| | | | | 1 | | | |
| | | | | 2 | | | |
| | | | | 3 | | | |
| | | | | 5 | | | |
| | | | | 8 | | | |
| | | | | 21 | | | |
| | | | | 22 | | | |
| | | | | 23 | | | |
| | | | | 43 | | | |
| | | | | 54 | | | |
| | | | | 57 | | | |
| | | | | 64 | | | |
| | | | | 66 | | | |
| | | | | 67 | | | |
| | | | | 74 | | | |
| | | | | 76 | | | |
| | | | | 80 | | | |
| | | | | 81 | | | |
| | | | | 81 | | | |
| | | | | 81 | | | |
| | | | | F-1 | | |
| | |
Number of Patents
|
| | | | | | | |
Number of Patent
Applications |
| ||||||||||||||||||
| | |
U.S.
|
| |
International
|
| |
Expiration Dates(1)
|
| |
U.S.
|
| |
International
|
| |||||||||||||||
Leronlimab (PRO 140) product candidate(2)
|
| | | | 2 | | | | | | 16 | | | | | | 2024-2032 | | | | | | 1 | | | | | | 3 | | |
Methods of treatment by indication (e.g., HIV-1; COVID-19; GvHD)(2)
|
| | | | 3 | | | | | | 9 | | | | | | 2035-2040 | | | | | | 1 | | | | | | 10 | | |
Methods of treatment – Cancer, NASH
|
| | | | — | | | | | | — | | | | | | | | | | | | 9 | | | | | | 29 | | |
| | |
Fiscal years ended May 31,
|
| |
Change
|
| ||||||||||||||||||
(in thousands, except for per share data)
|
| |
2023
|
| |
2022
|
| |
$
|
| |
%
|
| ||||||||||||
Revenue
|
| | | $ | — | | | | | $ | 266 | | | | | $ | (266) | | | | | | (100)% | | |
Cost of goods sold
|
| | | | — | | | | | | 53 | | | | | | (53) | | | | | | (100) | | |
Gross profit
|
| | | | — | | | | | | 213 | | | | | | (213) | | | | | | (100) | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
General and administrative
|
| | | | 17,136 | | | | | | 44,303 | | | | | | (27,167) | | | | | | (61) | | |
Research and development
|
| | | | 2,632 | | | | | | 27,043 | | | | | | (24,411) | | | | | | (90) | | |
Amortization and depreciation
|
| | | | 175 | | | | | | 781 | | | | | | (606) | | | | | | (78) | | |
Inventory charge
|
| | | | 20,633 | | | | | | 73,490 | | | | | | (52,857) | | | | | | (72) | | |
Total operating expenses
|
| | | | 40,576 | | | | | | 145,617 | | | | | | (105,041) | | | | | | (72) | | |
Operating loss
|
| | | | (40,576) | | | | | | (145,404) | | | | | | 104,828 | | | | | | (72) | | |
Interest and other expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest on convertible notes
|
| | | | (4,624) | | | | | | (5,417) | | | | | | 793 | | | | | | (15) | | |
Amortization of discount on convertible notes
|
| | | | (2,126) | | | | | | (2,958) | | | | | | 832 | | | | | | (28) | | |
Amortization of debt issuance costs
|
| | | | (9,747) | | | | | | (87) | | | | | | (9,660) | | | | | | 11,103 | | |
Loss on induced conversion
|
| | | | (5,312) | | | | | | (37,381) | | | | | | 32,069 | | | | | | (86) | | |
Finance charges
|
| | | | (8,689) | | | | | | (9,029) | | | | | | 340 | | | | | | (4) | | |
Inducement interest expense
|
| | | | — | | | | | | (6,691) | | | | | | 6,691 | | | | | | (100) | | |
Legal settlement
|
| | | | — | | | | | | (3,853) | | | | | | 3,853 | | | | | | (100) | | |
Loss on derivatives
|
| | | | 8,750 | | | | | | — | | | | | | 8,750 | | | | | | 100 | | |
Total interest and other expenses
|
| | | | (39,248) | | | | | | (65,416) | | | | | | 26,168 | | | | | | (40) | | |
Loss before income taxes
|
| | | | (79,824) | | | | | | (210,820) | | | | | | 130,996 | | | | | | (62) | | |
Income tax benefit
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net loss
|
| | | $ | (79,824) | | | | | $ | (210,820) | | | | | $ | 130,996 | | | | | | (62)% | | |
Basic and diluted: | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted average common shares outstanding
|
| | | | 836,528 | | | | | | 676,900 | | | | | | 159,628.00 | | | | | | 24 | | |
Loss per share
|
| | | $ | (0.10) | | | | | $ | (0.31) | | | | | $ | 0.21 | | | | | | (67)% | | |
| | |
Fiscal years ended May 31,
|
| |
Change
|
| ||||||||||||||||||
(in thousands)
|
| |
2023
|
| |
2022
|
| |
$
|
| |
%
|
| ||||||||||||
Salaries, benefits, and other compensation
|
| | | $ | 4,114 | | | | | $ | 6,336 | | | | | $ | (2,222) | | | | | | (35)% | | |
Stock-based compensation
|
| | | | 4,222 | | | | | | 6,263 | | | | | | (2,041) | | | | | | (33) | | |
Legal fees
|
| | | | 2,805 | | | | | | 21,993 | | | | | | (19,188) | | | | | | (87) | | |
Directors and officers liability insurance
|
| | | | 2,399 | | | | | | 4,512 | | | | | | (2,113) | | | | | | (47) | | |
Other
|
| | | | 3,596 | | | | | | 5,199 | | | | | | (1,603) | | | | | | (31) | | |
Total general and administrative
|
| | | $ | 17,136 | | | | | $ | 44,303 | | | | | $ | (27,167) | | | | | | (61)% | | |
| | |
Fiscal years ended May 31,
|
| |
Change
|
| ||||||||||||||||||
(in thousands)
|
| |
2023
|
| |
2022
|
| |
$
|
| |
%
|
| ||||||||||||
Clinical
|
