liability associated with the conversion feature was measured at $27,925 on the conversion date and reclassified into stockholders’ equity.

In August 2015, the Company entered into a Convertible Note with Redwood pursuant to which the Company issued a convertible promissory note of $588,236 and the right to purchase shares upon the payment or conversion of the note principal. The conversion price (the “Conversion Price”) shall be subject to equitable adjustments for stock splits, stock dividends or rights offerings by the Company relating to the Company’s securities or the securities of any subsidiary of the Company, combinations, recapitalization, reclassifications, extraordinary distributions and similar events. Relative to the thirty (30) trading days immediately prior to a Notice of Conversion, the Conversion Price shall mean: (i) $0.50 if the Company’s common stock trading price during the term hereof, on its applicable exchange or principal marketplace, as may be the case from time to time, as such closing price is reported by The Wall Street Journal, closes above $1.00; or (ii) $0.35 if such closing price is below $1.00. 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 $295,000 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 August 2015, the Company entered into a Convertible Note with Lincoln Park pursuant to which the Company issued a convertible promissory note of $295,000 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 three months ended November 30, 2015 and the three months ended November 30, 2014, the Company recognized a change in value of the derivative liability of $202,249 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 November 30, 2015 and 2014 for assets and liabilities measured at fair value on a recurring basis.

November 30, 2015

		Level 1				Level 2				Level 3
Derivative Liabilities		$	—			$	—			$	97,346

August 31, 2015

		Level 1				Level 2				Level 3
Derivative Liabilities		$	—			$	—			$	1,664,993

The assumptions used in valuing derivative instruments issued during the twelve months ended November 30, 2015 were as follows:

Risk free interest rate			0.51% - 1.65%
Expected life			0.38 – 5.50 Years
Dividend yield			None
Volatility			100%

The following is a reconciliation of the derivative liability related to these instruments for the three months ended November 30, 2015:

Value at August 31, 2015	$	1,664,993
Issuance of instruments		0
Change in value		(202,249	)
Net settlements		(1,365,398	)
Value as of November 30, 2015	$	97,346

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 $16,179 and $15,840 for the three months ended November, 2015 and the three months ended November 30, 2014, respectively, and is included in the accompanying consolidated statements of operations in selling, general and administrative expenses.

At November 30, 2015 and August 31 2015, property and equipment consists of the following:

	November 2015			August 2015
Computer equipment	$	553,255			553,255
Software and Equipment		39,400			39,400
Furniture & Fixtures		9,177			9,177
		601,832			601,832
Accumulated depreciation		(475,139	)		(458,960	)
Net property and equipment	$	126,693			142,872

3. NOTES PAYABLE

Opus Bank:

On May 28, 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 Global Credit Master Fund, LP. Monthly payments of principal and interest are required through the maturity date in May 2017. The amounts owed to Colgan Financial Group (“CFG”) and California United Bank (“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 ratified by CUB and CFG (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.

On September 24, 2015, PCS Link, Inc. dba Greenwood & Hall (“PCS Link”), a subsidiary of Greenwood Hall, Inc., the Company, and Opus Bank (“Opus”) agreed to terms for a Third Amendment, Waiver and Ratification agreement (“Opus Third Amendment”) amending the Amended and Restated Credit Agreement, as amended, between the parties dated as of July 18, 2014 (“Opus Credit Agreement”). The Opus Amendment amends the Opus Credit Agreement as follows:

Opus waived all prior covenant defaults.

Opus shall have no obligation to advance any further credit to PCS Link, either by way of overdraft coverage or advances on any loans currently outstanding.

The maturity date (“Maturity Date”) means the earlier of (i) April 15, 2016, (ii) the date on which the issuance of securities occurs resulting in aggregate proceeds not less than the outstanding debt owed Opus, or (iii) the date on which the sale of all of the capital stock or substantially all of the assets of PCS Link occurs.

By October 2, 2015, PCS Link will issue equity and/or unsecured debt resulting in aggregate gross proceeds not less than $1,250,000.

PCS Link shall have no further obligation to comply with the financial covenants.

PCS Link shall not be required to make any principal payments until the Maturity Date. All accrued principal, along with all accrued and unpaid interest, shall be due and payable in full on the Maturity Date.

The outstanding balance of PCS Link shall accrue interest at the rate of 8% per annum beginning on August 1, 2015. PCS Link shall make such interest payments on a monthly basis commencing as of September 1, 2015.

Opus will receive 1,200,000 warrants for shares of common stock at an exercise price of $1.00 per share, not to include anti-dilution or cash-less exercise provision. Opus’s existing warrant with an issue date of July 18, 2014 shall be surrendered upon issuance of the 1,200,000 warrants.

As of November 30, 2015, the Company has not yet raised the required equity or unsecured debt and, as of January 19, 2016, is not in compliance with this requirement. No event of default has been formally declared by Opus Bank as of November 30, 2015.

As of November 30, 2015, the balance outstanding on the term loan and line of credit amounted to $1,562,280 and $2,058,115, respectively. At November 30, 2015, amounts owed pursuant to the Credit Agreement bear interest at a rate of 8.00% 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 three months ended November 30, 2015, the Company recognized $6,523 of amortization related to this discount, leaving a balance of $39,140 at November 30, 2015.

California United 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.

On May 22, 2014, the Company and CUB amended the promissory note of $1,250,000 to extend the maturity date to the earlier of i) October 31, 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 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.

In conjunction with the Opus Third Amendment dated September 24, 2015, the following terms were agreed to with California United Bank:

CUB will provide the Company a forbearance period beginning September 1, 2015 and continuing through April 15,2016 (the “ Forbearance Period ”) and extend the maturity of its facility to April 15, 2016.

CUB will receive during the Forbearance Period monthly interest payments of interest in full for the period starting September 1, 2015.

CUB shall be paid deferred interest due upon the Company raising $2,000,000 in working capital, but only if the Company has satisfied its obligations in accordance with Company’s prepared cash projections.

CUB will receive a full payoff of all its outstanding principal, interest (including accrued and unpaid interest as of the date of this letter), fees, and expenses (including, but not limited to, CUB’s outside counsel legal fees and costs) by April 15, 2016 or at the successful consummation of any public offering, strategic private investments, or take private scenario, whichever occurs first.

CUB will receive 523,587 warrants for shares of common stock at an exercise price of $1.00 per share, not to include anti-dilution or cash-less exercise provision

As of November 30, 2015, the balance remaining is $906,774.

Colgan Financial Group, Inc.:

In December 2014, in consideration for funds in the amount of $500,000 received by Greenwood Hall, Inc. from Colgan Financial Group, Inc. (“CFG”) 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 three (3) year note and is secured by substantially all assets of the Company. This note is subordinate to the notes held by Opus and CUB.

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 ten (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 approximately $323,000 and is being amortized over the term of the note using the effective interest method. Amortization of the note discount during the three months ended November 30, 2015 amounted to approximately $81,000.

In conjunction with the Opus Third Amendment of September 25, 2015, the following terms were agreed to with Colgan Financial Group:

CFG will provide the Company a forbearance period beginning September 1, 2015 and continuing through April 15,2016 and extend the maturity of its facility to April 15, 2016.

Payment obligation of quarterly interest payments due under the Note from the date hereof through the Forbearance Termination Date is modified so that (i) until Borrower has raised an additional $2,000,000 in working capital since August 12, 2015 and satisfied its obligations in accordance with its cash projections, interest shall continue to accrue in accordance with the Note, and upon completion of such additional capital raise, the amount of such accrued and unpaid interest shall be added to the principal amount of the Note as of the date of completion of such capital raise and shall accrue interest and be payable thereafter; and (ii) upon completion of such capital raise, interest shall continue to accrue thereafter and be payable at fifty percent (50%) of the amount of interest due among all Notes with lender shall not exceed in the aggregate eleven thousand one-hundred seventy-six and 50/100 dollars ($11,176.50) per month, and the remaining unpaid balance of such accrued interest shall be paid in full on the Opus Maturity Date.

CFG will receive 20,000 warrants for shares of common stock at an exercise price of $1.00 per share, not to include anti-dilution or cash-less exercise provision.

The conversion price for Eighty Thousand Dollars ($80,000) of the outstanding principal will be Ten Cents ($0.10) per share.

Redwood Fund, LP:

On or about March 31, 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 connection with this note, the Company recorded an aggregate note discount of $177,647, which was amortized to interest expense during the year ended August 31, 2015. On August 18, 2015, Redwood as part of an additional investment, elected to exercise its existing conversion rights under its March 2015 convertible promissory note and warrant under revised terms which resulted in an issuance of 3,359,775 additional shares of Common Stock to Redwood. In connection with the revision of terms, which related to reducing the exercise price of warrants and the conversion price of the note, the Company recognized a charge to interest expense of $2,346,461 during the year ended August 31, 2015.

On August 14, 2015, the Company entered into a one-year $588,236 Convertible Note with Redwood. In conjunction with this 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. In connection with this debt, the Company recorded a note discount equal to $588,236 associated with the measurement of the warrants and conversion issued therewith. In addition to this note and the Warrant, at the Closing, the Company issued 200,000 shares of common stock to Redwood, which were measured at the closing price on the date of issuance. The aggregate value of the shares, warrants and conversion feature exceeded the face value of the note. As a result, the Company recognized a charge to interest expense in the amount of $1,165,202 on the date of issuance related to such excess value. During the three months ended November 30, 2015, the Company recognized approximately $147,059 of amortization of note discount.

On November 6, 2015, the Company entered into a six month $125,000 Promissory note with Redwood with an original issue discount of 20% or $25,000. Interest will accrue monthly at 10% annually and the note is unsecured. During the three months ended November 30, 2015, the Company recognized approximately $1,667 of amortization of note discount and $822 accrued interest.

Lincoln Park Capital Fund, LLP:

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. In connection with this debt, the Company recorded a note discount equal to approximately $215,000 associated with the measurement of the warrants and conversion feature issued therewith. During the three months ended November 30, 2015, the Company recognized approximately $70,000 of amortization of note discount.

On August 21, 2015, the Company entered into a one-year $295,000 Convertible Note with Lincoln Park. In conjunction with this note, the Company issued Lincoln Park warrants that are exercisable for 400,000 shares of the Company’s common stock over the next five (5) years at an exercise price of $1.00 per share. Interest will accrue monthly at 10% annually and the note is unsecured. In connection with this debt, the Company recorded a note discount equal to approximately $247,000 associated with the measurement of the warrants and conversion issued therewith. During the three months ended November 30, 2015, the Company recognized approximately $53,880 of amortization of note discount.

Colgan Financial Group, inc.:

During 2013, the Company entered into a Loan and Security Agreement with 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 an advisor to the Company and is secured by substantially all assets of the Company. This note is subordinate to the notes held by CUB. In July 2014, a payment 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 ratified by CUB and CFG (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 therewith, the Company entered into Amendment No. 4 to the Loan and Security Agreement with CFG. Pursuant to the 4^th amendment, the Company consolidated two of the notes outstanding to CFG (the December 2013 promissory note and the $200,000 promissory note issued in February 2015). The balance of the amended note on the date of Amendment No. 4 was $688,120. Amendment No. 4 provided CFG with the ability to convert the note, at its option, at a conversion price equal to the lesser of (i) 85% of the weighted average price per share of the Company’s common stock as reported by the exchange or over the counter market for the ten (10) trading days prior to the date of the notice of conversion or (ii) $1.50. The conversion feature is accounted for as a derivative liability in accordance with ASC 815. On the grant date, the conversion feature was valued at approximately $188,000, which was recorded as a note discount. During the year ended August 31, 2015, amortization of the note discount amounted to approximately $70,000. As of August 31, 2015, the balance remaining is $766,680 including accrued interest. The note maturity was extended to April 2016 pursuant to an amendment to the note that became effective in September 2015.

During the eight months ended August 31, 2014, the Company issued two (2) convertible promissory notes to CFG, 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.

Promissory Note

The Company also finances the purchases of small equipment. The amount of such notes is not significant at November 30, 2015. The following is a schedule, by year, of future minimum principal payments required under notes payable as of November 30, 2015:

Years Ending August 31,
2016	$	6,873,901
2017	$	37,329
2018
2019		—
Total		6,905,630
Note discount		(1,054,213	)
	$	5,851,417

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. On June 9, 2015, MarkeTouch Media and Greenwood Hall came to a settlement whereby MarkeTouch Media does not own any stock or equity or other ownership right in Greenwood Hall or PCS Link in exchange for Service credits of $174,000 for use towards any monthly or other payment owed for services to Greenwood Hall for services performed between June 1, 2015 and May 31, 2018 but not to exceed $10,000 credit any one given month.

5. STOCKHOLDERS’ EQUITY

The Company is authorized to issue one class of stock, which represents 937,500,000 shares of common stock, par value $0.001.

Common Stock

Pursuant to an agreement between the Company and MarkeTouch, the Company is repurchasing the shares held by MarkeTouch. This agreement was settled per an agreement dated June 9, 2015. MarkeTouch relinquished all equity and ownership rights in exchange for service credits up to $174,000 to be used over a designated period with certain monthly limits.

On September 16, 2015, the Company closed a stock purchase agreement with Neil Rogers (“Rogers”) for an aggregate purchase price of $500,000 for a total of 500,000 shares of Common Stock. The Company agreed that $190,000 of the cash consideration is subject to the effectiveness of a registration statement for the issued shares. The use of proceeds was for general working capital purposes.

On September 16, 2015, pursuant to the termination of a registration rights agreement between the Company, Rogers, and Byrne United S.A. ("Byrne"), the Company agreed to issue 625,000 shares of Common Stock to Rogers and 625,000 shares of Common Stock to Byrne. The Company recognized an interest expense of $ 1,500,000 associated with this issuance.

The Company made the above offerings to Byrne and Rogers in an offshore transaction relying on Regulation S and/or Section 4(a)(2) of the Securities Act as Byrne and Rogers are non-U.S. persons (as that term is defined in Regulation S of the Securities Act).

On September 24, 2015, CFG converted $ 80,000 in debt at a price of $ 0.10 per share of Common Stock, pursuant to the Opus Third Amendment.

Stock Issued for Services

In April 2015, the Company entered into a three (3) month agreement with a vendor for advisory and consulting services. The agreement was extended into the Company’s current fiscal year. For the quarter that ended November 30, 2015, the vendor received 28,976 shares which were measured based on their grant-date fair value and recognized as an operating expense of $48,100.

In September 2015, the Company entered into a three (3) month agreement with a vendor for advisory and consulting services. For the quarter that ended November 30, 2015, the vendor received 250,000 shares which were measured based on their grant-date fair value and recognized as an operating expense of $20,000.

