23 our services key components of our end-to-end student lifecycle management solution are : · student recruitment & enrollment – our student recruitment and enrollment services include interactive and traditional lead-generation as well as end-to-end recruitment solutions for academic programs of all types , including online degree programs . we help clients identify and reach out to qualified potential students , recruit prospective students , provide enrollment counseling and advice on financial aid options and eligibility , guide students through the enrollment process and help to ensure that students have a positive first week experience . from the first interaction with prospective students , our enrollment counselors act as an extension of the client to establish and foster close , collaborative relationships with students . in our experience , these close relationships , which begin in the recruitment process and extend through the entire student lifecycle , result in significantly improved leads to enrollment rates , increased persistence , enhanced student experience and better student outcomes over the long term . · retention & reengagement – our student retention counselors and success coaches leverage web-based tools and analytics to monitor and assess student progress against their stated education and career goals and provide student-specific advising . counselors proactively contact their assigned students each term to ensure students register for the next term , have all necessary instructional materials and textbooks , have made any necessary payment arrangements and are current on any financial aid requirements and to offer the necessary support to foster student persistence . in many cases , our counselors also work to reengage students who have left a particular institution or have dropped out of an academic program . · student services - we also offer student concierge services that provide students with personalized support on a wide range of needs including financial aid , payments , registration , help desk , password resets and portal navigation . 24 going concern as more fully described in note 1 to the financial statements appearing later in this report , our independent registered public accounting firm has included an explanatory paragraph in their report on our financial statements included with this report for the year ended august 31 , 2016 related to the uncertainty of our ability to continue as a going concern . the company has an accumulated deficit and a working capital deficit as of august 31 , 2016 and incurred a loss from continuing operations during fiscal 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 and advances from stockholders . during the twelve ( 12 ) months ended august 31 , 2016 , the company received a gross amount of approximately $ 905,000 from debt and equity financing . 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 . as a result , there is uncertainty about our ability to continue as a going concern . lack of working capital the company has never been adequately 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 rely heavily on operating revenue as well as other sources of capital , such a 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 . 25 debt service the costs associated with the company 's debt coupled with restrictions on the company 's cash flow availability , created significant strain on the company 's cash flow , ability to invest in new business opportunities , operate efficiently and maximize employee morale . critical accounting policies our financial statements , which appear at item 8 , have been prepared in accordance with accounting principles generally accepted in the united states , which require that we make certain assumptions and estimates that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of net revenue and expenses during each reporting period . on an ongoing basis , management evaluates its estimates , including those related to revenue recognition , variable interest entities , allowances for doubtful accounts , the valuation of deferred income taxes , tax contingencies and long-lived assets . these estimates are based on historical experience and on various other factors that we believe to be reasonable under the circumstances . actual results could differ from those estimates . for additional information relating to these and other accounting policies , see note 1 to our financial statements appearing elsewhere in this report . our significant accounting policies are set forth in note 1 to our financial statements . of those policies , we believe that the policies discussed below may involve a higher degree of judgment and may be more critical to an accurate reflection of our financial condition and results of operations . 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 , typically with a term of one year . story_separator_special_tag pcs link 's stockholders owned 71 % of the outstanding shares of greenwood hall immediately after completion of the transaction . 27 results of operations replace_table_token_1_th 28 revenues : revenues decreased $ 509,809 , or 6.3 % , during the period ended august 31 , 2016 , 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 first quarter of the one year period ended august 31 , 2015. recurring revenues from the company 's core higher education business increased by 46 % during period ended august 31 , 2016 , compared 2015 , primarily due to the addition of new customer contracts in fy-2016 . direct cost of services : direct cost of services decreased by $ 1,331,399 or 21.6 % , during the period ended august 31 , 2016 , largely reflecting improvements in operating efficiencies . personnel : personnel costs increased by $ 985,474 , or 48.2 % , during the period ended august 31 , 2016 , mostly because of an increase in the number of employees required to serve growth in the company 's core higher education business . selling , general and administrative : selling , general and administrative expenses decreased by $ 615,658 , or 19.5 % , during the period ended august 31 , 2016 , primarily due to a reduction in overhead costs . equity-based expense : equity-based expense decreased by $ 829,171 or 50 % during the period ending august 31 , 2016 mainly due to significant warrants being issued in 2015 for services compared to 2016. other income ( expense ) : other expense decreased by $ 35,905 , or 0.7 % , during the period ended august 31 , 2016 , substantially due to non-cash interest expenses including a $ 1,500,000 expense that was recognized as interest expense for the issuance of common stock associated with the termination of a registration rights