| | | $ | (92) | | | | | $ | 20,347 | | | | | $ | (20,439) | | | | | | (100)% | | |
Non-clinical
|
| | | | 136 | | | | | | 986 | | | | | | (850) | | | | | | (86) | | |
CMC
|
| | | | 1,687 | | | | | | 4,995 | | | | | | (3,308) | | | | | | (66) | | |
License and patent fees
|
| | | | 901 | | | | | | 715 | | | | | | 186 | | | | | | 26 | | |
Total research and development
|
| | | $ | 2,632 | | | | | $ | 27,043 | | | | | $ | (24,411) | | | | | | (90)% | | |
| | |
Fiscal years ended May 31,
|
| |
Change
|
| ||||||||||||||||||
(in thousands)
|
| |
2023
|
| |
2022
|
| |
$
|
| |
%
|
| ||||||||||||
Interest on convertible notes payable
|
| | | $ | 4,624 | | | | | $ | 5,417 | | | | | $ | (793) | | | | | | (15)% | | |
Amortization of discount on convertible notes
|
| | | | 2,126 | | | | | | 2,958 | | | | | | (832) | | | | | | (28) | | |
Amortization of debt issuance costs
|
| | | | 9,747 | | | | | | 87 | | | | | | 9,660 | | | | | | 11,103 | | |
Loss on induced conversion
|
| | | | 5,312 | | | | | | 37,381 | | | | | | (32,069) | | | | | | (86) | | |
Finance charges
|
| | | | 8,689 | | | | | | 9,029 | | | | | | (340) | | | | | | (4) | | |
Inducement interest expense
|
| | | | — | | | | | | 6,691 | | | | | | (6,691) | | | | | | (100) | | |
Legal settlement
|
| | | | — | | | | | | 3,853 | | | | | | (3,853) | | | | | | (100) | | |
Loss on derivatives
|
| | | | 8,750 | | | | | | — | | | | | | 8,750 | | | | | | 100 | | |
Total interest and other expenses
|
| | | $ | 39,248 | | | | | $ | 65,416 | | | | | $ | (26,168) | | | | | | (40)% | | |
| | |
Fiscal years ended May 31,
|
| |
Change
$ |
| ||||||||||||
(in thousands)
|
| |
2023
|
| |
2022
|
| ||||||||||||
Net cash (used in) provided by: | | | | | | | | | | | | | | | | | | | |
Net cash used in operating activities
|
| | | $ | (25,110) | | | | | $ | (77,723) | | | | | $ | 52,613 | | |
Net cash provided by/ used in investing activities
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | |
Net cash provided by financing activities
|
| | | $ | 29,927 | | | | | $ | 48,011 | | | | | $ | (18,084) | | |
| | | | | |
Raw Materials
|
| |
Work-in-progress
|
| ||||||||||||||||||||||||||||||||||||
(in thousands, Expiration
period ending May 31,) |
| |
Remaining
shelf-life (mos) |
| |
Specialized
|
| |
Resins
|
| |
Other
|
| |
Total Raw
Materials |
| |
Bulk drug
product |
| |
Finished drug
product |
| |
Total
inventories |
| |||||||||||||||||||||
2024
|
| | 0 to 12 | | | | $ | 5,332 | | | | | $ | 16,264 | | | | | $ | 1,589 | | | | | $ | 23,185 | | | | | $ | — | | | | | $ | — | | | | | $ | 23,185 | | |
2025
|
| | 13 to 24 | | | | | 2,099 | | | | | | — | | | | | | — | | | | | | 2,099 | | | | | | 1,661 | | | | | | 29,142 | | | | | | 32,902 | | |
2026
|
| | 25 to 36 | | | | | 728 | | | | | | — | | | | | | — | | | | | | 728 | | | | | | — | | | | | | 32,343 | | | | | | 33,071 | | |
2027
|
| | 37 to 48 | | | | | 1,420 | | | | | | — | | | | | | — | | | | | | 1,420 | | | | | | — | | | | | | — | | | | | | 1,420 | | |
Thereafter
|
| |
49 or more
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Inventories, gross
|
| | | | | | | 9,579 | | | | | | 16,264 | | | | | | 1,589 | | | | | | 27,432 | | | | | | 1,661 | | | | | | 61,485 | | | | | | 90,578 | | |
Inventory charge
|
| | | | | | | (9,579) | | | | | | (16,264) | | | | | | (1,589) | | | | | | (27,432) | | | | | | (1,661) | | | | | | (61,485) | | | | | | (90,578) | | |
Inventories, net
|
| | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
(in millions)
|
| |
As of
May 31, 2023 |
| |||
Issuable upon: | | | | | | | |
Warrants exercise
|
| | | | 259.9 | | |
Convertible preferred stock and undeclared dividends conversion
|
| | | | 34.1 | | |
Outstanding stock options exercise or vesting of outstanding RSUs and PSUs
|
| | | | 21.1 | | |
Reserved for issuance pursuant to future stock-based awards under equity incentive
plan |
| | | | 19.7 | | |
Reserved and issuable upon conversion of outstanding convertible notes
|
| | | | 12.0 | | |
Reserved for issuance of warrants to investors
|
| | | | 1.0 | | |
Reserved for issuance of warrants to placement agents
|
| | | | 0.3 | | |
Total shares reserved for future uses
|
| | | | 348.1 | | |
Common stock outstanding
|
| | | | 918.6 | | |
| | | | | | | | | | | |
Board committees
|
| ||||||
Director name
|
| |
Age
|
| |
Principal occupation
|
| |
Independent
|
| |
Audit
|
| |
Compensation
|
| |
Nom/Gov
|
|
Tanya D. Urbach, Board Chair
|
| |
56
|
| | Partner, Eagle Bay Advisors | | |
Yes
|
| |
M
|
| |
M
|
| |
C
|
|
Lishomwa C. Ndhlovu, M.D., Ph.D.
|
| |
53
|
| | Professor, Immunology in Medicine and Neuroscience, Cornell University | | |
Yes
|
| | | | | | | |
M
|
|
Karen J. Brunke, Ph.D.
