v3.22.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Feb. 28, 2022
Feb. 28, 2021
Feb. 28, 2022
Feb. 28, 2021
Cash flows from operating activities:        
Net loss $ (32,328) $ (45,206) $ (100,390) $ (111,463)
Adjustments to reconcile net loss to net cash used in operating activities:        
Amortization and depreciation 129 511 657 1,522
Amortization of debt issuance costs 19 21 70 40
Amortization of discount on convertible notes 637 157 2,382 2,739
Non-cash warrant issuance cost for legal settlement     1,744  
Inducement interest expense and non-cash finance charges     14,270 12,922
Inventory reserve and write offs     8,916 4,835
Stock-based compensation     4,219 9,053
Loss on extinguishment of convertible notes 3,109 7,625 11,072 11,794
Intangible asset impairment charge   10,049   10,049
Changes in operating assets and liabilities:        
Decrease (increase) in inventories     1,895 (79,226)
(Increase) decrease in prepaid expenses     (5,159) 362
(Decrease) increase in accounts payable and accrued expenses     (11,355) 52,606
Net cash used in operating activities     (71,679) (84,767)
Cash flows from investing activities:        
Furniture and equipment purchases     (30) (100)
Net cash used in investing activities     (30) (100)
Cash flows from financing activities:        
Proceeds from warrant transactions, net of offering costs     5,390 15,371
Proceeds from sale of common stock and warrants, net of issuance costs     33,313 1,000
Proceeds from warrant exercises     1,036 18,647
Payment on convertible notes       (950)
Release of restricted cash held in trust for warrant tender offer       (10)
Proceeds from stock option exercises     390 1,829
Payment of payroll withholdings related to tender of common stock for income tax withholding       (778)
Proceeds from convertible notes payable, net       50,000
Dividend declared and paid on Series B preferred stock       (243)
Net cash provided by financing activities     40,129 84,866
Net change in cash and restricted cash     (31,580) (1)
Cash and restricted cash, beginning of period     33,943 14,292
Cash and restricted cash, end of period 2,363 14,291 2,363 14,291
Cash and restricted cash consisted of the following:        
Cash 1,363 14,291 1,363 14,291
Restricted cash 1,000   1,000  
Total cash and restricted cash $ 2,363 $ 14,291 2,363 14,291
Supplemental disclosure of cash flow information:        
Cash paid during the period for interest     63 140
Non-cash investing and financing transactions:        
Issuance of common stock for principal and interest of convertible notes     31,001 29,800
Accrued dividends on convertible Series C and D preferred stock     988 $ 1,246
Dividend declared and paid in common stock on Series B and C preferred stock conversions     260  
Common stock issued upon conversion of preferred stock     2  
Common stock issued related to modification of equity agreements     $ 1  

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