agreement in september 2015 .. income ( loss ) from continuing operations : as a result of the aforementioned items , we experienced a net loss of $ 8,524,428 from continuing operations during the period ended august 31 , 2016 , compared with a net loss from continuing operations of $ 9,841,911 during the period ended august 31 , 2015 , a decrease of $ 1,317,483 , or 13.4 % . edtech versus legacy/non-recurring revenue we have two revenue streams – edtech and legacy . the edtech side of our business includes all of our technology-enabled solutions offerings to higher education . it is the growth side of our business and the area that management believes will generate the highest stockholder value . as such , the company is focused on the growth of our edtech product suite . our legacy business represents the company 's non-education lifecycle management services for non-profit organizations as well as certain non-strategic higher education offerings . in order to best maximize stockholder value , management opted in 2014 to end its efforts to grow the company 's legacy business . the company 's revenues for fy-2015 reflect a disproportionate share of legacy business revenue , whereas revenues for fy-2016 reflect a much higher proportion of edtech revenue . replace_table_token_2_th edtech revenue increased by $ 1,930,052 or 46 % during the year period that ended on august 31 , 2016 compared to the year period that ended august 31 , 2015 , primarily due to an increase in edtech contracts , that commenced services in the third and fourth quarters of fy-2016 . 29 adjusted ebitda adjusted ebitda represents our earnings before interest expense , other income ( expense ) , income taxes , depreciation and amortization , transactional-related expenses , stock-based compensation , and changes in the fair value of our derivative financial instruments . adjusted ebitda is a key measure used by management and the board of directors to understand and evaluate our core operating performance and trends , to prepare and approve our annual budget and to develop short and long-term operational plans . in particular , the exclusion of certain expenses in calculating adjusted ebitda can provide a useful measure for period-to-period comparisons of our core business . accordingly , we believe that adjusted ebitda provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors . adjusted ebitda should not be considered as an alternative to any measure of financial performance calculated and presented in accordance with u.s. gaap . in addition , adjusted ebitda may not be comparable to similarly titled measures of other companies because other companies may not calculate adjusted ebitda in the same manner as we do . our use of adjusted ebitda has limitations as an analytical tool , and investors should not consider it in isolation or as a substitute for analysis of our financial results as reported under u.s. gaap . some of these limitations are : · although depreciation and amortization are non-cash charges , the assets being depreciated and amortized · may have to be replaced in the future , and adjusted ebitda does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements ; · adjusted ebitda does not reflect changes in , or cash requirements for , our working capital needs ; · adjusted ebitda does not reflect the potentially dilutive impact of equity-based compensation ; · adjusted ebitda does not reflect interest or tax payments that may represent a reduction in cash available to us ; and · other companies , including companies in our industry , may calculate adjusted ebitda differently , which reduces its usefulness as a comparative measure . 30 due to these and other limitations , investors should consider adjusted ebitda alongside other u.s. gaap-based financial performance measures , including various cash flow metrics , net income ( loss ) and our

cash flows we experienced a net loss of $ 8,524,428 from continuing operations during the period ended august 31 , 2016. historically , we have financed our operations from cash generated through operating activities and proceeds from debt instruments . we intend to return to profitability in the future , however , we will require additional capital funding until such time . the following is a summary of the company 's cash flows provided by operating , investing and financing activities for the twelve months ended august 31 , 2016 and august 31 , 2015. year ended year ended 31-aug-16 31-aug-15 net cash used by operating activities -1,874,788 -3,363,812 net cash provided by financing activities 1,666,061 3,217,428 net cash used in operating activities from continuing operations was $ 1,874,788 compared with net cash used by operating activities from continuing operations of $ 3,363,812 during the year ended august 31 , 2015 , representing a 44.3 % decrease . the primary factor resulting in the change in cash provided by operating activities from continuing operations was increased efficiciencies and the reduction of overhead . net cash provided by financing activities during 2016 amounted to $ 1,666,061 compared with net cash provided by financing activities during 2015 of $ 3,217,428 , representing a 48.2 % decrease , primarily due to a decrease in fundraising .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```cash flows we experienced a net loss of $ 8,524,428 from continuing operations during the period ended august 31 , 2016. historically , we have financed our operations from cash generated through operating activities and proceeds from debt instruments . we intend to return to profitability in the future , however , we will require additional capital funding until such time . the following is a summary of the company 's cash flows provided by operating , investing and financing activities for the twelve months ended august 31 , 2016 and august 31 , 2015. year ended year ended 31-aug-16 31-aug-15 net cash used by operating activities -1,874,788 -3,363,812 net cash provided by financing activities 1,666,061 3,217,428 net cash used in operating activities from continuing operations was $ 1,874,788 compared with net cash used by operating activities from continuing operations of $ 3,363,812 during the year ended august 31 , 2015 , representing a 44.3 % decrease . the primary factor resulting in the change in cash provided by operating activities from continuing operations was increased efficiciencies and the reduction of overhead . net cash provided by financing activities during 2016 amounted to $ 1,666,061 compared with net cash provided by financing activities during 2015 of $ 3,217,428 , representing a 48.2 % decrease , primarily due to a decrease in fundraising .