|
| |
71
|
| | Executive Vice President, Corporate and Business Development, Jaguar Health, Inc. (NASDAQ: JAGX) | | |
Yes
|
| | | | |
M
|
| | | |
Ryan M. Dunlap
|
| |
53
|
| | Chief Financial Officer, Gurobi Optimization | | |
Yes
|
| |
C
|
| | | | |
M
|
|
Stephen M. Simes
|
| |
71
|
| | Independent advisor to companies and organizations in the pharmaceutical industry | | |
Yes
|
| |
M
|
| |
C
|
| | | |
Name
|
| |
Age
|
| |
Position
|
|
Antonio Migliarese | | | 40 | | | Interim President, Chief Financial Officer, and Treasurer | |
Tyler Blok | | | 36 | | | Executive Vice President of Legal Affairs and Secretary | |
Name and Principal Position(1)
|
| |
Year
|
| |
Salary
($)(2) |
| |
Bonus
($)(3) |
| |
Stock
awards ($)(4) |
| |
Stock
option awards ($)(5) |
| |
Non-equity
incentive plan compensation ($)(6) |
| |
All other
compensation ($)(7) |
| |
Total ($)
|
| ||||||||||||||||||||||||
Cyrus Arman, Ph.D.,
President |
| | | | 2023 | | | | | | 394,700 | | | | | | — | | | | | | 375,000 | | | | | | 750,000 | | | | | | — | | | | | | 8,711 | | | | | | 1,528,411 | | |
Antonio Migliarese
Chief Financial Officer |
| | | | 2023 | | | | | | 428,418 | | | | | | — | | | | | | — | | | | | | 1,318,800 | | | | | | — | | | | | | 10,065 | | | | | | 1,757,283 | | |
| | | 2022 | | | | | | 433,182 | | | | | | — | | | | | | — | | | | | | 1,302,000 | | | | | | — | | | | | | 12,347 | | | | | | 1,747,529 | | | ||
Scott A. Kelly, M.D.
Chief Medical Officer |
| | | | 2023 | | | | | | 299,822 | | | | | | — | | | | | | — | | | | | | 665,920 | | | | | | — | | | | | | 2,227 | | | | | | 967,969 | | |
| | | 2022 | | | | | | 585,001 | | | | | | — | | | | | | — | | | | | | 1,877,750 | | | | | | — | | | | | | 16,636 | | | | | | 2,479,387 | | | ||
Nitya G. Ray, Ph.D.
Chief Technology Officer |
| | | | 2023 | | | | | | 249,375 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,588 | | | | | | 251,963 | | |
| | | 2022 | | | | | | 497,656 | | | | | | — | | | | | | 27,345 | | | | | | 501,000 | | | | | | — | | | | | | 14,390 | | | | | | 1,040,931 | | |
Name
|
| |
Number of
securities underlying unexercised options (#) exercisable |
| |
Number of
securities underlying unexercised options (#) unexercisable |
| |
Option
exercise price ($) |
| |
Option
expiration date |
| |
Number of
shares or units of stock that have not vested (#)(1) |
| |
Value of
shares or units of stock that have not vested ($)(2) |
| |
Number of
unearned shares or units of stock that have not vested (#)(3) |
| |
Value of
unearned shares or units of stock that have not vested ($)(2) |
| ||||||||||||||||||||||||
Cyrus Arman, Ph.D.
|
| | | | — | | | | | | 1,575,557(4) | | | | | $ | 0.58 | | | | | | 9/20/2032 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | 646,552 | | | | | | 168,104 | | | | | | | | | | | | | | | ||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 646,552 | | | | | | 168,104 | | | ||
Antonio Migliarese
|
| | | | 50,000 | | | | | | — | | | | | $ | 1.03 | | | | | | 1/16/2030 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 50,000 | | | | | | — | | | | | $ | 1.10 | | | | | | 2/21/2030 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 66,600 | | | | | | 33,400(5) | | | | | $ | 5.57 | | | | | | 7/22/2030 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 33,300 | | | | | | 16,700(6) | | | | | $ | 5.54 | | | | | | 2/17/2031 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 333,000 | | | | | | 667,000(7) | | | | | $ | 1.32 | | | | | | 8/6/2031 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 210,074 | | | | | | 420,148(8) | | | | | $ | 0.58 | | | | | | 9/20/2032 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 1,146,384 | | | | | | 3,439,152(9) | | | | | $ | 0.35 | | | | | | 11/28/2032 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Scott A. Kelly, M.D.
|
| | | | — | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Nitya G. Ray, Ph.D.
|
| | | | — | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Name of non-employee director
|
| |
Cash fees
|
| |
Stock option
awards(1)(2) |
| |
Total
|
| |||||||||
Tanya D. Urbach(3)
|
| | | $ | 100,389 | | | | | $ | 100,000 | | | | | $ | 200,389 | | |
Lishomwa C. Ndhlovu, M.D., Ph.D.
|
| | | $ | 52,748 | | | | | $ | 100,000 | | | | | $ | 152,748 | | |
Karen J. Brunke, Ph.D.
|
| | | $ | 62,077 | | | | | $ | 100,000 | | | | | $ | 162,077 | | |
Ryan M. Dunlap(4)
|
| | | $ | 47,703 | | | | | $ | 75,000 | | | | | $ | 122,703 | | |
Stephen M. Simes(4)
|
| | | $ | 34,180 | | | | | $ | 62,500 | | | | | $ | 96,680 | | |
Name of non-employee director
|
| |
Number of shares underlying
outstanding stock option awards |
| |||
Tanya D. Urbach
|
| | | | 359,611 | | |
Lishomwa C. Ndhlovu, M.D., Ph.D.
|
| | | | 459,611 | | |
Karen J. Brunke, Ph.D.
|
| | | | 284,611 | | |
Ryan M. Dunlap
|
| | | | 185,334 | | |
Stephen M. Simes
|
| | | | 178,012 | | |
Name and Address of Beneficial Owner(1)
|
| |
Amount and Nature of
Beneficial Ownership(2) |
| |
Percent of
Total(3) |
| ||||||
Beneficial owners of more than 5 percent: | | | | | | | | | | | | | |
David F. Welch Ph.D(4)
|
| | | | 50,919,899 | | | | | | 5.2% | | |
Directors and Named Executive Officers: | | | | | | | | | | | | | |
A. Cyrus Arman, Ph.D.(5)
|
| | | | 2,024,972 | | | | | | * | | |
Antonio Migliarese(6)
|
| | | | 2,983,272 | | | | | | * | | |
Tyler Blok(7)
|
| | | | 73,167 | | | | | | * | | |
Scott A. Kelly, M.D.(8)
|
| | | | 1,116,408 | | | | | | * | | |
Nitya G. Ray, Ph.D.