Stock Option Plan

In July 2014, the Board of Directors adopted, and the shareholders approved, the 2014 Stock 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 November 30, 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 August 31, 2015.

Transactions in Q1 2016	Quantity		Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Life
Outstanding, August 31, 2015		1,750,000		0.37		9.29
Granted		0		0
Exercised		0		0
Cancelled/Forfeited		0		0
Outstanding, November 30, 2015		1,750,000		0.37		9.04
Exercisable, November 30, 2015		1,750,000		0.37		9.04

The fair value of these options was estimated at the date of grant using the Black Scholes option pricing model with the following assumptions: no dividends, 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 was 9.04 years at November 30, 2015. The exercise prices for the options outstanding at November 30, 2015 ranged from $0.01 to $0.75, and the information relating to these options is as follows:

OPTIONS OUTSTANDING						OPTIONS EXERCISABLE
Quantity		Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Life		Quantity		Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Life
	700,000	$	0.01		8.65		700,000		0.01		8.65
	600,000	$	0.50		9.28		600,000		0.50		9.28
	450,000	$	0.75		9.34		225,000		0.75		9.34
	1,750,000	$	0.37		9.04		1,750,000	$	0.37		9.04

Warrants Outstanding

The following is a summary of warrants outstanding at November 30, 2015:

Exercise Price		Number of Warrants		Expiration Date
$	1.30		375,000	May 2021
$	1.00		1,264,023	Nov 2024
$	0.01		100,000	Jul 2016
$	1.00		295,000	Apr 2016
$	1.00		400,000	Aug 2016
$	0.50		1,176,473	Aug 2016

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 three months ended November 30, 2015, four (4) customers represented 53% of net revenues and for the three months ended November 30, 2014 one (1) and two (2) projects represented 57% of net revenues, respectively. A decision by this customer to cease business relations with the Company may have a material adverse effect on the Company’s financial condition and results of operations.

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 November 30, 2015.

As of November 30, 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

The Company leases its operating facilities under non-cancelable operating leases that expire through 2024. Total rent expense for the three months ended November 30, 2015, the three months ended November 30, 2014, amounted to $184,111and $80,068, 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 August 31, 2015:

Years Ending August 31,
2016	$	576,899
2017		676,425
2018		694,857
2019		713,753
2020		716,767
Thereafter		1,642,397
	$	5,021,098

Employment Agreements

At November 30, 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 (“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 2016, 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. In October 2015, Hall, in his individual capacity, was dismissed from the litigation as a defendant upon a successful motion to dismiss him. At this time, he is no longer a defendant in the litigation. The lawsuit is in the midst of discovery, with all parties providing documents and taking depositions. The court has not yet scheduled a trial date, but has indicated that the case will be set for trial in the latter half of 2016. Given that he is no longer a defendant, it appears very likely that Hall will not experience a negative outcome of a judgment against him. Robin Hood reserves the right to appeal Hall’s dismissal from the case, but at this time, no Notice of Appeal has been filed.

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. 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.

10. SUBSEQUENT EVENTS

On December 10, 2015, Seminole State College renewed its services agreement with the Company.

On December 12, 2015, the Company accepted the resignation of Brett Johnson, the Company’s President.

On December 22, 2015, the Company accepted the resignation of Tina Gentile, the Company’s Interim Chief Financial Officer.

On December 31, 2015, the Company issued an unsecured convertible promissory note in the amount of $275,000. The holder of the note has the option to convert the note at $ 0.40 per share of the Company’s common stock. The note bears an interest at a rate of 10% per annum and is due May 31, 2016.

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 education technology company. We provide technology-enabled solutions that enable public and private, not-for-profit colleges and universities to support student learning anywhere. Greenwood Hall does this by providing the services and technology that enable schools to revolutionize how they are able to manage the student lifecycle. Each one of our solutions are designed to help our education partners increase revenue, improve efficiencies, enhance student experience, and improve student outcomes. 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 111 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:

Greenwood Hall solutions provide the infrastructure, technology, and execution schools need so they optimize how they acquire, serve, and retain students enabling schools to better focus on what they do best – delivering high quality academic programming.

Greenwood Hall technology-enabled solutions are segmented into three (3) distinct but often integrated elements:

Online Program Management: Turnkey solutions that help schools launch, grow, and support online learning enterprises including student acquisition/marketing, enrollment counseling/recruitment, on-going student advising/support, career placement, and the technology required to deliver eLearning content.

Student Services: Solutions that enable schools to rely on Greenwood Hall advisors to handle student financial aid, technical support, registration, career placement, and other support inquiries.

Retention & Reenagement: Solutions that seek to provide targeted advising, intervention and coaching to students at-risk of dropping out of their academic program or who have already left a program.

Subsequent Events

On December 10, 2015, Seminole State College renewed its services agreement with the Company.

On December 12, 2015, the Company accepted the resignation of Brett Johnson, the Company’s President.

On December 22, 2015, the Company accepted the resignation of Tina Gentile, the Company’s Interim Chief Financial Officer.

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 2014, the efforts had a negative impact on the Company’s financial performance in the 2014 and 2015 calendar years.

Going Concern

Our financial statements have been prepared on a going concern basis, we must raise additional capital to fund our operations in order to continue as a going concern. The Company has an accumulated deficit and a working capital deficit as of November 30, 2015 and incurred a loss from continuing operations during the first quarter. These conditions raise substantial doubt about the Company’s ability to continue as a going concern.

Rose, Snyder & Jacobs LLP, our independent registered public accounting firm for the fiscal year ended August 31, 2015, has indicated that our current liquidity position raises substantial doubt about our ability to continue as a going concern. See Note 1 to the financial statements appearing in this report for the three months ended November 30, 2015 related to the uncertainty of our ability to continue as a going concern. If we are unable to improve our liquidity position, we may not be able to continue as a going concern. Our ability to raise the capital needed to improve our financial condition may be hindered by the existing anti-dilution protections in existing investor agreements. The accompanying consolidated financial statements do not include any adjustments that might result if we are unable to continue as a going concern and, therefore, be required to realize our assets and discharge our liabilities other than in the normal course of business which could cause investors to suffer the loss of all or a substantial portion of their investment.

We currently do not have sufficient sources of liquidity to fund our activities and debt service needs and we will need to raise additional equity or debt capital immediately in order to continue as a going concern and we cannot provide any assurance that we will be successful in doing so. 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 Months ended Nov 30, 2015 and Nov 30, 2014.

	Three Months			Three Months
	Ended			Ended
	Nov 30, 2015			Nov 30, 2014
Revenue	$	1,290,001		$	2,664,968
Cost of goods sold		875,299			1,578,471
Gross margin		414,702			1,086,497
General & Administrative		1,806,129			1,628,409
Expenses		1,867,331			27,301
Loss from operations		(3,258,758	)		(569,213	)
Income tax provision
NET INCOME (LOSS)	$	(3,258,758	)		(569,213	)

Three Months Ended Nov 30, 2015 Compared to Three Months Ended Nov 30, 2014

Comparison of the Three Months Ended November 30, 2015 (Unaudited) to the Three Months Ended November 30, 2014 (Unaudited)

Revenues: Revenues decreased $1,374,967, or 51.6%, during the three months ended November 30, 2015, primarily due to the one-time nature of a significant portion of revenue that was not associated with the Company’s core higher education business that was booked during the same period in 2014. Recurring revenues from the Company’s core higher education business increased by 21% during three months ended November 30, 2015, compared to the same period in 2014, primarily due to the addition of new customer contracts in FY2015 and during the three months ended November 30, 2015.

Direct Cost of Services: Direct cost of services decreased $703,172, or 45%, during the three months ended November 30, 2015, primarily due to the decreased revenues and improvements in operating efficiencies for the same time period.

Personnel: Personnel costs decreased $167,942 or 19%, during the three months ended November 30, 2015, primarily due to a reduction in the number of employees.

Selling, General and Administrative: Selling, general and administrative expenses increased $305,128, or 40%, during the three months ended November 30, 2015, primarily due to a significant expansion of the Company’s sales and marketing activities including substantial expansion of the Company’s sales force as well transactional expenses associated with equity and debt transactions that took place during the period.

Other Income (Expense): Other expense increased $1,840,030, or 6740%, during the three months ended November 30, 2015, due primarily to non-cash interest expenses of $ 1,748,503 including $ 1,500.000 that was recognized as an interest expense for the issuance of Common Stock associated with the termination of a registration rights agreement.

Income (Loss) From Continuing Operations: As a result of the aforementioned items, we experienced a net loss of $3,258,758 from continuing operations which includes non-cash interest expenses of $ 1,802,383 during the three months ended November 30, 2015, compared with a net loss from continuing operations of $569,213 during the three months ended November 30, 2014, a increase of $2,689,545, or 473%

Liquidity and Capital Resources

Working Capital

	Nov 30, 2015			Aug 31, 2015
Total Current Assets	$	406,736			968,511
Total Current Liabilities		9,649,004			9,797,028
Working Capital Deficit		(9,242,268	)		(8,828,517	)

The decrease in working capital was due to a reduction in fundraising activities and the Company’s restructuring activities.

Cash Flows

	Three Months Ended			Three Months Ended
	Nov 30, 2015			Nov 30, 2014
Net Cash used by Operating Activities	$	(581,216	)		(1,129,737	)
Net Cash provided by Financing Activities		399,819			807,250

The decrease in net cash used in operating activities in the Three Months ended November 30, 2015 as compared to the Three Months ended November 30, 2014 was due to a decrease in revenues as well as a decrease in operating expenses during the Three Months ended November 30, 2015. The decrease in cash provided by financing activities in the Three Months ended November 30, 2015 as compared to the Three Months ended November 30, 2014 was due to obtaining a decreased amount of financing through the issuance of common shares during the Three Months ended November 30, 2015 than was received during the Three Months ended November 30, 2014.

Debt of Companies

Opus 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 Financial Group (“CFG”) and California United Bank (“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 ratified by CUB and CFG (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 November 30, 2015, the balance outstanding on the term loan and line of credit amounted to $1,562,616 and $2,058,115, respectively. At November 30, 2015, amounts owed pursuant to the Credit Agreement bear interest at a rate of 8.00% per annum.

On September 24, 2015, PCS Link, Inc. dba Greenwood & Hall (“PCS Link”), a subsidiary of Greenwood Hall, Inc., the Company, and Opus Bank (“Opus”) agreed to terms for a Third Amendment, Waiver and Ratification agreement (“Opus Amendment”) amending the Amended and Restated Credit Agreement, as amended, between the parties dated as of July 18, 2014 (“Opus Credit Agreement”). The Opus Amendment amends the Opus Credit Agreement as follows:

Opus waived all prior covenant defaults.

Opus shall have no obligation to advance any further credit to PCS Link, either by way of overdraft coverage or advances on any loans currently outstanding.

By October 2, 2015, PCS Link will issue equity and/or unsecured debt resulting in aggregate gross proceeds not less than $1,250,000.

PCS Link shall have no further obligation to comply with the financial covenants.

The Company has not yet raised the required equity or unsecured debt and, as of January 19, 2016, is not in compliance with this requirement. No event of default has been formally declared by Opus Bank as of January 19, 2016.

California United 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 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.

In conjunction with the Opus Amendment dated September 24, 2015, the following terms were agreed to with California United Bank:

CUB will receive during the Forbearance Period monthly interest payments of interest in full for the period starting September 1, 2015.

CUB will receive 523,587 warrants for shares of common stock at an exercise price of $1.00 per share, not to include anti-dilution or cash-less exercise provision.

As of November 30, 2015, the CUB balance remaining is $906,774.

Colgan Financial Group, Inc.

In December 2014, in consideration for funds in the amount of $500,000 received by Greenwood Hall, Inc. from Colgan Financial Group, Inc. (“CFG”) 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 and CUB.

In conjunction with the Opus Amendment of September 25, 2015, the following terms were agreed to with Colgan Financial Group:

CFG will provide the Company a forbearance period beginning September 1, 2015 and continuing through April 15,2016 and extend the maturity of its facility to April 15, 2016.

CFG will receive 20,000 warrants for shares of common stock at an exercise price of $1.00 per share, not to include anti-dilution or cash-less exercise provision.

The conversion price for Eighty Thousand Dollars ($80,000) of the outstanding principal will be Ten Cents ($0.10) per share.

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 approximately $323,000 and is being amortized over the term of the note using the effective interest method. Amortization of the note discount during the year ended November 30, 2015 amounted to approximately $17,886.

Redwood Fund, LP

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 connection with this note, the Company recorded an aggregate note discount of $177,647, which was amortized to interest expense during the year ended August 31, 2015. On August 18, 2015, Redwood as part of an additional investment, elected to exercise its existing conversion rights under its March 2015 convertible promissory note and warrant under revised terms which resulted in an issuance of 3,359,775 additional shares of Common Stock to Redwood. In connection with the revision of terms, which related to reducing the exercise price of warrants and the conversion price of the note, the Company recognized a charge to interest expense of $2,346,461 during the year ended August 31, 2015.

On August 14, 2015, the Company entered into a one-year $588,236 Convertible Note with 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. In connection with this debt, the Company recorded a note discount equal to $588,236 associated with the measurement of the warrants and conversion issued therewith. In addition to this note and the Warrant, at the Closing, the Company issued 200,000 shares of common stock to Redwood, which were measured at the closing price on the date of issuance. The aggregate value of the shares, warrants and conversion feature exceeded the face value of the note. As a result, the Company recognized a charge to interest expense in the amount of $1,165,202 on the date of issuance related to such excess value. During the three months ended November 30, 2015, the Company recognized approximately $148,726 of amortization of note discount.

Lincoln Park Capital Fund, LLP

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. In connection with this debt, the Company recorded a note discount equal to approximately $215,000 associated with the measurement of the warrants and conversion feature issued therewith. During the year ended August 31, 2015, the Company recognized approximately $70,000 of amortization of note discount.

On August 21, 2015, the Company entered into a one-year $295,000 Convertible Note with Lincoln Park. In conjunction with the Note, the Company issued Lincoln Park warrants that are exercisable for 400,000 shares of the Company’s common stock over the next five (5) years at an exercise price of $1.00 per share. Interest will accrue monthly at 10% annually and the note is unsecured. In connection with this debt, the Company recorded a note discount equal to approximately $247,000 associated with the measurement of the warrants and conversion issued therewith. During the three months ended November 30, 2015, the Company recognized approximately $61,643 of amortization of note discount.

Colgan Financial Group, Inc.

