Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Operations

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Consolidated Statements of Operations - USD ($)
shares in Thousands
3 Months Ended 9 Months Ended
Feb. 29, 2024
Feb. 28, 2023
Feb. 29, 2024
Feb. 28, 2023
Operating expenses:        
General and administrative $ 2,757,000 $ 2,971,000 $ 7,756,000 $ 14,347,000
Research and development 650,000 938,000 3,643,000 1,651,000
Amortization and depreciation 7,000 12,000 25,000 165,000
Inventory charge       20,633,000
Total operating expenses 3,414,000 3,921,000 11,424,000 36,796,000
Operating loss (3,414,000) (3,921,000) (11,424,000) (36,796,000)
Interest and other expenses:        
Interest on convertible notes (1,151,000) (1,142,000) (3,512,000) (3,447,000)
Amortization of discount on convertible notes (409,000) (565,000) (951,000) (1,721,000)
Amortization of debt issuance costs (203,000) (17,000) (572,000) (51,000)
Issuance costs for private placement of shares and warrants through placement agent (Note 5)     (906,000)  
Loss on induced conversion (3,353,000) (2,018,000) (5,993,000) (2,656,000)
Finance charges (882,000) (5,884,000) (2,685,000) (7,761,000)
Loss on note extinguishment (1,550,000)   (6,040,000)  
Loss on derivatives (958,000) (155,000) (971,000) (8,756,000)
Total interest and other expenses (8,506,000) (9,781,000) (21,630,000) (24,392,000)
Loss before income taxes (11,920,000) (13,702,000) (33,054,000) (61,188,000)
Income tax benefit 0 0 0 0
Net loss $ (11,920,000) $ (13,702,000) $ (33,054,000) $ (61,188,000)
Weighted average common shares outstanding, Basic 982,209 832,215 954,814 810,986
Weighted average common shares outstanding, Diluted 982,209 832,215 954,814 810,986
Loss per share, Basic $ (0.01) $ (0.02) $ (0.04) $ (0.08)
Loss per share, Diluted $ (0.01) $ (0.02) $ (0.04) $ (0.08)