|
| | | | 351,545 | | | | | | * | | |
Karen J. Brunke, Ph.D.(9)
|
| | | | 284,611 | | | | | | * | | |
Ryan C. Dunlap(9)
|
| | | | 185,334 | | | | | | * | | |
Lishomwa C. Ndhlovu, M.D., Ph.D.(9)
|
| | | | 459,611 | | | | | | * | | |
Stephen M. Simes(9)
|
| | | | 178,012 | | | | | | * | | |
Tanya Durkee Urbach(10)
|
| | | | 521,724 | | | | | | * | | |
Current directors and executive officers as a group (8 persons)(11)
|
| | | | 6,710,703 | | | | | | * | | |
Name of Stockholder
|
| |
Shares
Beneficially Owned Pre-Offering(1) |
| |
% Owned
Pre-Offering(2) |
| |
Common Stock
Offered in this Offering |
| |
Warrant
Shares |
| |
Number of
Shares Post-Offering |
| |
% of Shares
Post-Offering(2) |
| ||||||||||||||||||
David F. Welch & Heidi A. Welch Trust u/a dtd 04/03/1996(3)
|
| | | | 50,919,899 | | | | | | 5% | | | | | | 3,000,000 | | | | | | 41,000,000 | | | | | | 7,919,899 | | | | | | * | | |
Aaron Lehmann
|
| | | | 173,912 | | | | | | * | | | | | | 86,956 | | | | | | 86,956 | | | | | | — | | | | | | * | | |
Adeel Shahid
|
| | | | 1,011,640 | | | | | | * | | | | | | 250,000 | | | | | | 250,000 | | | | | | 511,640 | | | | | | * | | |
Adolfo & Donna Carmona
|
| | | | 1,784,268 | | | | | | * | | | | | | 434,782 | | | | | | 434,782 | | | | | | 914,704 | | | | | | * | | |
Alexander & Donna Tosi
|
| | | | 3,994,970 | | | | | | * | | | | | | 434,782 | | | | | | 434,782 | | | | | | 3,125,406 | | | | | | * | | |
Angus J. Bruce
|
| | | | 344,347 | | | | | | * | | | | | | 86,956 | | | | | | 86,956 | | | | | | 170,435 | | | | | | * | | |
Anh Nguyen
|
| | | | 2,337,133 | | | | | | * | | | | | | 217,391 | | | | | | 217,391 | | | | | | 1,902,351 | | | | | | * | | |
Ann C. Darda
|
| | | | 999,116 | | | | | | * | | | | | | 217,391 | | | | | | 217,391 | | | | | | 564,334 | | | | | | * | | |
Anthony & Angela Reed Family Trust dtd 05-30-2002
|
| | | | 524,387 | | | | | | * | | | | | | 65,217 | | | | | | 65,217 | | | | | | 393,953 | | | | | | * | | |
Aronow Capital, LLC(4)
|
| | | | 6,451,061 | | | | | | * | | | | | | 1,086,956 | | | | | | 1,086,956 | | | | | | 4,277,149 | | | | | | * | | |
Ashok & Harshida Patel
|
| | | | 935,514 | | | | | | * | | | | | | 217,391 | | | | | | 217,391 | | | | | | 500,732 | | | | | | * | | |
Barak Engel
|
| | | | 317,390 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | 100,000 | | | | | | * | | |
Baron S. Lonner
|
| | | | 1,788,899 | | | | | | * | | | | | | 217,391 | | | | | | 217,391 | | | | | | 1,354,117 | | | | | | * | | |
Name of Stockholder
|
| |
Shares
Beneficially Owned Pre-Offering(1) |
| |
% Owned
Pre-Offering(2) |
| |
Common Stock
Offered in this Offering |
| |
Warrant
Shares |
| |
Number of
Shares Post-Offering |
| |
% of Shares
Post-Offering(2) |
| ||||||||||||||||||
Barron Holdings, LLC(5)
|
| | | | 1,473,191 | | | | | | * | | | | | | 217,390 | | | | | | 217,390 | | | | | | 1,038,411 | | | | | | * | | |
Beacon Investments, LLC
|
| | | | 6,035,284 | | | | | | * | | | | | | 1,086,956 | | | | | | 1,086,956 | | | | | | 3,861,372 | | | | | | * | | |
Billy Culpepper
|
| | | | 659,294 | | | | | | * | | | | | | 217,391 | | | | | | 217,391 | | | | | | 224,512 | | | | | | * | | |
Blake & Jennifer Ortiz-Alizieri
|
| | | | 217,390 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | — | | | | | | * | | |
Bradley Rotter
|
| | | | 7,320,970 | | | | | | * | | | | | | 1,086,956 | | | | | | 1,086,956 | | | | | | 5,147,058 | | | | | | * | | |
Bravo Papa, LLC
|
| | | | 2,608,694 | | | | | | * | | | | | | 1,304,347 | | | | | | 1,304,347 | | | | | | — | | | | | | * | | |
Brayden Clark
|
| | | | 540,868 | | | | | | * | | | | | | 130,434 | | | | | | 130,434 | | | | | | 280,000 | | | | | | * | | |
Bruce L Levy Revocable Trust dtd 11/28/2012
|
| | | | 217,390 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | — | | | | | | * | | |
Bruce Seyburn
|
| | | | 452,139 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | 234,749 | | | | | | * | | |
Caterina Tosco-Parisi
|
| | | | 2,415,619 | | | | | | * | | | | | | 652,173 | | | | | | 652,173 | | | | | | 1,111,273 | | | | | | * | | |
Charles E. Mader
|
| | | | 695,582 | | | | | | * | | | | | | 217,391 | | | | | | 217,391 | | | | | | 260,800 | | | | | | * | | |
Charles Ritter
|
| | | | 500,000 | | | | | | * | | | | | | 250,000 | | | | | | 250,000 | | | | | | — | | | | | | * | | |
Childers Living Trust
|
| | | | 217,390 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | — | | | | | | * | | |
Chitayat-Mahboubian Family
Trust |
| | | | 2,039,640 | | | | | | * | | | | | | 652,173 | | | | | | 652,173 | | | | | | 735,294 | | | | | | * | | |
Chris Lonsford
|
| | | | 1,007,681 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | 790,291 | | | | | | * | | |
Clayton A. Struve
|
| | | | 1,157,712 | | | | | | * | | | | | | 217,391 | | | | | | 217,391 | | | | | | 722,930 | | | | | | * | | |
Cohen Family Trust dtd 06-23-20
|
| | | | 951,595 | | | | | | * | | | | | | 252,173 | | | | | | 252,173 | | | | | | 447,249 | | | | | | * | | |
Connective Capital Emerging Energy QP LP
|