During 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 an advisor to the Company and is secured by substantially all assets of the Company. This note is subordinate to the notes held by CUB. In July 2014, a payment 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 ratified by CUB and CFG (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 therewith, the Company entered into Amendment No. 4 to the Loan and Security Agreement with CFG. Pursuant to the 4th amendment, the Company consolidated two of the notes outstanding to CFG (the December 2013 promissory note and the $200,000 promissory note issued in February 2015). The balance of the amended note on the date of amendment no. 4 was $688,120. Amendment No. 4 provided CFG with the ability to convert the note, at its option, at a conversion price equal to the lesser of i) 85% of the weighted average price per share of the Company’s common stock as reported by the exchange or over the counter market for the ten (10) trading days prior to the date of the notice of conversion or ii) $1.50. The conversion feature is accounted for as a derivative liability in accordance with ASC 815. On the grant date, the conversion feature was valued at approximately $188,000, which was recorded as a note discount. During the three months ended November 30, 2015, amortization of the note discount amounted to approximately $46,900. As of November 30, 2015, the balance remaining is $855,890 including accrued interest. The note maturity was extended to April 2016 pursuant to an amendment to the note that became effective in September 2015.

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 November 30 ,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. 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. In October 2015, John Hall, in his individual capacity, was dismissed from the litigation as a defendant upon a successful motion to dismiss him. At this time, he is no longer a defendant in the litigation. The lawsuit is in the midst of discovery, with all parties providing documents and taking depositions. The court has not yet scheduled a trial date, but has indicated that the case will be set for trial in the latter half of 2016. Given that he is no longer a defendant, it appears very likely that John Hall will not experience a negative outcome of a judgment against him. Robin Hood reserves the right to appeal Hall's dismissal from the case, but at this time, no Notice of Appeal has been filed.

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 Description of 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* 

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*

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: January 19, 2016

EX-31.1 2 s102505_31-1.htm EXHIBIT 31.1

Exhibit 31.1

Certification of John Hall 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 period ended November 30, 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: January 19, 2016

/s/ John Hall

___________________________

John Hall

Chief Executive Officer

EX-32 3 s102505_32.htm EXHIBIT 32

Exhibit 32

Certification of John Hall 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 November 30, 2015 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, John Hall, the Chief Executive 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 my 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: January 19, 2016

/s/ John Hall

____________________

John Hall

Chief Executive 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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10-Q false 2015-11-30 ELRN Greenwood Hall, Inc. 0001557644 --08-31 Smaller Reporting Company No No No 2016 Q1

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 100%; font: 8pt/115% Calibri, Helvetica, Sans-Serif; text-align: justify">1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</td></tr> </table>    Organization   Greenwood Hall is an education technology company. We provide technology-enabled solutions that enable public and private, not-for-profit colleges and universities to support student learning anywhere. Greenwood Hall does this by providing the services and technology that enable schools to revolutionize how they are able to manage the student lifecycle. Each one of our solutions are designed to help our education partners increase revenue, improve efficiencies, enhance student experience, and improve student outcomes. 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 111 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 November 30, 2015 and has incurred a loss from operations during the first quarter of fiscal year 2016. 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 quarter ended November 30, 2015, the Company received approximately $400,000 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 nowrap="nowrap" style="width: 50%; border-bottom: black 1pt solid; text-align: justify; line-height: 115%">Classification</td> <td nowrap="nowrap" style="width: 2%; text-align: justify; line-height: 115%"> </td> <td nowrap="nowrap" style="width: 48%; 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.   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. Potential dilutive instruments including warrants, stock options, and shares issuable upon conversion of promissory notes, have been excluded from the computation of diluted shares as their effect is anti-dilutive during fiscal 2016 and 2015.   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 $12,833 and $29,685 for the three months ended November 30, 2015, and the three months ended November 30, 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 $20,084 and $0 for the three months ended November 30, 2015 and the three months ended November 30, 2014, respectively. This expense is included in the condensed consolidated statements of operations as Equity-based expense.   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.   During 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 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 (CUB). 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 ratified by CUB and CFG (collectively Lenders). As part of the amendment dated April 13, 2015, CFG may convert its outstanding balance under this note at the lessor of 85% of the 10 day average trading price or $1.50.   In December 2014, the Company entered into a Secured Convertible Note with CFG and Robert Logan pursuant to which the Company issued a convertible promissory note of $500,000 and the right to purchase shares 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 $295,000 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 August 2015, this note was converted into shares of common stock. In connection with the conversion, the liability associated with the conversion feature was measured at $27,925 on the conversion date and reclassified into stockholders equity.   In August 2015, the Company entered into a Convertible Note with Redwood pursuant to which the Company issued a convertible promissory note of $588,236 and the right to purchase shares upon the payment or conversion of the note principal. The conversion price (the Conversion Price) shall be subject to equitable adjustments for stock splits, stock dividends or rights offerings by the Company relating to the Companys securities or the securities of any subsidiary of the Company, combinations, recapitalization, reclassifications, extraordinary distributions and similar events. Relative to the thirty (30) trading days immediately prior to a Notice of Conversion, the Conversion Price shall mean: (i) $0.50 if the Companys common stock trading price during the term hereof, on its applicable exchange or principal marketplace, as may be the case from time to time, as such closing price is reported by The Wall Street Journal, closes above $1.00; or (ii) $0.35 if such closing price is below $1.00. 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 $295,000 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 August 2015, the Company entered into a Convertible Note with Lincoln Park pursuant to which the Company issued a convertible promissory note of $295,000 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 three months ended November 30, 2015 and the three months ended November 30, 2014, the Company recognized a change in value of the derivative liability of $202,249 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 nowrap="nowrap" style="width: 12%; border-bottom: black 1pt solid; text-align: justify; line-height: 115%">Level Input:</td> <td nowrap="nowrap" style="width: 2%; text-align: justify; line-height: 115%"> </td> <td nowrap="nowrap" style="width: 86%; 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 November 30, 2015 and 2014 for assets and liabilities measured at fair value on a recurring basis.   November 30, 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: 55%">Derivative Liabilities</td> <td style="line-height: 115%; width: 3%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%; width: 1%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%; width: 10%"></td> <td style="line-height: 115%; width: 1%"> </td> <td style="line-height: 115%; width: 3%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%; width: 1%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%; width: 10%"></td> <td style="line-height: 115%; width: 1%"> </td> <td style="line-height: 115%; width: 3%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%; width: 1%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%; width: 10%">97,346</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>   August 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: 55%">Derivative Liabilities</td> <td style="line-height: 115%; width: 3%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%; width: 1%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%; width: 10%"></td> <td style="line-height: 115%; width: 1%"> </td> <td style="line-height: 115%; width: 3%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%; width: 1%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%; width: 10%"></td> <td style="line-height: 115%; width: 1%"> </td> <td style="line-height: 115%; width: 3%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%; width: 1%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%; width: 10%">1,664,993</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 twelve months ended November 30, 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: 78%; text-align: justify; line-height: 115%">Risk free interest rate</td> <td style="width: 5%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td nowrap="nowrap" style="width: 15%; text-align: right; line-height: 115%">0.51% - 1.65%</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; line-height: 115%">Expected life</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td nowrap="nowrap" style="text-align: right; line-height: 115%">0.38 5.50 Years</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 115%">Dividend yield</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td nowrap="nowrap" 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="text-align: justify; line-height: 115%">Volatility</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td nowrap="nowrap" style="text-align: right; line-height: 115%">100%</td> <td> </td></tr> </table>   The following is a reconciliation of the derivative liability related to these instruments for the three months ended November 30, 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: 78%; text-align: justify; line-height: 115%">Value at August 31, 2015</td> <td style="width: 5%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 15%; text-align: right; line-height: 115%">1,664,993</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 9pt; text-align: justify; 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%">0</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 9pt; text-align: justify; 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%">(202,249</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 9pt; text-align: justify; 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%">(1,365,398</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 115%">Value as of November 30, 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%">97,346</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 Entitys Ability to Continue as a Going Concern (ASU 2014-15). ASU 2014-15 will explicitly require management to assess an entitys 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 Companys 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.

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 100%; font: 8pt/115% Calibri, Helvetica, Sans-Serif; text-align: justify">3. NOTES PAYABLE</td></tr> </table>   Opus Bank:   On May 28, 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 Global Credit Master Fund, LP. Monthly payments of principal and interest are required through the maturity date in May 2017. The amounts owed to Colgan Financial Group (CFG) and California United Bank (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 ratified by CUB and CFG (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.   On September 24, 2015, PCS Link, Inc. dba Greenwood & Hall (PCS Link), a subsidiary of Greenwood Hall, Inc., the Company, and Opus Bank (Opus) agreed to terms for a Third Amendment, Waiver and Ratification agreement (Opus Third Amendment) amending the Amended and Restated Credit Agreement, as amended, between the parties dated as of July 18, 2014 (Opus Credit Agreement). The Opus Amendment amends the Opus Credit Agreement as follows:   <table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px; text-align: justify"> </td> <td style="width: 24px; font: bold 8pt Times New Roman, Times, Serif; text-align: justify">·</td> <td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify">Opus waived all prior covenant defaults.</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px; text-align: justify"> </td> <td style="width: 24px; font: bold 8pt Times New Roman, Times, Serif; text-align: justify">·</td> <td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify">Opus shall have no obligation to advance any further credit to PCS Link, either by way of overdraft coverage or advances on any loans currently outstanding.</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px; text-align: justify"> </td> <td style="width: 24px; font: bold 8pt Times New Roman, Times, Serif; text-align: justify">·</td> <td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify">The maturity date (Maturity Date) means the earlier of (i) April 15, 2016, (ii) the date on which  the issuance of securities occurs resulting in aggregate proceeds not less than the outstanding debt owed Opus, or  (iii) the date on which the sale of all of the capital stock or substantially all of the assets of PCS Link occurs.</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px; text-align: justify"> </td> <td style="width: 24px; font: bold 8pt Times New Roman, Times, Serif; text-align: justify">·</td> <td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify">By October 2, 2015, PCS Link will issue equity and/or unsecured debt resulting in aggregate gross proceeds not less than $1,250,000. </td></tr> </table>   <table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px; text-align: justify"> </td> <td style="width: 24px; font: bold 8pt Times New Roman, Times, Serif; text-align: justify">·</td> <td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify">PCS Link shall have no further obligation to comply with the financial covenants.</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px; text-align: justify"> </td> <td style="width: 24px; font: bold 8pt Times New Roman, Times, Serif; text-align: justify">·</td> <td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify">PCS Link shall not be required to make any principal payments until the Maturity Date. All accrued principal, along with all accrued and unpaid interest, shall be due and payable in full on the Maturity Date.</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px; text-align: justify"> </td> <td style="width: 24px; font: bold 8pt Times New Roman, Times, Serif; text-align: justify">·</td> <td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify">The outstanding balance of PCS Link shall accrue interest at the rate of 8% per annum beginning on August 1, 2015. PCS Link shall make such interest payments on a monthly basis commencing as of September 1, 2015.</td></tr> </table>    <table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px; text-align: justify"> </td> <td style="width: 24px; font: bold 8pt Times New Roman, Times, Serif; text-align: justify">·</td> <td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify">Opus will receive 1,200,000 warrants for shares of common stock at an exercise price of $1.00 per share, not to include anti-dilution or cash-less exercise provision.  Opuss existing warrant with an issue date of July 18, 2014 shall be surrendered upon issuance of the 1,200,000 warrants. </td></tr> </table>   As of November 30, 2015, the Company has not yet raised the required equity or unsecured debt and, as of January 19, 2016, is not in compliance with this requirement. No event of default has been formally declared by Opus Bank as of November 30, 2015.   As of November 30, 2015, the balance outstanding on the term loan and line of credit amounted to $1,562,280 and $2,058,115, respectively. At November 30, 2015, amounts owed pursuant to the Credit Agreement bear interest at a rate of 8.00% 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 three months ended November 30, 2015, the Company recognized $6,523 of amortization related to this discount, leaving a balance of $39,140 at November 30, 2015.    California United 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.   On May 22, 2014, the Company and CUB amended the promissory note of $1,250,000 to extend the maturity date to the earlier of i) October 31, 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 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 ratified by CUB and CFG (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 April 15, 2016.   In conjunction with the Opus Third Amendment dated September 24, 2015, the following terms were agreed to with California United Bank:   <table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px; font: bold 10pt Times New Roman, Times, Serif; text-align: left">·</td> <td style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">CUB will provide the Company a forbearance period beginning September 1, 2015 and continuing through April 15,2016 (the Forbearance Period ) and extend the maturity of its facility to April 15, 2016.</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px; font: bold 10pt Times New Roman, Times, Serif; text-align: left">·</td> <td style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">CUB will receive during the Forbearance Period monthly interest payments of interest in full for the period starting September 1, 2015.</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px; font: bold 10pt Times New Roman, Times, Serif; text-align: left">·</td> <td style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">CUB shall be paid deferred interest due upon the Company raising $2,000,000 in working capital, but only if the Company has satisfied its obligations in accordance with Companys prepared cash projections.</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px; font: bold 10pt Times New Roman, Times, Serif; text-align: left">·</td> <td style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">CUB will receive a full payoff of all its outstanding principal, interest (including accrued and unpaid interest as of the date of this letter), fees, and expenses (including, but not limited to, CUBs outside counsel legal fees and costs) by April 15, 2016 or at the successful consummation of any public offering, strategic private investments, or take private scenario, whichever occurs first.</td></tr> </table>   CUB will receive 523,587 warrants for shares of common stock at an exercise price of $1.00 per share, not to include anti-dilution or cash-less exercise provision   As of November 30, 2015, the balance remaining is $906,774.   Colgan Financial Group, Inc.:   In December 2014, in consideration for funds in the amount of $500,000 received by Greenwood Hall, Inc. from Colgan Financial Group, Inc. (CFG) 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 three (3) year note and is secured by substantially all assets of the Company. This note is subordinate to the notes held by Opus and CUB.   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 ratified by CUB and CFG (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 ten (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 approximately $323,000 and is being amortized over the term of the note using the effective interest method. Amortization of the note discount during the three months ended November 30, 2015 amounted to approximately $81,000.   In conjunction with the Opus Third Amendment of September 25, 2015, the following terms were agreed to with Colgan Financial Group:   <table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px; font: bold 8pt Times New Roman, Times, Serif; text-align: justify">·</td> <td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify">CFG will provide the Company a forbearance period beginning September 1, 2015 and continuing through April 15,2016 and extend the maturity of its facility to April 15, 2016.</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px; font: bold 8pt Times New Roman, Times, Serif; text-align: justify">·</td> <td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify">Payment obligation of quarterly interest payments due under the Note from the date hereof through the Forbearance Termination Date is modified so that (i) until Borrower has raised an additional $2,000,000 in working capital since August 12, 2015 and satisfied its obligations in accordance with its cash projections, interest shall continue to accrue in accordance with the Note, and upon completion of such additional capital raise, the amount of such accrued and unpaid interest shall be added to the principal amount of the Note as of the date of completion of such capital raise and shall accrue interest and be payable thereafter; and (ii) upon completion of such capital raise, interest shall continue to accrue thereafter and be payable at fifty percent (50%) of the amount of interest due among all Notes with lender shall not exceed in the aggregate eleven thousand one-hundred seventy-six and 50/100 dollars ($11,176.50) per month, and the remaining unpaid balance of such accrued interest shall be paid in full on the Opus Maturity Date.</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px; font: bold 8pt Times New Roman, Times, Serif; text-align: justify">·</td> <td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify">CFG will receive 20,000 warrants for shares of common stock at an exercise price of $1.00 per share, not to include anti-dilution or cash-less exercise provision.</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px; font: bold 8pt Times New Roman, Times, Serif; text-align: justify">·</td> <td style="font: bold 8pt Times New Roman, Times, Serif; text-align: justify">The conversion price for Eighty Thousand Dollars ($80,000) of the outstanding principal will be Ten Cents ($0.10) per share.</td></tr> </table>   Redwood Fund, LP:   On or about March 31, 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 connection with this note, the Company recorded an aggregate note discount of $177,647, which was amortized to interest expense during the year ended August 31, 2015. On August 18, 2015, Redwood as part of an additional investment, elected to exercise its existing conversion rights under its March 2015 convertible promissory note and warrant under revised terms which resulted in an issuance of 3,359,775 additional shares of Common Stock to Redwood. In connection with the revision of terms, which related to reducing the exercise price of warrants and the conversion price of the note, the Company recognized a charge to interest expense of $2,346,461 during the year ended August 31, 2015.   On August 14, 2015, the Company entered into a one-year $588,236 Convertible Note with Redwood. In conjunction with this 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. In connection with this debt, the Company recorded a note discount equal to $588,236 associated with the measurement of the warrants and conversion issued therewith. In addition to this note and the Warrant, at the Closing, the Company issued 200,000 shares of common stock to Redwood, which were measured at the closing price on the date of issuance. The aggregate value of the shares, warrants and conversion feature exceeded the face value of the note. As a result, the Company recognized a charge to interest expense in the amount of $1,165,202 on the date of issuance related to such excess value. During the three months ended November 30, 2015, the Company recognized approximately $147,059 of amortization of note discount.   On November 6, 2015, the Company entered into a six month $125,000 Promissory note with Redwood with an original issue discount of 20% or $25,000. Interest will accrue monthly at 10% annually and the note is unsecured. During the three months ended November 30, 2015, the Company recognized approximately $1,667 of amortization of note discount and $822 accrued interest.   Lincoln Park Capital Fund, LLP:   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. In connection with this debt, the Company recorded a note discount equal to approximately $215,000 associated with the measurement of the warrants and conversion feature issued therewith. During the three months ended November 30, 2015, the Company recognized approximately $70,000 of amortization of note discount.   On August 21, 2015, the Company entered into a one-year $295,000 Convertible Note with Lincoln Park. In conjunction with this note, the Company issued Lincoln Park warrants that are exercisable for 400,000 shares of the Companys common stock over the next five (5) years at an exercise price of $1.00 per share. Interest will accrue monthly at 10% annually and the note is unsecured. In connection with this debt, the Company recorded a note discount equal to approximately $247,000 associated with the measurement of the warrants and conversion issued therewith. During the three months ended November 30, 2015, the Company recognized approximately $53,880 of amortization of note discount.   Colgan Financial Group, inc.:   During 2013, the Company entered into a Loan and Security Agreement with 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 an advisor to the Company and is secured by substantially all assets of the Company. This note is subordinate to the notes held by CUB. In July 2014, a payment 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 ratified by CUB and CFG (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 therewith, the Company entered into Amendment No. 4 to the Loan and Security Agreement with CFG. Pursuant to the 4th amendment, the Company consolidated two of the notes outstanding to CFG (the December 2013 promissory note and the $200,000 promissory note issued in February 2015). The balance of the amended note on the date of Amendment No. 4 was $688,120. Amendment No. 4 provided CFG with the ability to convert the note, at its option, at a conversion price equal to the lesser of (i) 85% of the weighted average price per share of the Companys common stock as reported by the exchange or over the counter market for the ten (10) trading days prior to the date of the notice of conversion or (ii) $1.50. The conversion feature is accounted for as a derivative liability in accordance with ASC 815. On the grant date, the conversion feature was valued at approximately $188,000, which was recorded as a note discount. During the year ended August 31, 2015, amortization of the note discount amounted to approximately $70,000. As of August 31, 2015, the balance remaining is $766,680 including accrued interest. The note maturity was extended to April 2016 pursuant to an amendment to the note that became effective in September 2015.   During the eight months ended August 31, 2014, the Company issued two (2) convertible promissory notes to CFG, 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 $80,000 in fixed loan fees / interest expense. The notes were paid in full during the eight months ended August 31, 2014.   Promissory Note   The Company also finances the purchases of small equipment. The amount of such notes is not significant at November 30, 2015. The following is a schedule, by year, of future minimum principal payments required under notes payable as of November 30, 2015:   <table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center"> Years Ending  August 31,</td> <td nowrap="nowrap" style="line-height: 115%"> </td> <td nowrap="nowrap" colspan="2" style="text-align: center; line-height: 115%"> </td> <td nowrap="nowrap" style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 78%; text-align: center; line-height: 115%">2016</td> <td style="width: 5%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 15%; text-align: right; line-height: 115%">6,873,901</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%">2017</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">37,329</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: center; line-height: 115%">2018</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center; line-height: 115%">2019</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"></td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: center; line-height: 115%">Total</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">6,905,630</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center; line-height: 115%">Note discount</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">(1,054,213</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: center; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">5,851,417</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. On June 9, 2015, MarkeTouch Media and Greenwood Hall came to a settlement whereby MarkeTouch Media does not own any stock or equity or other ownership right in Greenwood Hall or PCS Link in exchange for Service credits of $174,000 for use towards any monthly or other payment owed for services to Greenwood Hall for services performed between June 1, 2015 and May 31, 2018 but not to exceed $10,000 credit any one given month.