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 Suspicious Activity Report : 23 our services key components of our end-to-end student lifecycle management solution are : · student recruitment & enrollment – our student recruitment and enrollment services include interactive and traditional lead-generation as well as end-to-end recruitment solutions for academic programs of all types , including online degree programs . we help clients identify and reach out to qualified potential students , recruit prospective students , provide enrollment counseling and advice on financial aid options and eligibility , guide students through the enrollment process and help to ensure that students have a positive first week experience . from the first interaction with prospective students , our enrollment counselors act as an extension of the client to establish and foster close , collaborative relationships with students . in our experience , these close relationships , which begin in the recruitment process and extend through the entire student lifecycle , result in significantly improved leads to enrollment rates , increased persistence , enhanced student experience and better student outcomes over the long term . · retention & reengagement – our student retention counselors and success coaches leverage web-based tools and analytics to monitor and assess student progress against their stated education and career goals and provide student-specific advising . counselors proactively contact their assigned students each term to ensure students register for the next term , have all necessary instructional materials and textbooks , have made any necessary payment arrangements and are current on any financial aid requirements and to offer the necessary support to foster student persistence . in many cases , our counselors also work to reengage students who have left a particular institution or have dropped out of an academic program . · student services - we also offer student concierge services that provide students with personalized support on a wide range of needs including financial aid , payments , registration , help desk , password resets and portal navigation . 24 going concern as more fully described in note 1 to the financial statements appearing later in this report , our independent registered public accounting firm has included an explanatory paragraph in their report on our financial statements included with this report for the year ended august 31 , 2016 related to the uncertainty of our ability to continue as a going concern . the company has an accumulated deficit and a working capital deficit as of august 31 , 2016 and incurred a loss from continuing operations during fiscal 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 and advances from stockholders . during the twelve ( 12 ) months ended august 31 , 2016 , the company received a gross amount of approximately $ 905,000 from debt and equity financing . 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 . as a result , there is uncertainty about our ability to continue as a going concern . lack of working capital the company has never been adequately 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 rely heavily on operating revenue as well as other sources of capital , such a 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 . 25 debt service the costs associated with the company 's debt coupled with restrictions on the company 's cash flow availability , created significant strain on the company 's cash flow , ability to invest in new business opportunities , operate efficiently and maximize employee morale . critical accounting policies our financial statements , which appear at item 8 , have been prepared in accordance with accounting principles generally accepted in the united states , which require that we make certain assumptions and estimates that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of net revenue and expenses during each reporting period . on an ongoing basis , management evaluates its estimates , including those related to revenue recognition , variable interest entities , allowances for doubtful accounts , the valuation of deferred income taxes , tax contingencies and long-lived assets . these estimates are based on historical experience and on various other factors that we believe to be reasonable under the circumstances . actual results could differ from those estimates . for additional information relating to these and other accounting policies , see note 1 to our financial statements appearing elsewhere in this report . our significant accounting policies are set forth in note 1 to our financial statements . of those policies , we believe that the policies discussed below may involve a higher degree of judgment and may be more critical to an accurate reflection of our financial condition and results of operations . 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 , typically with a term of one year . story_separator_special_tag pcs link 's stockholders owned 71 % of the outstanding shares of greenwood hall immediately after completion of the transaction . 