| | | | 1,739,130 | | | | | | * | | | | | | 869,565 | | | | | | 869,565 | | | | | | — | | | | | | * | | |
Connective Capital I QP LP
|
| | | | 869,564 | | | | | | * | | | | | | 434,782 | | | | | | 434,782 | | | | | | — | | | | | | * | | |
Cooper Pulliam
|
| | | | 9,608,694 | | | | | | 1% | | | | | | 1,304,347 | | | | | | 1,304,347 | | | | | | 7,000,000 | | | | | | * | | |
Currie Family Credit Shelter
Trust |
| | | | 2,676,893 | | | | | | * | | | | | | 652,173 | | | | | | 652,173 | | | | | | 1,372,547 | | | | | | * | | |
Curt M. Hartman
|
| | | | 249,890 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | 32,500 | | | | | | * | | |
Curtis D. Walker Living Trust dtd 07-10-2019
|
| | | | 4,987,874 | | | | | | * | | | | | | 652,173 | | | | | | 652,173 | | | | | | 3,683,528 | | | | | | * | | |
Cyrus Arman Trust(6)
|
| | | | 1,919,935 | | | | | | * | | | | | | 434,782 | | | | | | 434,782 | | | | | | 1,050,371 | | | | | | * | | |
Dale Ragan
|
| | | | 2,585,250 | | | | | | * | | | | | | 434,782 | | | | | | 434,782 | | | | | | 1,715,686 | | | | | | * | | |
Dan Cornwell
|
| | | | 867,172 | | | | | | * | | | | | | 326,086 | | | | | | 326,086 | | | | | | 215,000 | | | | | | * | | |
Daniel Nowlin
|
| | | | 1,809,647 | | | | | | * | | | | | | 434,782 | | | | | | 434,782 | | | | | | 940,083 | | | | | | * | | |
David & Kimberley Wyatt Bridgeforth
|
| | | | 478,782 | | | | | | * | | | | | | 217,391 | | | | | | 217,391 | | | | | | 44,000 | | | | | | * | | |
David Ems
|
| | | | 888,224 | | | | | | * | | | | | | 217,391 | | | | | | 217,391 | | | | | | 453,442 | | | | | | * | | |
Dax Barnhart
|
| | | | 434,782 | | | | | | * | | | | | | 217,391 | | | | | | 217,391 | | | | | | — | | | | | | * | | |
Dean Dewitt Bekken, II
|
| | | | 543,782 | | | | | | * | | | | | | 217,391 | | | | | | 217,391 | | | | | | 109,000 | | | | | | * | | |
Dell Darrell Roland
|
| | | | 217,390 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | — | | | | | | * | | |
Dodge & Dodge Partnership
|
| | | | 260,868 | | | | | | * | | | | | | 130,434 | | | | | | 130,434 | | | | | | — | | | | | | * | | |
Donald Crowley
|
| | | | 434,782 | | | | | | * | | | | | | 217,391 | | | | | | 217,391 | | | | | | — | | | | | | * | | |
Due Mondi Investments Ltd
|
| | | | 572,169 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | 354,779 | | | | | | * | | |
Edward Rotter
|
| | | | 434,669 | | | | | | * | | | | | | 152,173 | | | | | | 152,173 | | | | | | 130,323 | | | | | | * | | |
Ernie Kreitenberg & Nancy Pomerantz Kreitenberg Trust
|
| | | | 353,305 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | 135,915 | | | | | | * | | |
Ernie Kreitenberg DBPP
|
| | | | 353,305 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | 135,915 | | | | | | * | | |
Eugene & Laura Webb
|
| | | | 6,108,362 | | | | | | * | | | | | | 1,086,956 | | | | | | 1,086,956 | | | | | | 3,934,450 | | | | | | * | | |
Name of Stockholder
|
| |
Shares
Beneficially Owned Pre-Offering(1) |
| |
% Owned
Pre-Offering(2) |
| |
Common Stock
Offered in this Offering |
| |
Warrant
Shares |
| |
Number of
Shares Post-Offering |
| |
% of Shares
Post-Offering(2) |
| ||||||||||||||||||
Felix Frayman
|
| | | | 2,573,029 | | | | | | * | | | | | | 1,086,956 | | | | | | 1,086,956 | | | | | | 399,117 | | | | | | * | | |
Francesco Tosco
|
| | | | 6,203,516 | | | | | | * | | | | | | 1,304,347 | | | | | | 1,304,347 | | | | | | 3,594,822 | | | | | | * | | |
Francis M. Lymburner
|
| | | | 2,330,945 | | | | | | * | | | | | | 326,086 | | | | | | 326,086 | | | | | | 1,678,773 | | | | | | * | | |
Fred & Betty Bialek Revocable Trust dtd 12-20-14
|
| | | | 287,056 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | 69,666 | | | | | | * | | |
George B. Fisher
|
| | | | 220,000 | | | | | | * | | | | | | 110,000 | | | | | | 110,000 | | | | | | — | | | | | | * | | |
George Martin
|
| | | | 217,390 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | — | | | | | | * | | |
Gerald A. Tomsic Trust dtd 08-10-1995
|
| | | | 1,165,899 | | | | | | * | | | | | | 317,391 | | | | | | 317,391 | | | | | | 531,117 | | | | | | * | | |
Gerald P. McBride
|
| | | | 369,346 | | | | | | * | | | | | | 152,173 | | | | | | 152,173 | | | | | | 65,000 | | | | | | * | | |
Harnar Living Trust dtd
11-21-1995 |
| | | | 4,768,703 | | | | | | * | | | | | | 217,391 | | | | | | 217,391 | | | | | | 4,333,921 | | | | | | * | | |
Heeseop Shin
|
| | | | 680,000 | | | | | | * | | | | | | 220,000 | | | | | | 220,000 | | | | | | 240,000 | | | | | | * | | |
Henry Chase
|
| | | | 1,555,837 | | | | | | * | | | | | | 434,782 | | | | | | 434,782 | | | | | | 686,273 | | | | | | * | | |
Jack Cavin Holland 1979 Trust dtd
02-14-1979 |
| | | | 695,708 | | | | | | * | | | | | | 173,913 | | | | | | 173,913 | | | | | | 347,882 | | | | | | * | | |
James R. Lathrop
|
| | | | 1,681,841 | | | | | | * | | | | | | 217,391 | | | | | | 217,391 | | | | | | 1,247,059 | | | | | | * | | |
James T. Betts
|
| | | | 1,103,632 | | | | | | * | | | | | | 434,782 | | | | | | 434,782 | | | | | | 234,068 | | | | | | * | | |
James Thomas Hays III TTEE JTH