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 three months ended November 30, 2015, four (4) customers represented 53% of net revenues and for the three months ended November 30, 2014 one (1) and two (2) projects represented 57% of net revenues, respectively. A decision by this customer to cease business relations with the Company may have a material adverse effect on the Companys financial condition and results of operations.

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 November 30, 2015.   As of November 30, 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.

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 three months ended November 30, 2015, the three months ended November 30, 2014, amounted to $184,111and $80,068, respectively. The Company is responsible for certain operating expenses in connection with these leases. The following is a schedule, by year, of future minimum lease payments required under non-cancelable operating leases as of August 31, 2015:   <table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">Years Ending  August 31,</td> <td nowrap="nowrap" style="line-height: 115%"> </td> <td nowrap="nowrap" colspan="2" style="text-align: right; line-height: 115%"> </td> <td nowrap="nowrap" style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 78%; text-align: center; line-height: 115%">2016</td> <td style="width: 3%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 17%; text-align: right; line-height: 115%">576,899</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%">2017</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">676,425</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <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%">694,857</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center; line-height: 115%">2019</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">713,753</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: center; line-height: 115%">2020</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">716,767</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center; line-height: 115%">Thereafter</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%">1,642,397</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <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%">5,021,098</td> <td style="line-height: 115%"> </td></tr> </table>   Employment Agreements   At November 30, 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 (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 2016, 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. In October 2015, Hall, in his individual capacity, was dismissed from the litigation as a defendant upon a successful motion to dismiss him. At this time, he is no longer a defendant in the litigation. The lawsuit is in the midst of discovery, with all parties providing documents and taking depositions. The court has not yet scheduled a trial date, but has indicated that the case will be set for trial in the latter half of 2016. Given that he is no longer a defendant, it appears very likely that Hall will not experience a negative outcome of a judgment against him. Robin Hood reserves the right to appeal Halls dismissal from the case, but at this time, no Notice of Appeal has been filed.    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. 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.

Organization   Greenwood Hall is an education technology company. We provide technology-enabled solutions that enable public and private, not-for-profit colleges and universities to support student learning anywhere. Greenwood Hall does this by providing the services and technology that enable schools to revolutionize how they are able to manage the student lifecycle. Each one of our solutions are designed to help our education partners increase revenue, improve efficiencies, enhance student experience, and improve student outcomes. 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 111 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 November 30, 2015 and has incurred a loss from operations during the first quarter of fiscal year 2016. 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 quarter ended November 30, 2015, the Company received approximately $400,000 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 nowrap="nowrap" style="width: 50%; border-bottom: black 1pt solid; text-align: justify; line-height: 115%">Classification</td> <td nowrap="nowrap" style="width: 2%; text-align: justify; line-height: 115%"> </td> <td nowrap="nowrap" style="width: 48%; 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.

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. Potential dilutive instruments including warrants, stock options, and shares issuable upon conversion of promissory notes, have been excluded from the computation of diluted shares as their effect is anti-dilutive during fiscal 2016 and 2015.

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 $12,833 and $29,685 for the three months ended November 30, 2015, and the three months ended November 30, 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 $20,084 and $0 for the three months ended November 30, 2015 and the three months ended November 30, 2014, respectively. This expense is included in the condensed consolidated statements of operations as Equity-based expense.

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.   During 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 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 (CUB). 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 ratified by CUB and CFG (collectively Lenders). As part of the amendment dated April 13, 2015, CFG may convert its outstanding balance under this note at the lessor of 85% of the 10 day average trading price or $1.50.   In December 2014, the Company entered into a Secured Convertible Note with CFG and Robert Logan pursuant to which the Company issued a convertible promissory note of $500,000 and the right to purchase shares 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 $295,000 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 August 2015, this note was converted into shares of common stock. In connection with the conversion, the liability associated with the conversion feature was measured at $27,925 on the conversion date and reclassified into stockholders equity.   In August 2015, the Company entered into a Convertible Note with Redwood pursuant to which the Company issued a convertible promissory note of $588,236 and the right to purchase shares upon the payment or conversion of the note principal. The conversion price (the Conversion Price) shall be subject to equitable adjustments for stock splits, stock dividends or rights offerings by the Company relating to the Companys securities or the securities of any subsidiary of the Company, combinations, recapitalization, reclassifications, extraordinary distributions and similar events. Relative to the thirty (30) trading days immediately prior to a Notice of Conversion, the Conversion Price shall mean: (i) $0.50 if the Companys common stock trading price during the term hereof, on its applicable exchange or principal marketplace, as may be the case from time to time, as such closing price is reported by The Wall Street Journal, closes above $1.00; or (ii) $0.35 if such closing price is below $1.00. 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 $295,000 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 August 2015, the Company entered into a Convertible Note with Lincoln Park pursuant to which the Company issued a convertible promissory note of $295,000 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 three months ended November 30, 2015 and the three months ended November 30, 2014, the Company recognized a change in value of the derivative liability of $202,249 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 nowrap="nowrap" style="width: 10%; border-bottom: black 1pt solid; text-align: justify; line-height: 115%">Level Input:</td> <td nowrap="nowrap" style="width: 2%; text-align: justify; line-height: 115%"> </td> <td nowrap="nowrap" style="width: 88%; 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 November 30, 2015 and 2014 for assets and liabilities measured at fair value on a recurring basis.   November 30, 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: 55%">Derivative Liabilities</td> <td style="line-height: 115%; width: 3%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%; width: 1%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%; width: 10%"></td> <td style="line-height: 115%; width: 1%"> </td> <td style="line-height: 115%; width: 3%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%; width: 1%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%; width: 10%"></td> <td style="line-height: 115%; width: 1%"> </td> <td style="line-height: 115%; width: 3%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%; width: 1%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%; width: 10%">97,346</td> <td style="line-height: 115%; width: 1%"> </td></tr> <tr> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> </table>   August 31, 2015   <table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: justify; line-height: 115%"> </td> <td nowrap="nowrap" style="line-height: 115%"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; text-align: justify; line-height: 115%">Level 1</td> <td nowrap="nowrap" style="line-height: 115%"> </td> <td nowrap="nowrap" style="line-height: 115%"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; text-align: justify; line-height: 115%">Level 2</td> <td nowrap="nowrap" style="line-height: 115%"> </td> <td nowrap="nowrap" style="line-height: 115%"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; text-align: justify; line-height: 115%">Level 3</td> <td nowrap="nowrap" style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 115%; width: 55%">Derivative Liabilities</td> <td style="line-height: 115%; width: 3%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%; width: 1%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%; width: 10%"></td> <td style="line-height: 115%; width: 1%"> </td> <td style="line-height: 115%; width: 3%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%; width: 1%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%; width: 10%"></td> <td style="line-height: 115%; width: 1%"> </td> <td style="line-height: 115%; width: 3%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%; width: 1%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%; width: 10%">1,664,993</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 twelve months ended November 30, 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: 78%; text-align: justify; line-height: 115%">Risk free interest rate</td> <td style="width: 5%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td nowrap="nowrap" style="width: 15%; text-align: right; line-height: 115%">0.51% - 1.65%</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; line-height: 115%">Expected life</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td nowrap="nowrap" style="text-align: right; line-height: 115%">0.38 5.50 Years</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 115%">Dividend yield</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td nowrap="nowrap" 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="text-align: justify; line-height: 115%">Volatility</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td nowrap="nowrap" style="text-align: right; line-height: 115%">100%</td> <td> </td></tr> </table>   The following is a reconciliation of the derivative liability related to these instruments for the three months ended November 30, 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: 78%; text-align: justify; line-height: 115%">Value at August 31, 2015</td> <td style="width: 5%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 15%; text-align: right; line-height: 115%">1,664,993</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 9pt; text-align: justify; line-height: 115%">Issuance of instruments</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">0</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 9pt; text-align: justify; line-height: 115%">Change in value</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">(202,249</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 9pt; text-align: justify; line-height: 115%">Net settlements</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">(1,365,398</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 115%">Value as of November 30, 2015</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">97,346</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 Entitys Ability to Continue as a Going Concern (ASU 2014-15). ASU 2014-15 will explicitly require management to assess an entitys 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 Companys 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 nowrap="nowrap" style="width: 50%; border-bottom: black 1pt solid; text-align: justify; line-height: 115%">Classification</td> <td nowrap="nowrap" style="width: 2%; text-align: justify; line-height: 115%"> </td> <td nowrap="nowrap" style="width: 48%; 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 November 30, 2015 and 2014 for assets and liabilities measured at fair value on a recurring basis.   November 30, 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: 55%">Derivative Liabilities</td> <td style="line-height: 115%; width: 3%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%; width: 1%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%; width: 10%"></td> <td style="line-height: 115%; width: 1%"> </td> <td style="line-height: 115%; width: 3%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%; width: 1%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%; width: 10%"></td> <td style="line-height: 115%; width: 1%"> </td> <td style="line-height: 115%; width: 3%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%; width: 1%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%; width: 10%">97,346</td> <td style="line-height: 115%; width: 1%"> </td></tr> <tr> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> </table>   August 31, 2015   <table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: justify; line-height: 115%"> </td> <td nowrap="nowrap" style="line-height: 115%"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; text-align: justify; line-height: 115%">Level 1</td> <td nowrap="nowrap" style="line-height: 115%"> </td> <td nowrap="nowrap" style="line-height: 115%"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; text-align: justify; line-height: 115%">Level 2</td> <td nowrap="nowrap" style="line-height: 115%"> </td> <td nowrap="nowrap" style="line-height: 115%"> </td> <td nowrap="nowrap" colspan="2" style="border-bottom: black 1pt solid; text-align: justify; line-height: 115%">Level 3</td> <td nowrap="nowrap" style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 115%; width: 55%">Derivative Liabilities</td> <td style="line-height: 115%; width: 3%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%; width: 1%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%; width: 10%"></td> <td style="line-height: 115%; width: 1%"> </td> <td style="line-height: 115%; width: 3%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%; width: 1%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%; width: 10%"></td> <td style="line-height: 115%; width: 1%"> </td> <td style="line-height: 115%; width: 3%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%; width: 1%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%; width: 10%">1,664,993</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 twelve months ended November 30, 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: 78%; text-align: justify; line-height: 115%">Risk free interest rate</td> <td style="width: 5%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td nowrap="nowrap" style="width: 15%; text-align: right; line-height: 115%">0.51% - 1.65%</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; line-height: 115%">Expected life</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td nowrap="nowrap" style="text-align: right; line-height: 115%">0.38 5.50 Years</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 115%">Dividend yield</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td nowrap="nowrap" 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="text-align: justify; line-height: 115%">Volatility</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td nowrap="nowrap" style="text-align: right; line-height: 115%">100%</td> <td> </td></tr> </table>