27 results of operations replace_table_token_1_th 28 revenues : revenues decreased $ 509,809 , or 6.3 % , during the period ended august 31 , 2016 , 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 first quarter of the one year period ended august 31 , 2015. recurring revenues from the company 's core higher education business increased by 46 % during period ended august 31 , 2016 , compared 2015 , primarily due to the addition of new customer contracts in fy-2016 . direct cost of services : direct cost of services decreased by $ 1,331,399 or 21.6 % , during the period ended august 31 , 2016 , largely reflecting improvements in operating efficiencies . personnel : personnel costs increased by $ 985,474 , or 48.2 % , during the period ended august 31 , 2016 , mostly because of an increase in the number of employees required to serve growth in the company 's core higher education business . selling , general and administrative : selling , general and administrative expenses decreased by $ 615,658 , or 19.5 % , during the period ended august 31 , 2016 , primarily due to a reduction in overhead costs . equity-based expense : equity-based expense decreased by $ 829,171 or 50 % during the period ending august 31 , 2016 mainly due to significant warrants being issued in 2015 for services compared to 2016. other income ( expense ) : other expense decreased by $ 35,905 , or 0.7 % , during the period ended august 31 , 2016 , substantially due to non-cash interest expenses including a $ 1,500,000 expense that was recognized as interest expense for the issuance of common stock associated with the termination of a registration rights agreement in september 2015 .. income ( loss ) from continuing operations : as a result of the aforementioned items , we experienced a net loss of $ 8,524,428 from continuing operations during the period ended august 31 , 2016 , compared with a net loss from continuing operations of $ 9,841,911 during the period ended august 31 , 2015 , a decrease of $ 1,317,483 , or 13.4 % . edtech versus legacy/non-recurring revenue we have two revenue streams – edtech and legacy . the edtech side of our business includes all of our technology-enabled solutions offerings to higher education . it is the growth side of our business and the area that management believes will generate the highest stockholder value . as such , the company is focused on the growth of our edtech product suite . our legacy business represents the company 's non-education lifecycle management services for non-profit organizations as well as certain non-strategic higher education offerings . in order to best maximize stockholder value , management opted in 2014 to end its efforts to grow the company 's legacy business . the company 's revenues for fy-2015 reflect a disproportionate share of legacy business revenue , whereas revenues for fy-2016 reflect a much higher proportion of edtech revenue . replace_table_token_2_th edtech revenue increased by $ 1,930,052 or 46 % during the year period that ended on august 31 , 2016 compared to the year period that ended august 31 , 2015 , primarily due to an increase in edtech contracts , that commenced services in the third and fourth quarters of fy-2016 . 29 adjusted ebitda adjusted ebitda represents our earnings before interest expense , other income ( expense ) , income taxes , depreciation and amortization , transactional-related expenses , stock-based compensation , and changes in the fair value of our derivative financial instruments . adjusted ebitda is a key measure used by management and the board of directors to understand and evaluate our core operating performance and trends , to prepare and approve our annual budget and to develop short and long-term operational plans . in particular , the exclusion of certain expenses in calculating adjusted ebitda can provide a useful measure for period-to-period comparisons of our core business . accordingly , we believe that adjusted ebitda provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors . adjusted ebitda should not be considered as an alternative to any measure of financial performance calculated and presented in accordance with u.s. gaap . in addition , adjusted ebitda may not be comparable to similarly titled measures of other companies because other companies may not calculate adjusted ebitda in the same manner as we do . our use of adjusted ebitda has limitations as an analytical tool , and investors should not consider it in isolation or as a substitute for analysis of our financial results as reported under u.s. gaap . some of these limitations are : · although depreciation and amortization are non-cash charges , the assets being depreciated and amortized · may have to be replaced in the future , and adjusted ebitda does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements ; · adjusted ebitda does not reflect changes in , or cash requirements for , our working capital needs ; · adjusted ebitda does not reflect the potentially dilutive impact of equity-based compensation ; · adjusted ebitda does not reflect interest or tax payments that may represent a reduction in cash available to us ; and · other companies , including companies in our industry , may calculate adjusted ebitda differently , which reduces its usefulness as a comparative measure . 30 due to these and other limitations , investors should consider adjusted ebitda alongside other u.s. gaap-based financial performance measures , including various cash flow metrics , net income ( loss ) and our