III Living Trust dtd 12/18/2018 |
| | | | 869,564 | | | | | | * | | | | | | 434,782 | | | | | | 434,782 | | | | | | — | | | | | | * | | |
Jason Trewyn
|
| | | | 897,054 | | | | | | * | | | | | | 326,086 | | | | | | 326,086 | | | | | | 244,882 | | | | | | * | | |
Jassem AlMohammed
|
| | | | 347,390 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | 130,000 | | | | | | * | | |
Jeremy Brown
|
| | | | 116,956 | | | | | | * | | | | | | 43,478 | | | | | | 43,478 | | | | | | 30,000 | | | | | | * | | |
Joe H. Campbell
|
| | | | 709,782 | | | | | | * | | | | | | 217,391 | | | | | | 217,391 | | | | | | 275,000 | | | | | | * | | |
Joe H. Martin
|
| | | | 1,045,542 | | | | | | * | | | | | | 506,521 | | | | | | 506,521 | | | | | | 32,500 | | | | | | * | | |
Joel Pruzansky
|
| | | | 217,390 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | — | | | | | | * | | |
John Cundari
|
| | | | 217,390 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | — | | | | | | * | | |
John Baldwin
|
| | | | 217,390 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | — | | | | | | * | | |
John Sobiesk
|
| | | | 1,107,564 | | | | | | * | | | | | | 434,782 | | | | | | 434,782 | | | | | | 238,000 | | | | | | * | | |
Jon L. Nelson & Tammy L. Baker JTWROS
|
| | | | 320,000 | | | | | | * | | | | | | 110,000 | | | | | | 110,000 | | | | | | 100,000 | | | | | | * | | |
Katie Knighton
|
| | | | 751,466 | | | | | | * | | | | | | 286,956 | | | | | | 286,956 | | | | | | 177,554 | | | | | | * | | |
Keith M. Wright
|
| | | | 3,412,823 | | | | | | * | | | | | | 1,086,956 | | | | | | 1,086,956 | | | | | | 1,238,911 | | | | | | * | | |
Kenneth Shell
|
| | | | 1,574,269 | | | | | | * | | | | | | 434,782 | | | | | | 434,782 | | | | | | 704,705 | | | | | | * | | |
Kent A. & Suzanne Hendrix
|
| | | | 108,695 | | | | | | * | | | | | | — | | | | | | 108,695 | | | | | | — | | | | | | * | | |
Kevin Long
|
| | | | 347,826 | | | | | | * | | | | | | 173,913 | | | | | | 173,913 | | | | | | — | | | | | | * | | |
Kevin R. Lannert Revocable
Trust |
| | | | 981,918 | | | | | | * | | | | | | 217,391 | | | | | | 217,391 | | | | | | 547,136 | | | | | | * | | |
Kim Marie Timothy
|
| | | | 2,934,782 | | | | | | * | | | | | | 217,391 | | | | | | 217,391 | | | | | | 2,500,000 | | | | | | * | | |
Kimberly Patera
|
| | | | 217,390 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | — | | | | | | * | | |
Kristin K. Crace
|
| | | | 417,390 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | 200,000 | | | | | | * | | |
Kyle Ray Fry
|
| | | | 2,173,912 | | | | | | * | | | | | | 1,086,956 | | | | | | 1,086,956 | | | | | | — | | | | | | * | | |
Larry & Sandra Admire
|
| | | | 249,890 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | 32,500 | | | | | | * | | |
Lezarb Pty LTD ATF Brazel Super
Fund |
| | | | 217,390 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | — | | | | | | * | | |
Lloyd M. Grissinger
|
| | | | 532,282 | | | | | | * | | | | | | 217,391 | | | | | | 217,391 | | | | | | 97,500 | | | | | | * | | |
Name of Stockholder
|
| |
Shares
Beneficially Owned Pre-Offering(1) |
| |
% Owned
Pre-Offering(2) |
| |
Common Stock
Offered in this Offering |
| |
Warrant
Shares |
| |
Number of
Shares Post-Offering |
| |
% of Shares
Post-Offering(2) |
| ||||||||||||||||||
Marc A. Cohen
|
| | | | 447,940 | | | | | | * | | | | | | 140,000 | | | | | | 140,000 | | | | | | 167,940 | | | | | | * | | |
Mark & Kirsten Carnese
|
| | | | 1,498,463 | | | | | | * | | | | | | 434,782 | | | | | | 434,782 | | | | | | 628,899 | | | | | | * | | |
Mark & Rita Azzopardi
|
| | | | 217,390 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | — | | | | | | * | | |
Mark Gaynor
|
| | | | 250,000 | | | | | | * | | | | | | 125,000 | | | | | | 125,000 | | | | | | — | | | | | | * | | |
Mark Renelt
|
| | | | 217,390 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | — | | | | | | * | | |
Mark W. Spates
|
| | | | 777,918 | | | | | | * | | | | | | 217,391 | | | | | | 217,391 | | | | | | 343,136 | | | | | | * | | |
Michael Adam Zimmerman
|
| | | | 312,188 | | | | | | * | | | | | | 65,217 | | | | | | 65,217 | | | | | | 181,754 | | | | | | * | | |
Michael Brugos
|
| | | | 1,589,937 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | 1,372,547 | | | | | | * | | |
Michael Hammett
|
| | | | 1,169,535 | | | | | | * | | | | | | 434,782 | | | | | | 434,782 | | | | | | 299,971 | | | | | | * | | |
Mike Colagrossi
|
| | | | 1,521,736 | | | | | | * | | | | | | 760,868 | | | | | | 760,868 | | | | | | — | | | | | | * | | |
Mike Nye
|
| | | | 8,149,725 | | | | | | * | | | | | | 3,478,260 | | | | | | 3,478,260 | | | | | | 1,193,205 | | | | | | * | | |
Mitchell J. Tracy
|
| | | | 729,064 | | | | | | * | | | | | | 110,000 | | | | | | 110,000 | | | | | | 509,064 | | | | | | * | | |
Mitchell Mandich
|
| | | | 660,877 | | | | | | * | | | | | | 150,000 | | | | | | 150,000 | | | | | | 360,877 | | | | | | * | | |
Nancy Cowgill Trust
|
| | | | 2,334,819 | | | | | | * | | | | | | 434,782 | | | | | | 434,782 | | | | | | 1,465,255 | | | | | | * | | |
Newkumet Ltd.