The following is a reconciliation of the derivative liability related to these instruments for the three months ended November 30, 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: 78%; text-align: justify; line-height: 115%">Value at August 31, 2015</td> <td style="width: 5%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 15%; text-align: right; line-height: 115%">1,664,993</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 9pt; text-align: justify; line-height: 115%">Issuance of instruments</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">0</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 9pt; text-align: justify; line-height: 115%">Change in value</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">(202,249</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 9pt; text-align: justify; line-height: 115%">Net settlements</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">(1,365,398</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 115%">Value as of November 30, 2015</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">97,346</td> <td style="line-height: 115%"> </td></tr> </table>

At November 30, 2015 and August 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"> November  2015</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"> August  2015</td> <td nowrap="nowrap" style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 68%; text-align: justify; line-height: 115%">Computer equipment</td> <td style="width: 3%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 11%; text-align: right; line-height: 115%">553,255</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 3%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 11%; 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="text-align: justify; line-height: 115%">Software and Equipment</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">39,400</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%">39,400</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 115%">Furniture & Fixtures</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%">9,177</td> <td style="line-height: 115%"> </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%">9,177</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">601,832</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%">601,832</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; 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%">(475,139</td> <td style="line-height: 115%">)</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%">(458,960</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 9pt; text-align: justify; 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%">126,693</td> <td style="line-height: 115%"> </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%">142,872</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 November 30, 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"> Years Ending  August 31,</td> <td nowrap="nowrap" style="line-height: 115%"> </td> <td nowrap="nowrap" colspan="2" style="text-align: center; line-height: 115%"> </td> <td nowrap="nowrap" style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 78%; text-align: center; line-height: 115%">2016</td> <td style="width: 5%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 15%; text-align: right; line-height: 115%">6,873,901</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center; line-height: 115%">2017</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">37,329</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <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%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <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: #CCEEFF"> <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%">6,905,630</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <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%">(1,054,213</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <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%">5,851,417</td> <td style="line-height: 115%"> </td></tr> </table>

As of November 30, 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 August 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 Q1 2016</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, 2015</td> <td style="width: 3%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 12%; text-align: right; line-height: 115%">1,750,000</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 3%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 12%; text-align: right; line-height: 115%">0.37</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 3%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 12%; text-align: right; line-height: 115%">9.29</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%">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%">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></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%">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></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%">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%">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></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Outstanding, November 30, 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%">9.04</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Exercisable, November 30, 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%">9.04</td> <td style="line-height: 115%"> </td></tr> </table>

The following is a summary of warrants outstanding at November 30, 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: right; 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%">$</td> <td style="width: 30%; text-align: right; line-height: 115%">1.30</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 3%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 30%; text-align: right; line-height: 115%">375,000</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 3%; line-height: 115%"> </td> <td style="width: 30%; text-align: center; line-height: 115%">May 2021</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">$</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%">Nov 2024</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">0.01</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">100,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: center; line-height: 115%">Jul 2016</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">$</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%">Apr 2016</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">1.00</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">400,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: center; line-height: 115%">Aug 2016</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">0.50</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%">1,176,473</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: center; line-height: 115%">Aug 2016</td></tr> </table>

The following is a schedule, by year, of future minimum lease payments required under non-cancelable operating leases as of August 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%">Years Ending  August 31,</td> <td nowrap="nowrap" style="line-height: 115%"> </td> <td nowrap="nowrap" colspan="2" style="text-align: right; line-height: 115%"> </td> <td nowrap="nowrap" style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 78%; text-align: center; line-height: 115%">2016</td> <td style="width: 3%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 17%; text-align: right; line-height: 115%">576,899</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center; line-height: 115%">2017</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">676,425</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: center; line-height: 115%">2018</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">694,857</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center; line-height: 115%">2019</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">713,753</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: center; line-height: 115%">2020</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">716,767</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center; line-height: 115%">Thereafter</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">1,642,397</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: center; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">5,021,098</td> <td style="line-height: 115%"> </td></tr> </table>

P7Y

P5Y

P7Y

1664993

97346

0.0272

0.0165

0.0051

P5Y6M

P4M17D

0.00

29685

12833

400000 Our Company currently has 111 employees and has served more than 40 education clients and over 70 degree programs.

25250000

0.71

0.925

0.60

248011

295000

588236

295000

500000

600000

0.0250

144000 200000

1.50

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.

The conversion price (the Conversion Price) shall be subject to equitable adjustments for stock splits, stock dividends or rights offerings by the Company relating to the Companys securities or the securities of any subsidiary of the Company, combinations, recapitalization, reclassifications, extraordinary distributions and similar events. Relative to the thirty (30) trading days immediately prior to a Notice of Conversion, the Conversion Price shall mean: (i) $0.50 if the Companys common stock trading price during the term hereof, on its applicable exchange or principal marketplace, as may be the case from time to time, as such closing price is reported by The Wall Street Journal, closes above $1.00; or (ii) $0.35 if such closing price is below $1.00.

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.

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 ratified by CUB and CFG (collectively Lenders). As part of the amendment dated April 13, 2015, CFG may convert its outstanding balance under this note at the lessor of 85% of the 10 day average trading price or $1.50.

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.

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.

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.

15840

16179

6873901

37329

6905630

5851417

600000

500000

1250000

688120

295000

1250000

80000

500000

0.025

0.0575

0.0725

0.85

0.0725

200000 250000 247000 2000000

906774

0.10

0.12

0.10

0.0800

0.10

822

6523

295000 400000 1.00 1.00 P5Y P5Y

375000

2346461

1165202

766680

3000000

1562280

2058115

70000

177647

215000

81000

53880

1667

147059

323000 144000

188000

198409 588236 3359775

186270

80000

70000 20% or $25,000.

0.075

174000 10000

1750000

700000

300000

225000

1750000

0.37

0.01

0.50

0.75

0.37

P9Y3M15D

P9Y15D

P8Y7M24D

P9Y3M11D

P9Y4M2D

P9Y15D

P8Y7M24D

P9Y3M11D

P9Y4M2D

P9Y15D

1.30

1.00

0.01

1.00

0.50

375000

1264023

100000

295000

400000

1176473

2021-05-31 2024-11-30 2016-07-31 2016-04-30 2016-08-31 2016-08-31 28976 250000

5000000

0.01 0.75 1750000

0.53

0.57

576899

676425

694857

713753

716767

1642397

5021098

5000000

2024

80068

184111

250000

1500000

202249 -1365398

202249

2000000 523587 1200000 20000 1.00

2016-04-15

1250000

0.10

0.40

500000 500000 190000

625000

275000

0.10

5. STOCKHOLDERS EQUITY   The Company is authorized to issue one class of stock, which represents 937,500,000 shares of common stock, par value $0.001.   Common Stock   Pursuant to an agreement between the Company and MarkeTouch, the Company is repurchasing the shares held by MarkeTouch. This agreement was settled per an agreement dated June 9, 2015. MarkeTouch relinquished all equity and ownership rights in exchange for service credits up to $174,000 to be used over a designated period with certain monthly limits.   On September 16, 2015, the Company closed a stock purchase agreement with Neil Rogers (Rogers) for an aggregate purchase price of $500,000 for a total of 500,000 shares of Common Stock. The Company agreed that $190,000 of the cash consideration is subject to the effectiveness of a registration statement for the issued shares. The use of proceeds was for general working capital purposes.     On September 16, 2015, pursuant to the termination of a registration rights agreement between the Company, Rogers, and Byrne United S.A. ("Byrne"), the Company agreed to issue 625,000 shares of Common Stock to Rogers and 625,000 shares of Common Stock to Byrne. The Company recognized an interest expense of $ 1,500,000 associated with this issuance.   The Company made the above offerings to Byrne and Rogers in an offshore transaction relying on Regulation S and/or Section 4(a)(2) of the Securities Act as Byrne and Rogers are non-U.S. persons (as that term is defined in Regulation S of the Securities Act).   On September 24, 2015, CFG converted $ 80,000 in debt at a price of $ 0.10 per share of Common Stock, pursuant to the Opus Third Amendment.    Stock Issued for Services    In April 2015, the Company entered into a three (3) month agreement with a vendor for advisory and consulting services. The agreement was extended into the Companys current fiscal year. For the quarter that ended November 30, 2015, the vendor received 28,976 shares which were measured based on their grant-date fair value and recognized as an operating expense of $48,100.   In September 2015, the Company entered into a three (3) month agreement with a vendor for advisory and consulting services. For the quarter that ended November 30, 2015, the vendor received 250,000 shares which were measured based on their grant-date fair value and recognized as an operating expense of $20,000.     Stock Option Plan    In July 2014, the Board of Directors adopted, and the shareholders approved, the 2014 Stock 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 November 30, 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 August 31, 2015.   <table cellspacing="0" cellpadding="0" align="center" style="width: 90%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="border-bottom: black 1pt solid; text-align: center">Transactions in Q1 2016</td> <td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; text-align: center">Quantity</td> <td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; text-align: center">Weighted- Average Exercise Price Per Share</td> <td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; text-align: center">Weighted- Average Remaining Contractual Life</td> <td nowrap="nowrap" style="padding-bottom: 1pt"> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td>Outstanding, August 31, 2015</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,750,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.37</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">9.29</td> <td style="text-align: left"> </td></tr> <tr style="background-color: white; vertical-align: bottom"> <td>Granted</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">0</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">0</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td>Exercised</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">0</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">0</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="background-color: white; vertical-align: bottom"> <td>Cancelled/Forfeited</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">0</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">0</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td>Outstanding, November 30, 2015</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,750,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.37</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">9.04</td> <td style="text-align: left"> </td></tr> <tr style="background-color: white; vertical-align: bottom"> <td>Exercisable, November 30, 2015</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,750,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.37</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">9.04</td> <td style="text-align: left"> </td></tr> </table>   The fair value of these options was estimated at the date of grant using the Black Scholes option pricing model with the following assumptions: no dividends, 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 was 9.04 years at November 30, 2015. The exercise prices for the options outstanding at November 30, 2015 ranged from $0.01 to $0.75, and the information relating to these options is as follows:    <table cellspacing="0" cellpadding="0" style="width: 90%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: bottom"> <td colspan="10" nowrap="nowrap" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold">OPTIONS OUTSTANDING</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="10" nowrap="nowrap" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold">OPTIONS EXERCISABLE</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; text-align: center">Quantity</td> <td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; text-align: center">Weighted- Average Exercise Price Per Share</td> <td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; text-align: center">Weighted- Average Remaining Contractual Life</td> <td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; text-align: center">Quantity</td> <td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; text-align: center">Weighted- Average Exercise Price Per Share</td> <td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; text-align: center">Weighted- Average Remaining Contractual Life</td> <td nowrap="nowrap" style="padding-bottom: 1pt"> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left"> </td> <td style="text-align: right">700,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">0.01</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">8.65</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">700,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.01</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">8.65</td> <td style="text-align: left"> </td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left"> </td> <td style="text-align: right">600,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">0.50</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">9.28</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">600,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.50</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">9.28</td> <td style="text-align: left"> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left"> </td> <td style="text-align: right">450,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">0.75</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">9.34</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">225,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.75</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">9.34</td> <td style="text-align: left"> </td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; font-weight: bold"> </td> <td style="text-align: right; font-weight: bold">1,750,000</td> <td style="text-align: left; font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td style="text-align: left; font-weight: bold">$</td> <td style="text-align: right; font-weight: bold">0.37</td> <td style="text-align: left; font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td style="text-align: left; font-weight: bold"> </td> <td style="text-align: right; font-weight: bold">9.04</td> <td style="text-align: left; font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td style="text-align: left; font-weight: bold"> </td> <td style="text-align: right; font-weight: bold">1,750,000</td> <td style="text-align: left; font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td style="text-align: left; font-weight: bold">$</td> <td style="text-align: right; font-weight: bold">0.37</td> <td style="text-align: left; font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td style="text-align: left; font-weight: bold"> </td> <td style="text-align: right; font-weight: bold">9.04</td> <td style="text-align: left; font-weight: bold"> </td></tr> </table>    Warrants Outstanding    The following is a summary of warrants outstanding at November 30, 2015:   <table cellspacing="0" cellpadding="0" style="width: 50%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: bottom"> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; text-align: center">Exercise Price</td> <td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; text-align: right">Number of Warrants</td> <td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="border-bottom: black 1pt solid; text-align: center">Expiration Date</td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left">$</td> <td style="text-align: right">1.30</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">375,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: center">May 2021</td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left">$</td> <td style="text-align: right">1.00</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,264,023</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: center">Nov 2024</td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left">$</td> <td style="text-align: right">0.01</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">100,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: center">Jul 2016</td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left">$</td> <td style="text-align: right">1.00</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">295,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: center">Apr 2016</td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left">$</td> <td style="text-align: right">1.00</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">400,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: center">Aug 2016</td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left">$</td> <td style="text-align: right">0.50</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,176,473</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: center">Aug 2016</td></tr> </table>