|
| | | | 999,564 | | | | | | * | | | | | | 434,782 | | | | | | 434,782 | | | | | | 130,000 | | | | | | * | | |
Nicholas Cova
|
| | | | 2,111,504 | | | | | | * | | | | | | 869,565 | | | | | | 869,565 | | | | | | 372,374 | | | | | | * | | |
Noah Anderson
|
| | | | 2,427,142 | | | | | | * | | | | | | 652,173 | | | | | | 652,173 | | | | | | 1,122,796 | | | | | | * | | |
Northlea Partners, LLLP
|
| | | | 381,188 | | | | | | * | | | | | | 65,217 | | | | | | 65,217 | | | | | | 250,754 | | | | | | * | | |
Owen Carter
|
| | | | 1,637,237 | | | | | | * | | | | | | 173,913 | | | | | | 173,913 | | | | | | 1,289,411 | | | | | | * | | |
Paul & Maureen Hydok
|
| | | | 4,177,108 | | | | | | * | | | | | | 978,260 | | | | | | 978,260 | | | | | | 2,220,588 | | | | | | * | | |
Paul Glauber
|
| | | | 973,570 | | | | | | * | | | | | | 365,217 | | | | | | 365,217 | | | | | | 243,136 | | | | | | * | | |
Peer Pedersen
|
| | | | 7,556,210 | | | | | | * | | | | | | 2,608,694 | | | | | | 2,608,694 | | | | | | 2,338,822 | | | | | | * | | |
Ralph Hardt
|
| | | | 2,333,757 | | | | | | * | | | | | | 652,173 | | | | | | 652,173 | | | | | | 1,029,411 | | | | | | * | | |
Reena & Vivek Awasty
|
| | | | 8,171,530 | | | | | | * | | | | | | 1,999,999 | | | | | | 1,999,999 | | | | | | 4,171,532 | | | | | | * | | |
Richard Casamento
|
| | | | 217,390 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | — | | | | | | * | | |
Richard Jeanneret
|
| | | | 3,056,818 | | | | | | * | | | | | | 434,782 | | | | | | 434,782 | | | | | | 2,187,254 | | | | | | * | | |
Richard M. Reiter
|
| | | | 217,390 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | — | | | | | | * | | |
Richard Pestell
|
| | | | 7,000,000 | | | | | | * | | | | | | — | | | | | | 7,000,000 | | | | | | — | | | | | | * | | |
Robert Dailey
|
| | | | 1,025,564 | | | | | | * | | | | | | 434,782 | | | | | | 434,782 | | | | | | 156,000 | | | | | | * | | |
Robert Dodge
|
| | | | 2,507,111 | | | | | | * | | | | | | 434,782 | | | | | | 434,782 | | | | | | 1,637,547 | | | | | | * | | |
Robert Horowitz
|
| | | | 1,015,594 | | | | | | * | | | | | | 304,347 | | | | | | 304,347 | | | | | | 406,900 | | | | | | * | | |
Robert Lanphere Jr.
|
| | | | 7,020,066 | | | | | | * | | | | | | 1,304,347 | | | | | | 1,304,347 | | | | | | 4,411,372 | | | | | | * | | |
Robert Rathbone
|
| | | | 295,246 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | 77,856 | | | | | | * | | |
Robert S. Johnson
|
| | | | 217,390 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | — | | | | | | * | | |
Roger G. Barnhart
|
| | | | 434,782 | | | | | | * | | | | | | 217,391 | | | | | | 217,391 | | | | | | — | | | | | | * | | |
Rohit Ram
|
| | | | 405,500 | | | | | | * | | | | | | 200,000 | | | | | | 200,000 | | | | | | 5,500 | | | | | | * | | |
Ronald Coleman
|
| | | | 869,564 | | | | | | * | | | | | | 434,782 | | | | | | 434,782 | | | | | | — | | | | | | * | | |
Ross Pearson
|
| | | | 744,190 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | 526,800 | | | | | | * | | |
Samuel Kwon
|
| | | | 813,860 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | 596,470 | | | | | | * | | |
Scott Lowry
|
| | | | 1,733,425 | | | | | | * | | | | | | 434,782 | | | | | | 434,782 | | | | | | 863,861 | | | | | | * | | |
Sean E. McCance
|
| | | | 3,772,134 | | | | | | * | | | | | | 217,391 | | | | | | 217,391 | | | | | | 3,337,352 | | | | | | * | | |
Southern Cross Trust dtd
11/30/2020 |
| | | | 1,433,910 | | | | | | * | | | | | | 586,955 | | | | | | 586,955 | | | | | | 260,000 | | | | | | * | | |
Stanton Rowe
|
| | | | 588,438 | | | | | | * | | | | | | 217,391 | | | | | | 217,391 | | | | | | 153,656 | | | | | | * | | |
Name of Stockholder
|
| |
Shares
Beneficially Owned Pre-Offering(1) |
| |
% Owned
Pre-Offering(2) |
| |
Common Stock
Offered in this Offering |
| |
Warrant
Shares |
| |
Number of
Shares Post-Offering |
| |
% of Shares
Post-Offering(2) |
| ||||||||||||||||||
Stephen A. Wilson Revocable
Trust |
| | | | 2,598,912 | | | | | | * | | | | | | 1,086,956 | | | | | | 1,086,956 | | | | | | 425,000 | | | | | | * | | |
Steve J. Schroeder
|
| | | | 217,390 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | — | | | | | | * | | |
Steven Rothstein
|
| | | | 290,919 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | 73,529 | | | | | | * | | |
Strata Trust Company Cust FBO Alexander Tosi IRA
|
| | | | 3,820,978 | | | | | | * | | | | | | 434,782 | | | | | | 434,782 | | | | | | 2,951,414 | | | | | | * | | |
Strata Trust Company Cust FBO
Harry Dominick Venezia Jr. Roth IRA |
| | | | 315,510 | | | | | | * | | | | | | 95,510 | | | | | | 95,510 | | | | | | 124,490 | | | | | | * | | |
Strata Trust Company Cust FBO James G. Diemert Roth IRA
|
| | | | 434,128 | | | | | | * | | | | | | 152,064 | | | | | | 152,064 | | | | | | 130,000 | | | | | | * | | |
Strata Trust Company Cust FBO Jeffrey Weiner ROTH IRA
|
| | | | 1,857,077 | | | | | | * | | | | | | 434,782 | | | | | | 434,782 | | | | | | 987,513 | | | | | | * | | |