The exercise prices for the options outstanding at November 30, 2015 ranged from $0.01 to $0.75, and the information relating to these options is as follows:   <table cellspacing="0" cellpadding="0" style="width: 90%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: bottom"> <td colspan="10" nowrap="nowrap" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold">OPTIONS OUTSTANDING</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="10" nowrap="nowrap" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold">OPTIONS EXERCISABLE</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; text-align: center">Quantity</td> <td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; text-align: center">Weighted- Average Exercise Price Per Share</td> <td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; text-align: center">Weighted- Average Remaining Contractual Life</td> <td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; text-align: center">Quantity</td> <td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; text-align: center">Weighted- Average Exercise Price Per Share</td> <td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; text-align: center">Weighted- Average Remaining Contractual Life</td> <td nowrap="nowrap" style="padding-bottom: 1pt"> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left"> </td> <td style="text-align: right">700,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">0.01</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">8.65</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">700,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.01</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">8.65</td> <td style="text-align: left"> </td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left"> </td> <td style="text-align: right">600,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">0.50</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">9.28</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">600,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.50</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">9.28</td> <td style="text-align: left"> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left"> </td> <td style="text-align: right">450,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">0.75</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">9.34</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">225,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.75</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">9.34</td> <td style="text-align: left"> </td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; font-weight: bold"> </td> <td style="text-align: right; font-weight: bold">1,750,000</td> <td style="text-align: left; font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td style="text-align: left; font-weight: bold">$</td> <td style="text-align: right; font-weight: bold">0.37</td> <td style="text-align: left; font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td style="text-align: left; font-weight: bold"> </td> <td style="text-align: right; font-weight: bold">9.04</td> <td style="text-align: left; font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td style="text-align: left; font-weight: bold"> </td> <td style="text-align: right; font-weight: bold">1,750,000</td> <td style="text-align: left; font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td style="text-align: left; font-weight: bold">$</td> <td style="text-align: right; font-weight: bold">0.37</td> <td style="text-align: left; font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td style="text-align: left; font-weight: bold"> </td> <td style="text-align: right; font-weight: bold">9.04</td> <td style="text-align: left; font-weight: bold"> </td></tr> </table>

10.          SUBSEQUENT EVENTS    On December 10, 2015, Seminole State College renewed its services agreement with the Company.   On December 12, 2015, the Company accepted the resignation of Brett Johnson, the Companys President.   On December 22, 2015, the Company accepted the resignation of Tina Gentile, the Companys Interim Chief Financial Officer.   On December 31, 2015, the Company issued an unsecured convertible promissory note in the amount of $275,000. The holder of the note has the option to convert the note at $ 0.40 per share of the Companys common stock. The note bears an interest at a rate of 10% per annum and is due May 31, 2016.

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[Member] Common Stock [Member] Equity Components [Axis] Fair Value, Inputs, Level 1 [Member] Fair Value, Hierarchy [Axis] Fair Value, Inputs, Level 2 [Member] Fair Value, Inputs, Level 3 [Member] Promissory Note One [Member] California United Bank [Member] Promissory Note Two [Member] Maximum [Member] Range [Axis] Promissory Note [Member] September 2014 Report Date [Axis] Consultant [Member] January 2015 Redwood [Member] Lincoln Park [Member] Convertible Note [Member] Redwood [Member] Lincoln Park [Member] Furniture and Fixtures [Member] Software and Equipment [Member] Opus Bank [Member] CFG [Member] Equipment [Member] Minimum [Member] Zan Greenwood [Member] Title of Individual [Axis] John Hall [Member] 0.01 [Member] Stock Options [Member] Award Type [Axis] 0.50 [Member] 0.75 [Member] Exercise Price 1.30 [Member] Exercise Price 1.00 [Member] Exercise Price 0.01 [Member] Exercise Price 1.00 [Member] Exercise Price 1.00 [Member] Exercise Price 0.50 [Member] Vendor [Member] Sales Revenue, Services, Net [Member] Concentration Risk Benchmark [Axis] Customer Concentration Risk [Member] Concentration Risk Type [Axis] Opus Credit Agreement [Member] PCS Link [Member] Rogers [Member] Byrne [Member] Subsequent Event [Member] Subsequent Event Type [Axis] Document And Entity Information Document Type Amendment Flag 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 Public Float 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 Deferred revenue Accrued interest Due to shareholders / officer Notes payable, net of discount of $1,054,213 and $1,364,771, 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; 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Document and Entity Information	3 Months Ended
Document and Entity Information	Nov. 30, 2015 shares
Document And Entity Information
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Nov. 30, 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	47,943,273
Entity Current Reporting Status	No
Entity Voluntary Filers	No
Entity Well Known Seasoned Issuer	No
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q1

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CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	Nov. 30, 2015	Aug. 31, 2015
CURRENT ASSETS
Cash and cash equivalents	$ 30,328	$ 211,725
Accounts receivable, net	251,626	594,035
Prepaid expenses and other current assets	87,922	125,891
Current assets to be disposed of	36,860	36,860
TOTAL CURRENT ASSETS	406,736	968,511
PROPERTY AND EQUIPMENT, net	126,693	142,872
OTHER ASSETS
Deposits and other assets	74,783	75,034
TOTAL OTHER ASSETS	74,783	75,034
TOTAL ASSETS	608,212	1,186,417
CURRENT LIABILITIES
Accounts payable	1,502,751	1,332,057
Accrued expenses	789,133	634,780
Accrued payroll and related expenses	523,299	441,279
Deferred revenue	67,526	11,100
Accrued interest	346,659	251,751
Due to shareholders / officer	172,345	169,970
Notes payable, net of discount of $1,054,213 and $1,364,771, respectively	3,814,088	2,955,240
Line of credit	2,000,000	2,000,000
Derivative liability	97,346	1,664,993
Current liabilities to be disposed of	335,857	335,857
TOTAL CURRENT LIABILITIES	9,649,004	9,797,027
Notes payable, non-current	37,329	552,329
TOTAL LIABILITIES	$ 9,686,333	$ 10,349,356
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY (DEFICIT)
Common stock, $0.001 par value; 937,500,000 shares authorized, 47,943,273 and 45,114,297 shares issued and outstanding, respectively	$ 47,944	$ 45,115
Subscription Receivable	(190,000)
Additional paid-in capital	13,464,921	9,934,174
Accumulated deficit	(22,400,986)	(19,142,228)
TOTAL STOCKHOLDERS' EQUITY (DEFICIT)	$ (9,078,121)	$ (9,162,939)
Noncontrolling interest
TOTAL STOCKHOLDERS' EQUITY (DEFICIT)	$ (9,078,121)	$ (9,162,939)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	$ 608,212	$ 1,186,417

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CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($)	Nov. 30, 2015	Aug. 31, 2015
Statement of Financial Position [Abstract]
Debt Instrument, Unamortized Discount	$ 1,054,213	$ 1,364,771
Common Stock, Par Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares Authorized	937,500,000	937,500,000
Common Stock, Shares, Issued	47,943,273	45,114,297
Common Stock, Shares, Outstanding	47,943,273	45,114,297

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended
	Nov. 30, 2015	Nov. 30, 2014
Income Statement [Abstract]
REVENUES	$ 1,290,001	$ 2,664,968
OPERATING EXPENSES
Direct cost of services	875,299	1,578,471
Personnel	691,468	858,960
Selling, general and administrative	1,026,477	$ 769,449
Equity-based expense	88,184
TOTAL OPERATING EXPENSES	2,681,428	$ 3,206,880
INCOME (LOSS) FROM OPERATIONS	(1,391,427)	(541,912)
OTHER INCOME (EXPENSE)
Interest expense	(2,052,792)	$ (109,528)
Change in value of derivatives	202,249
Miscellaneous income (expense), net	(16,788)	$ 82,227
TOTAL OTHER INCOME (EXPENSE)	(1,867,331)	(27,301)
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE PROVISION FOR (BENEFIT FROM) INCOME TAXES	$ (3,258,758)	$ (569,213)
Provision for (benefit from) income taxes
INCOME (LOSS) FROM CONTINUING OPERATIONS	$ (3,258,758)	$ (569,213)
INCOME (LOSS) FROM DISCONTINUED OPERATIONS, net of tax
NET INCOME (LOSS)	$ (3,258,758)	$ (569,213)
Net income (loss) attributable to noncontrolling interests
Net income (loss) attributable to PCS Link, Inc. common stockholders	$ (3,258,758)	$ (569,213)
Earnings per share - basic and diluted
Income (loss) from continuing operations attributable to Greenwood Hall, Inc. common stockholders	$ (0.07)	$ (0.01)
Income (loss) from discontinuing operations attributable to Greenwood Hall, Inc. common stockholders
Net income (loss) attributable to Greenwood Hall, Inc. common stockholders	$ (0.07)	$ (0.01)
Weighted average common shares - basic and diluted	47,656,478	39,536,450

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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	3 Months Ended
	Nov. 30, 2015	Nov. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (3,258,758)	$ (569,213)
Net (income) loss from discontinued operations
Net income (loss) from continuing operations	$ (3,258,758)	$ (569,213)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities of continuing operations:
Non-cash interest on convertible promissory notes	335,559	$ 6,523
Stock-based compensation	20,084
Shares issued for services	68,100
Shares issued for settlement	1,500,000
Depreciation and amortization	16,179	$ 15,840
Change in value of derivatives	(202,249)
Changes in operating assets and liabilities:
Accounts receivable	342,410	$ 439,804
Prepaid expenses and other current assets	37,969	$ 196,660
Deposits and other assets	251
Accounts payable	169,157	$ (204,546)
Accrued expenses	154,353	20,177
Accrued payroll and related	82,020	16,653
Deferred revenue	56,426	(993,897)
Accrued interest	94,908	(14,848)
Advances from officers, net	2,375	(42,890)
Net cash provided by (used in) operating activities of continuing operations	$ (581,216)	$ (1,129,737)
Net cash provided by (used in) operating activities of discontinued operations
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	$ (581,216)	$ (1,129,737)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of notes payable	100,000
Payments on notes payable	(10,181)	$ (192,750)
Proceeds from the sale of stock	$ 310,000
Proceeds from the sale of units		$ 1,000,000
Net cash provided by (used in) financing activities of continuing operations	$ 399,819	$ 807,250
Net cash provided by (used in) financing activities of discontinued operations
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	$ 399,819	$ 807,250
NET INCREASE (DECREASE) IN CASH FROM CONTINUING OPERATIONS	$ (181,397)	$ (322,487)
NET INCREASE (DECREASE) IN CASH FROM DISCONTINUED OPERATIONS
NET INCREASE (DECREASE) IN CASH	$ (181,397)	$ (322,487)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	211,725	367,286
CASH AND CASH EQUIVALENTS, END OF PERIOD	30,328	44,799
Supplemental disclosures:
Interest paid in cash	$ 297,009	$ 117,853
Income taxes paid in cash
Supplemental disclosure of non-cash investing and financing activities:
Conversion of convertible note and accrued interest into common stock	$ 80,000

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ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Nov. 30, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization

Basis of Presentation

Principles of Consolidation

Going Concern

Use of 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

Deferred Revenue

Accounts Receivable

Property and Equipment

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

Earnings (Loss) per Share

Variable Interest Entities

Marketing and Advertising

Stock-Based Compensation

Derivative Liabilities

During the three months ended November 30, 2015 and the three months ended November 30, 2014, the Company recognized a change in value of the derivative liability of $202,249 and $0, respectively.

Fair Value of Financial Instruments

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.

The following table summarizes fair value measurements at November 30, 2015 and 2014 for assets and liabilities measured at fair value on a recurring basis.

November 30, 2015

	Level 1		Level 2		Level 3
Derivative Liabilities	$	—	$	—	$	97,346

August 31, 2015

	Level 1		Level 2		Level 3
Derivative Liabilities	$	—	$	—	$	1,664,993

The assumptions used in valuing derivative instruments issued during the twelve months ended November 30, 2015 were as follows:

Risk free interest rate			0.51% - 1.65%
Expected life			0.38 – 5.50 Years
Dividend yield			None
Volatility			100%

The following is a reconciliation of the derivative liability related to these instruments for the three months ended November 30, 2015:

Value at August 31, 2015	$	1,664,993
Issuance of instruments		0
Change in value		(202,249	)
Net settlements		(1,365,398	)
Value as of November 30, 2015	$	97,346

Effect of Recently Issued Accounting Standards

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PROPERTY AND EQUIPMENT

3 Months Ended

Nov. 30, 2015

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

2. PROPERTY AND EQUIPMENT

At November 30, 2015 and August 31 2015, property and equipment consists of the following:

	November 2015			August 2015
Computer equipment	$	553,255			553,255
Software and Equipment		39,400			39,400
Furniture & Fixtures		9,177			9,177
		601,832			601,832
Accumulated depreciation		(475,139	)		(458,960	)
Net property and equipment	$	126,693			142,872

XML 17 R8.htm IDEA: XBRL DOCUMENT

NOTES PAYABLE

3 Months Ended

Nov. 30, 2015

Debt Disclosure [Abstract]

NOTES PAYABLE

3. NOTES PAYABLE

Opus 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 ratified by CUB and CFG (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.

Opus waived all prior covenant defaults.

Opus shall have no obligation to advance any further credit to PCS Link, either by way of overdraft coverage or advances on any loans currently outstanding.

The maturity date (“Maturity Date”) means the earlier of (i) April 15, 2016, (ii) the date on which the issuance of securities occurs resulting in aggregate proceeds not less than the outstanding debt owed Opus, or (iii) the date on which the sale of all of the capital stock or substantially all of the assets of PCS Link occurs.

By October 2, 2015, PCS Link will issue equity and/or unsecured debt resulting in aggregate gross proceeds not less than $1,250,000.

PCS Link shall have no further obligation to comply with the financial covenants.

California United Bank:

In conjunction with the Opus Third Amendment dated September 24, 2015, the following terms were agreed to with California United Bank:

CUB will receive during the Forbearance Period monthly interest payments of interest in full for the period starting September 1, 2015.

CUB will receive 523,587 warrants for shares of common stock at an exercise price of $1.00 per share, not to include anti-dilution or cash-less exercise provision

As of November 30, 2015, the balance remaining is $906,774.

Colgan Financial Group, Inc.:

In conjunction with the Opus Third Amendment of September 25, 2015, the following terms were agreed to with Colgan Financial Group:

CFG will provide the Company a forbearance period beginning September 1, 2015 and continuing through April 15,2016 and extend the maturity of its facility to April 15, 2016.

CFG will receive 20,000 warrants for shares of common stock at an exercise price of $1.00 per share, not to include anti-dilution or cash-less exercise provision.

The conversion price for Eighty Thousand Dollars ($80,000) of the outstanding principal will be Ten Cents ($0.10) per share.

Redwood Fund, LP:

Lincoln Park Capital Fund, LLP:

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. In connection with this debt, the Company recorded a note discount equal to approximately $215,000 associated with the measurement of the warrants and conversion feature issued therewith. During the three months ended November 30, 2015, the Company recognized approximately $70,000 of amortization of note discount.

Colgan Financial Group, inc.:

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 ratified by CUB and CFG (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 therewith, the Company entered into Amendment No. 4 to the Loan and Security Agreement with CFG. Pursuant to the 4^th amendment, the Company consolidated two of the notes outstanding to CFG (the December 2013 promissory note and the $200,000 promissory note issued in February 2015). The balance of the amended note on the date of Amendment No. 4 was $688,120. Amendment No. 4 provided CFG with the ability to convert the note, at its option, at a conversion price equal to the lesser of (i) 85% of the weighted average price per share of the Company’s common stock as reported by the exchange or over the counter market for the ten (10) trading days prior to the date of the notice of conversion or (ii) $1.50. The conversion feature is accounted for as a derivative liability in accordance with ASC 815. On the grant date, the conversion feature was valued at approximately $188,000, which was recorded as a note discount. During the year ended August 31, 2015, amortization of the note discount amounted to approximately $70,000. As of August 31, 2015, the balance remaining is $766,680 including accrued interest. The note maturity was extended to April 2016 pursuant to an amendment to the note that became effective in September 2015.

Promissory Note

Years Ending August 31,
2016	$	6,873,901
2017	$	37,329
2018
2019		—
Total		6,905,630
Note discount		(1,054,213	)
	$	5,851,417

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RELATED PARTY TRANSACTIONS

3 Months Ended

Nov. 30, 2015

RELATED PARTY TRANSACTIONS

4. RELATED PARTY TRANSACTIONS

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References + Details

XML 19 R10.htm IDEA: XBRL DOCUMENT

STOCKHOLDERS' EQUITY

3 Months Ended

Nov. 30, 2015

Stockholders' Equity Note [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 $0.001.

Common Stock

On September 24, 2015, CFG converted $ 80,000 in debt at a price of $ 0.10 per share of Common Stock, pursuant to the Opus Third Amendment.

Stock Issued for Services

Stock Option Plan

Stock Options

Transactions in Q1 2016	Quantity		Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Life
Outstanding, August 31, 2015		1,750,000		0.37		9.29
Granted		0		0
Exercised		0		0
Cancelled/Forfeited		0		0
Outstanding, November 30, 2015		1,750,000		0.37		9.04
Exercisable, November 30, 2015		1,750,000		0.37		9.04

OPTIONS OUTSTANDING						OPTIONS EXERCISABLE
Quantity		Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Life		Quantity		Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Life
	700,000	$	0.01		8.65		700,000		0.01		8.65
	600,000	$	0.50		9.28		600,000		0.50		9.28
	450,000	$	0.75		9.34		225,000		0.75		9.34
	1,750,000	$	0.37		9.04		1,750,000	$	0.37		9.04

Warrants Outstanding

The following is a summary of warrants outstanding at November 30, 2015:

Exercise Price		Number of Warrants		Expiration Date
$	1.30		375,000	May 2021
$	1.00		1,264,023	Nov 2024
$	0.01		100,000	Jul 2016
$	1.00		295,000	Apr 2016
$	1.00		400,000	Aug 2016
$	0.50		1,176,473	Aug 2016

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
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-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

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Reference 14: http://www.xbrl.org/2003/role/presentationRef
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-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 15: http://www.xbrl.org/2003/role/presentationRef
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-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

+ Details

XML 20 R11.htm IDEA: XBRL DOCUMENT

CONCENTRATIONS

3 Months Ended

Nov. 30, 2015

Risks and Uncertainties [Abstract]

CONCENTRATIONS

6. CONCENTRATIONS

Concentration of Credit Risk

Major Customers

XML 21 R12.htm IDEA: XBRL DOCUMENT

INCOME TAXES

3 Months Ended

Nov. 30, 2015

Income Tax Disclosure [Abstract]

INCOME TAXES

7. INCOME TAXES

A majority of the Company’s deferred tax asset is comprised of net operating loss carryforwards, offset by a 100% valuation allowance at November 30, 2015.

XML 22 R13.htm IDEA: XBRL DOCUMENT

COMMITMENTS AND CONTINGENCIES

3 Months Ended

Nov. 30, 2015

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

8. COMMITMENTS AND CONTINGENCIES

Lease Commitments

Years Ending August 31,
2016	$	576,899
2017		676,425
2018		694,857
2019		713,753
2020		716,767
Thereafter		1,642,397
	$	5,021,098

Employment Agreements

At November 30, 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.

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DISCONTINUED OPERATIONS

3 Months Ended

Nov. 30, 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.

- Definition

The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

XML 24 R15.htm IDEA: XBRL DOCUMENT

SUBSEQUENT EVENTS

3 Months Ended

Nov. 30, 2015

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

10. SUBSEQUENT EVENTS

On December 10, 2015, Seminole State College renewed its services agreement with the Company.

On December 12, 2015, the Company accepted the resignation of Brett Johnson, the Company’s President.

On December 22, 2015, the Company accepted the resignation of Tina Gentile, the Company’s Interim Chief Financial Officer.

XML 25 R16.htm IDEA: XBRL DOCUMENT

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

3 Months Ended

Nov. 30, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

Basis of Presentation

Principles of Consolidation

Going Concern

Use of 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

Deferred Revenue

Accounts Receivable

Property and Equipment

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

Earnings (Loss) per Share

Variable Interest Entities

Marketing and Advertising

Stock-Based Compensation

Derivative Liabilities

During the three months ended November 30, 2015 and the three months ended November 30, 2014, the Company recognized a change in value of the derivative liability of $202,249 and $0, respectively.

Fair Value of Financial Instruments

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.

The following table summarizes fair value measurements at November 30, 2015 and 2014 for assets and liabilities measured at fair value on a recurring basis.

November 30, 2015

	Level 1		Level 2		Level 3
Derivative Liabilities	$	—	$	—	$	97,346

August 31, 2015

	Level 1		Level 2		Level 3
Derivative Liabilities	$	—	$	—	$	1,664,993

The assumptions used in valuing derivative instruments issued during the twelve months ended November 30, 2015 were as follows:

Risk free interest rate			0.51% - 1.65%
Expected life			0.38 – 5.50 Years
Dividend yield			None
Volatility			100%

The following is a reconciliation of the derivative liability related to these instruments for the three months ended November 30, 2015:

Value at August 31, 2015	$	1,664,993
Issuance of instruments		0
Change in value		(202,249	)
Net settlements		(1,365,398	)
Value as of November 30, 2015	$	97,346

Effect of Recently Issued Accounting Standards

XML 26 R17.htm IDEA: XBRL DOCUMENT

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Nov. 30, 2015

Organization, Consolidation and Presentation of 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 November 30, 2015 and 2014 for assets and liabilities measured at fair value on a recurring basis.

November 30, 2015

	Level 1		Level 2		Level 3
Derivative Liabilities	$	—	$	—	$	97,346

August 31, 2015

	Level 1		Level 2		Level 3
Derivative Liabilities	$	—	$	—	$	1,664,993

Warrants

The assumptions used in valuing derivative instruments issued during the twelve months ended November 30, 2015 were as follows:

Risk free interest rate			0.51% - 1.65%
Expected life			0.38 – 5.50 Years
Dividend yield			None
Volatility			100%

Derivative liability

The following is a reconciliation of the derivative liability related to these instruments for the three months ended November 30, 2015:

Value at August 31, 2015	$	1,664,993
Issuance of instruments		0
Change in value		(202,249	)
Net settlements		(1,365,398	)
Value as of November 30, 2015	$	97,346

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References + Details

XML 27 R18.htm IDEA: XBRL DOCUMENT

PROPERTY AND EQUIPMENT (Tables)

3 Months Ended

Nov. 30, 2015

Property, Plant and Equipment [Abstract]

Property and equipment

At November 30, 2015 and August 31 2015, property and equipment consists of the following:

	November 2015			August 2015
Computer equipment	$	553,255			553,255
Software and Equipment		39,400			39,400
Furniture & Fixtures		9,177			9,177
		601,832			601,832
Accumulated depreciation		(475,139	)		(458,960	)
Net property and equipment	$	126,693			142,872

XML 28 R19.htm IDEA: XBRL DOCUMENT

NOTES PAYABLE (Tables)

3 Months Ended

Nov. 30, 2015

Debt Disclosure [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 November 30, 2015:

Years Ending August 31,
2016	$	6,873,901
2017	$	37,329
2018
2019		—
Total		6,905,630
Note discount		(1,054,213	)
	$	5,851,417

XML 29 R20.htm IDEA: XBRL DOCUMENT

STOCKHOLDERS' EQUITY (Tables)

3 Months Ended

Nov. 30, 2015

Stockholders' Equity Note [Abstract]

Summary of Stock Options activity

Transactions in Q1 2016	Quantity		Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Life
Outstanding, August 31, 2015		1,750,000		0.37		9.29
Granted		0		0
Exercised		0		0
Cancelled/Forfeited		0		0
Outstanding, November 30, 2015		1,750,000		0.37		9.04
Exercisable, November 30, 2015		1,750,000		0.37		9.04

Summary of Stock Options, Exercise Price

The exercise prices for the options outstanding at November 30, 2015 ranged from $0.01 to $0.75, and the information relating to these options is as follows:

OPTIONS OUTSTANDING						OPTIONS EXERCISABLE
Quantity		Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Life		Quantity		Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Life
	700,000	$	0.01		8.65		700,000		0.01		8.65
	600,000	$	0.50		9.28		600,000		0.50		9.28
	450,000	$	0.75		9.34		225,000		0.75		9.34
	1,750,000	$	0.37		9.04		1,750,000	$	0.37		9.04

Summary of warrants outstanding

The following is a summary of warrants outstanding at November 30, 2015:

Exercise Price		Number of Warrants		Expiration Date
$	1.30		375,000	May 2021
$	1.00		1,264,023	Nov 2024
$	0.01		100,000	Jul 2016
$	1.00		295,000	Apr 2016
$	1.00		400,000	Aug 2016
$	0.50		1,176,473	Aug 2016

XML 30 R21.htm IDEA: XBRL DOCUMENT

COMMITMENTS AND CONTINGENCIES (Tables)

3 Months Ended

Nov. 30, 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 August 31, 2015:

Years Ending August 31,
2016	$	576,899
2017		676,425
2018		694,857
2019		713,753
2020		716,767
Thereafter		1,642,397
	$	5,021,098

XML 31 R22.htm IDEA: XBRL DOCUMENT

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	3 Months Ended
	Nov. 30, 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

XML 32 R23.htm IDEA: XBRL DOCUMENT

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) - USD ($)	Nov. 30, 2015	Aug. 31, 2015
Fair Value, Inputs, Level 1 [Member]
Derivative Liabilities
Fair Value, Inputs, Level 2 [Member]
Derivative Liabilities
Fair Value, Inputs, Level 3 [Member]
Derivative Liabilities	$ 97,346	$ 1,664,993

XML 33 R24.htm IDEA: XBRL DOCUMENT

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2)	3 Months Ended
	Nov. 30, 2015
Risk free interest rate	2.72%
Expected life	5 years 6 months
Dividend yield	0.00%
Volatility	100.00%
Maximum [Member]
Risk free interest rate	1.65%
Expected life	5 years 6 months
Minimum [Member]
Risk free interest rate	0.51%
Expected life	4 months 17 days

XML 34 R25.htm IDEA: XBRL DOCUMENT

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 3)	3 Months Ended
	Nov. 30, 2015 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Value at August 31, 2015	$ 1,664,993
Issuance of instruments	0
Change in value	(202,249)
Net settlements	(1,365,398)
Value as of November 30, 2015	$ 97,346

XML 35 R26.htm IDEA: XBRL DOCUMENT

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(Details Narratives) - USD ($)	1 Months Ended				3 Months Ended		12 Months Ended
	Aug. 31, 2015	Aug. 30, 2015	Apr. 30, 2015	Mar. 31, 2015	Nov. 30, 2015	Nov. 30, 2014	Dec. 31, 2013
Marketing and advertising					$ 12,833	$ 29,685
Change in fair value of derivative liability					202,249	$ 0	$ 0
Net amount from financing activities					$ 400,000
Description of Organization					Our Company currently has 111 employees and has served more than 40 education clients and over 70 degree programs.
Number of outstanding common shares					25,250,000
Total percentage of Common stock					71.00%
Acquire warrants					248,011
Convertible promissory note					$ 500,000
Weighted average price per share					$ 0
Stock-based compensation					$ 20,084
Conversion price, Description					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.
Zan Greenwood [Member]
Ownership of percentage					92.50%
John Hall [Member]
Ownership of percentage					60.00%
Redwood [Member]
Convertible promissory note	$ 588,236			$ 295,000
Conversion price, Description	The conversion price (the “Conversion Price”) shall be subject to equitable adjustments for stock splits, stock dividends or rights offerings by the Company relating to the Company’s securities or the securities of any subsidiary of the Company, combinations, recapitalization, reclassifications, extraordinary distributions and similar events. Relative to the thirty (30) trading days immediately prior to a Notice of Conversion, the Conversion Price shall mean: (i) $0.50 if the Company’s common stock trading price during the term hereof, on its applicable exchange or principal marketplace, as may be the case from time to time, as such closing price is reported by The Wall Street Journal, closes above $1.00; or (ii) $0.35 if such closing price is below $1.00.			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.
CFG [Member]
Convertible promissory note							$ 600,000
Note bearing interest rate							2.50%
Paydown equity funding							$ 144,000
Recevied additional funding							$ 200,000
Conversion price, Description							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 ratified by CUB and CFG (collectively “Lenders”). As part of the amendment dated April 13, 2015, CFG may convert its outstanding balance under this note at the lessor of 85% of the 10 day average trading price or $1.50.
Lincoln Park [Member]
Convertible promissory note		$ 295,000	$ 295,000
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.	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.

XML 36 R27.htm IDEA: XBRL DOCUMENT

PROPERTY AND EQUIPMENT (Details) - USD ($)	Nov. 30, 2015	Aug. 31, 2015
Property, Plant and Equipment, Gross	$ 601,832	$ 601,832
Accumulated depreciation	(475,139)	(458,960)
Net property and equipment	126,693	142,872
Computer Equipment [Member]
Property, Plant and Equipment, Gross	553,255	553,255
Software and Equipment [Member]
Property, Plant and Equipment, Gross	39,400	39,400
Furniture and Fixtures [Member]
Property, Plant and Equipment, Gross	$ 9,177	$ 9,177

XML 37 R28.htm IDEA: XBRL DOCUMENT

PROPERTY AND EQUIPMENT (Details Narratives) - USD ($)	3 Months Ended
PROPERTY AND EQUIPMENT (Details Narratives) - USD ($)	Nov. 30, 2015	Nov. 30, 2014
Property, Plant and Equipment [Abstract]
Depreciation, Depletion and Amortization	$ 16,179	$ 15,840

XML 38 R29.htm IDEA: XBRL DOCUMENT

NOTES PAYABLE (Details) - USD ($)	Nov. 30, 2015	Aug. 31, 2015	Aug. 31, 2014
Years Ending August 31,
2016	$ 6,873,901
2017	$ 37,329
2018
2019
Total	$ 6,905,630
Note discount	(1,054,213)	$ (1,364,771)	$ (71,758)
Long-term Debt	$ 5,851,417

XML 39 R30.htm IDEA: XBRL DOCUMENT

NOTES PAYABLE (Details Narrative) - USD ($)			1 Months Ended					3 Months Ended	8 Months Ended	12 Months Ended
NOTES PAYABLE (Details Narrative) - USD ($)	Nov. 06, 2015	Aug. 14, 2015	Sep. 24, 2015	Aug. 21, 2015	Apr. 30, 2015	Mar. 31, 2015	Feb. 28, 2015	Nov. 30, 2015	Aug. 31, 2014	Aug. 31, 2015	Sep. 25, 2015	Dec. 31, 2014	Sep. 30, 2014	May. 31, 2014	May. 28, 2014	Dec. 31, 2013	Oct. 31, 2010
Debt Instrument, Fee Amount								$ 906,774
Interest rate								8.00%				12.00%
Exercise price								$ 0.01	$ 1.30
Warrants value								$ 78,281
Warrants due to dilutive issuances								375,000
Debt Instrument, Unamortized Discount								$ 1,054,213	$ 71,758	$ 1,364,771
Interest expense										$ 2,346,461
Line of credit								$ 2,058,115
Weighted average price per share								$ 0
Amortization of the note discount								$ 81,000
Fair value issunace of note								$ 323,000
Common stock issued								47,943,273	38,536,450	45,114,297
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
Conversion price, Description								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.
Recognized amortization of the note discount										$ 70,000
Maximum [Member]
Line of credit amount					$ 3,000,000
Credit Agreement [Member]
Exercise price								$ 0.01
Warrants value								$ 248,011
Line of credit amount								1,562,280
Promissory Note [Member]
Interest rate													10.00%
Colgan Financial Group, Inc [Member] \| Opus Credit Agreement [Member]
Exercise price											$ 1.00
Warrants received for shares of common stock											20,000
Conversion price											$ 0.10
Colgan Financial Group, Inc [Member] \| Loan and Security Agreement [Member] \| Promissory Note [Member]
Debt Instrument, Face Amount										$ 688,120						$ 600,000
Debt Instrument, Interest Rate, Stated Percentage										85.00%						2.50%
Debt Instrument Increase Additional Borrowings					200,000
Debt Instrument, Unamortized Discount																$ 298,417
Interest expense										$ 766,680
Weighted average price per share							$ 1.50
Amortization of the note discount										$ 70,000
Paydown amount in connection with an equity funding																144,000
Conversion feature derivative liability value							$ 188,000
Convertible promissory notes							$ 200,000									$ 200,000
PCS Link [Member] \| Opus Credit Agreement [Member]
Debt Instrument, Maturity Date			Apr. 15, 2016
Warrants received for shares of common stock			1,200,000
Unsecured debt aggregate gross proceeds			$ 1,250,000
California United Bank [Member] \| Promissory Note Two [Member]
Debt Instrument, Face Amount														$ 1,250,000			$ 1,250,000
Debt Instrument, Interest Rate, Stated Percentage														7.25%			7.25%
Amortization of Debt Discount (Premium)								6,523
Debt Instrument, Unamortized Discount								39,140
California United Bank [Member] \| Promissory Note One [Member]
Debt Instrument, Face Amount												$ 500,000					$ 500,000
Debt Instrument, Interest Rate, Stated Percentage																	5.75%
California United Bank [Member] \| Opus Credit Agreement [Member]
Exercise price			$ 1.00
Deferred interest due			$ 2,000,000
Warrants received for shares of common stock			523,587
Lincoln Park [Member] \| Convertible Note [Member]
Debt Instrument, Face Amount				$ 295,000
Debt Instrument Increase Additional Borrowings				$ 247,000
Interest rate				10.00%
Exercisable warrant issued				400,000
Exercise price of warrant				$ 1.00
Exercisable period of warrant				5 years
Amortization of the note discount					215,000			53,880
Common stock issued		200,000
Convertible promissory notes					$ 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.
Redwood [Member] \| Convertible Note [Member]
Debt Instrument, Face Amount		$ 295,000
Debt Instrument Increase Additional Borrowings		$ 250,000
Interest rate	10.00%	10.00%
Debt Instrument, Increase, Accrued Interest	$ 822
Exercisable warrant issued		295,000
Exercise price of warrant		$ 1.00
Exercisable period of warrant		5 years
Interest expense		$ 1,165,202
Amortization of the note discount	1,667					$ 177,647		$ 147,059
Common stock issued		200,000
Convertible promissory notes	$ 125,000					$ 250,000
Issued shares of common stock		588,236				3,359,775
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.
Original issue discount	20% or $25,000.
Opus Bank [Member] \| Promissory Note Two [Member]
Debt Instrument, Outstanding Amount															$ 2,000,000

XML 40 R31.htm IDEA: XBRL DOCUMENT

RELATED PARTY TRANSACTIONS (Details Narratives) - USD ($)	Nov. 30, 2015	Jun. 09, 2015	Dec. 31, 2013
Related Party Transaction [Line Items]
Service credits		$ 174,000
Other payment owed for services	$ 10,000
MarkeTouch Media, Inc. [Member]
Related Party Transaction [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners			7.50%

XML 41 R32.htm IDEA: XBRL DOCUMENT

STOCKHOLDERS' EQUITY (Details)	3 Months Ended
STOCKHOLDERS' EQUITY (Details)	Nov. 30, 2015 $ / shares shares
Quantity
Outstanding, Beggining Balance \| shares	1,750,000
Granted \| shares	0
Exercised \| shares	0
Cancelled/Forfeited \| shares	0
Outstanding, Ending Balance \| shares	1,750,000
Exercisable, Ending Balance \| shares	1,750,000
Weighted-Average Exercise Price Per Share
Outstanding, Beggining Balance \| $ / shares	$ 0.37
Granted \| $ / shares	0
Exercised \| $ / shares	0
Cancelled/Forfeited \| $ / shares	0
Outstanding, Ending Balance \| $ / shares	0.37
Exercisable, Ending Balance \| $ / shares	$ 0.37
Outstanding, Beggining Balance	9 years 3 months 15 days
Outstanding, Ending Balance	9 years 15 days
Exercisable, Ending Balance	9 years 15 days

XML 42 R33.htm IDEA: XBRL DOCUMENT

STOCKHOLDERS' EQUITY (Details 1) - $ / shares	3 Months Ended
STOCKHOLDERS' EQUITY (Details 1) - $ / shares	Nov. 30, 2015	Aug. 31, 2015
Option Exercisable	1,750,000
Option Exercisable, Price	$ 0.37
Option Exercisable, Remaining Contractual Life	9 years 15 days
Option Outstanding	1,750,000	1,750,000
Option Exercise Price	$ 0.37	$ 0.37
Option Remaining Contractual Life	9 years 15 days
Stock Options [Member]
Option Exercisable	1,750,000
Option Exercisable, Price	$ 0.37
Option Exercisable, Remaining Contractual Life	9 years 15 days
Option Outstanding	1,750,000
Option Exercise Price	$ 0.37
Option Remaining Contractual Life	9 years 15 days
0.01 [Member] \| Stock Options [Member]
Option Exercisable	700,000
Option Exercisable, Price	$ 0.01
Option Exercisable, Remaining Contractual Life	8 years 7 months 24 days
Option Outstanding	700,000
Option Exercise Price	$ 0.01
Option Remaining Contractual Life	8 years 7 months 24 days
0.50 [Member] \| Stock Options [Member]
Option Exercisable	300,000
Option Exercisable, Price	$ 0.50
Option Exercisable, Remaining Contractual Life	9 years 3 months 11 days
Option Outstanding	600,000
Option Exercise Price	$ 0.50
Option Remaining Contractual Life	9 years 3 months 11 days
0.75 [Member] \| Stock Options [Member]
Option Exercisable	225,000
Option Exercisable, Price	$ 0.75
Option Exercisable, Remaining Contractual Life	9 years 4 months 2 days
Option Outstanding	450,000
Option Exercise Price	$ 0.75
Option Remaining Contractual Life	9 years 4 months 2 days

XML 43 R34.htm IDEA: XBRL DOCUMENT

STOCKHOLDERS' EQUITY (Details 2)	3 Months Ended
STOCKHOLDERS' EQUITY (Details 2)	Nov. 30, 2015 $ / shares shares
Exercise Price 1.30 [Member]
Warrants Outstanding Exercise Price \| $ / shares	$ 1.30
Number of Warrants Outstanding \| shares	375,000
Warrants Outstanding Expiration Date	May 31, 2021
Exercise Price 1.00 [Member]
Warrants Outstanding Exercise Price \| $ / shares	$ 1.00
Number of Warrants Outstanding \| shares	1,264,023
Warrants Outstanding Expiration Date	Nov. 30, 2024
Exercise Price 0.01 [Member]
Warrants Outstanding Exercise Price \| $ / shares	$ 0.01
Number of Warrants Outstanding \| shares	100,000
Warrants Outstanding Expiration Date	Jul. 31, 2016
Exercise Price 1.00 [Member]
Warrants Outstanding Exercise Price \| $ / shares	$ 1.00
Number of Warrants Outstanding \| shares	295,000
Warrants Outstanding Expiration Date	Apr. 30, 2016
Exercise Price 1.00 [Member]
Warrants Outstanding Exercise Price \| $ / shares	$ 1.00
Number of Warrants Outstanding \| shares	400,000
Warrants Outstanding Expiration Date	Aug. 31, 2016
Exercise Price 0.50 [Member]
Warrants Outstanding Exercise Price \| $ / shares	$ 0.50
Number of Warrants Outstanding \| shares	1,176,473
Warrants Outstanding Expiration Date	Aug. 31, 2016

XML 44 R35.htm IDEA: XBRL DOCUMENT

STOCKHOLDERS' EQUITY (Details Narratives) - USD ($)	1 Months Ended			3 Months Ended
STOCKHOLDERS' EQUITY (Details Narratives) - USD ($)	Sep. 30, 2015	Sep. 16, 2015	Apr. 30, 2015	Nov. 30, 2015	Nov. 30, 2014	Sep. 24, 2015	Aug. 31, 2015	Jul. 31, 2015	Jun. 09, 2015	Aug. 31, 2014
Common Stock, Shares Authorized				937,500,000			937,500,000
Common Stock, Par or Stated Value Per Share				$ 0.001			$ 0.001
Service credits									$ 174,000
Exercise price				$ 0.01						$ 1.30
Warrnts value				$ 310,000
Recognized operating expense				$ 2,681,428	$ 3,206,880
Shares reserved for issuance								5,000,000
Granted shares				0
Risk free interest rate				2.72%
Expected life				5 years 6 months
Dividend yield				0.00%
Volatility				100.00%
Interest expense		$ 1,500,000		$ 2,052,792	$ 109,528
Maximum [Member]
Options to purchase				0.01
Risk free interest rate				1.65%
Expected life				5 years 6 months
Minimum [Member]
Options to purchase				0.75
Risk free interest rate				0.51%
Expected life				4 months 17 days
Common Stock [Member]
Common Stock, Shares Authorized				937,500,000
Common Stock, Par or Stated Value Per Share				$ 0.0001
Vendor [Member]
Shares received by vender	250,000		28,976
Recognized operating expense	$ 20,000		$ 48,100
Common Stock [Member] \| CFG [Member]
Exercise price						$ 0.10
Debt Instrument, Face Amount						$ 80,000
Common Stock [Member] \| Rogers [Member]
Shares issued for common stock		625,000
Purchase agreement aggregate purchase price, amount		$ 500,000
Purchase agreement aggregate purchase price, shares		500,000
Cash consideration purchase agreement aggregate		$ 190,000
Common Stock [Member] \| Byrne [Member]
Shares issued for common stock		625,000
Stock Options [Member]
Options to purchase				1,750,000

XML 45 R36.htm IDEA: XBRL DOCUMENT

CONCENTRATIONS (Details Narratives)	3 Months Ended
CONCENTRATIONS (Details Narratives)	Nov. 30, 2015	Nov. 30, 2014
Sales Revenue, Services, Net [Member] \| Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	53.00%	57.00%

XML 46 R37.htm IDEA: XBRL DOCUMENT

INCOME TAXES (Details Narratives)	3 Months Ended
INCOME TAXES (Details Narratives)	Nov. 30, 2015
Income Tax Disclosure [Abstract]
Percentage Of Valuation Allowance	100.00%

XML 47 R38.htm IDEA: XBRL DOCUMENT

COMMITMENTS AND CONTINGENCIES (Details)	Aug. 31, 2015 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2016	$ 576,899
2017	676,425
2018	694,857
2019	713,753
2020	716,767
Thereafter	1,642,397
Total	$ 5,021,098

XML 48 R39.htm IDEA: XBRL DOCUMENT

COMMITMENTS AND CONTINGENCIES (Details Narratives) - USD ($)	3 Months Ended
	Nov. 30, 2015	Nov. 30, 2014
Commitments and Contingencies Disclosure [Abstract]
Loss Contingency, Loss in Period	$ 5,000,000
Lease Expiration Period	2024
Operating Leases, Rent Expense, Net	$ 184,111	$ 80,068
Gain (Loss) on Contract Termination	$ 250,000

XML 49 R40.htm IDEA: XBRL DOCUMENT

SUBSEQUENT EVENTS (Details Narrative) - Subsequent Event [Member]	Dec. 31, 2015 USD ($) $ / shares
Unsecured convertible promissory note \| $	$ 275,000
Conversion price \| $ / shares	$ 0.40
Interest bearing rate	10.00%

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