Strata Trust Company Cust FBO Jeremy Brown Bene for Sydney Brown Traditional IRA
|
| | | | 423,802 | | | | | | * | | | | | | 195,651 | | | | | | 195,651 | | | | | | 32,500 | | | | | | * | | |
Strata Trust Company Cust FBO Michael F Zupan IRA
|
| | | | 267,390 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | 50,000 | | | | | | * | | |
Strata Trust Company Cust FBO Nigel H Timothy IRA
|
| | | | 2,934,782 | | | | | | * | | | | | | 217,391 | | | | | | 217,391 | | | | | | 2,500,000 | | | | | | * | | |
Strata Trust Company Cust FBO Terry Mitchell IRA
|
| | | | 434,782 | | | | | | * | | | | | | 217,391 | | | | | | 217,391 | | | | | | — | | | | | | * | | |
Stuart Sherman
|
| | | | 842,918 | | | | | | * | | | | | | 217,391 | | | | | | 217,391 | | | | | | 408,136 | | | | | | * | | |
Sudesh Reddy
|
| | | | 260,868 | | | | | | * | | | | | | 130,434 | | | | | | 130,434 | | | | | | — | | | | | | * | | |
Tawny Eastman
|
| | | | 4,214,598 | | | | | | * | | | | | | 1,086,956 | | | | | | 1,086,956 | | | | | | 2,040,686 | | | | | | * | | |
The Andrew Harwood Revocable Trust
|
| | | | 347,826 | | | | | | * | | | | | | 173,913 | | | | | | 173,913 | | | | | | — | | | | | | * | | |
The Benito Tosi & Nicolena Tosi Revocable Trust
|
| | | | 808,918 | | | | | | * | | | | | | 217,391 | | | | | | 217,391 | | | | | | 374,136 | | | | | | * | | |
The Mangrove Partners Master Fund, LTD
|
| | | | 13,043,478 | | | | | | 1% | | | | | | 6,521,739 | | | | | | 6,521,739 | | | | | | — | | | | | | * | | |
Thomas Butcher
|
| | | | 1,209,562 | | | | | | * | | | | | | 434,781 | | | | | | 434,781 | | | | | | 340,000 | | | | | | * | | |
Thomas F. & Patricia N. Nolan
|
| | | | 319,160 | | | | | | * | | | | | | 139,130 | | | | | | 139,130 | | | | | | 40,900 | | | | | | * | | |
Thomas Hamilton
|
| | | | 11,517,458 | | | | | | 1% | | | | | | 3,913,043 | | | | | | 3,913,043 | | | | | | 3,691,372 | | | | | | * | | |
Thomas Hays Hutton Jr GST Exempt Residuary Trust
|
| | | | 795,652 | | | | | | * | | | | | | 347,826 | | | | | | 347,826 | | | | | | 100,000 | | | | | | * | | |
Thomas M. Bey
|
| | | | 900,890 | | | | | | * | | | | | | 200,000 | | | | | | 200,000 | | | | | | 500,890 | | | | | | * | | |
Thomas McChesney
|
| | | | 311,507 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | 94,117 | | | | | | * | | |
Troy O’Bryan
|
| | | | 2,015,333 | | | | | | * | | | | | | 565,216 | | | | | | 565,216 | | | | | | 884,901 | | | | | | * | | |
Umberto Stangarone
|
| | | | 578,507 | | | | | | * | | | | | | 108,695 | | | | | | 108,695 | | | | | | 361,117 | | | | | | * | | |
Venkat Bussa
|
| | | | 2,990,185 | | | | | | * | | | | | | 1,086,956 | | | | | | 1,086,956 | | | | | | 816,273 | | | | | | * | | |
Wamoh LLC
|
| | | | 1,841,273 | | | | | | * | | | | | | 250,000 | | | | | | 250,000 | | | | | | 1,341,273 | | | | | | * | | |
Wayne Westerman
|
| | | | 1,981,415 | | | | | | * | | | | | | 282,608 | | | | | | 282,608 | | | | | | 1,416,199 | | | | | | * | | |
William & Heather Elerding
|
| | | | 304,346 | | | | | | * | | | | | | 152,173 | | | | | | 152,173 | | | | | | — | | | | | | * | | |
William M. Stocker, III
|
| | | | 881,443 | | | | | | * | | | | | | 130,434 | | | | | | 130,434 | | | | | | 620,575 | | | | | | * | | |
Zach Bailey
|
| | | | 2,055,619 | | | | | | * | | | | | | 652,173 | | | | | | 652,173 | | | | | | 751,273 | | | | | | * | | |
Paulson Investment Company, LLC(7)
|
| | | | 5,319,140 | | | | | | * | | | | | | — | | | | | | 1,621,061 | | | | | | 3,698,079 | | | | | | * | | |
Name of Stockholder
|
| |
Shares
Beneficially Owned Pre-Offering(1) |
| |
% Owned
Pre-Offering(2) |
| |
Common Stock
Offered in this Offering |
| |
Warrant
Shares |
| |
Number of
Shares Post-Offering |
| |
% of Shares
Post-Offering(2) |
| ||||||||||||||||||
Amal Amin(8)
|
| | | | 713 | | | | | | * | | | | | | — | | | | | | 713 | | | | | | — | | | | | | * | | |
Brady Clark(8)
|
| | | | 418,848 | | | | | | * | | | | | | — | | | | | | 7,827 | | | | | | 411,021 | | | | | | * | | |
Brandon Firby(8)
|
| | | | 29,486 | | | | | | * | | | | | | — | | | | | | 2,609 | | | | | | 26,877 | | | | | | * | | |
Brandon Paulino(8)
|
| | | | 1,305 | | | | | | * | | | | | | — | | | | | | 1,305 | | | | | | — | | | | | | * | | |
Christopher Clark(8)
|
| | | | 6,744,895 | | | | | | * | | | | | | — | | | | | | 1,482,733 | | | | | | 5,262,162 | | | | | | * | | |
Damon Thomas(8)
|
| | | | 1,018,864 | | | | | | * | | | | | | — | | | | | | 464,479 | | | | | | 554,385 | | | | | | * | | |
Daniel Mancuso(8)
|
| | | | 47,955 | | | | | | * | | | | | | — | | | | | | 26,160 | | | | | | 21,795 | | | | | | * | | |
Eugene Webb(8)
|
| | | | 7,234,627 | | | | | | * | | | | | | — | | | | | | 2,076,355 | | | | | | 5,158,272 | | | | | | * | | |
Gary Saccaro(8)
|
| | | | 1,892,214 | | | | | | * | | | | | | — | | | | | | 581,009 | | | | | | 1,311,205 | | | | | | * | | |
Harry Striplin(8)
|
| | | | 170,931 | | | | | | * | | | | | | — | | | | | | 50,159 | | | | | | 120,772 | | | | | | * | | |
Hercules Dorn Stewart(8)
|
| | | | 22,500 | | | | | | * | | | | | | — | | | | | | 22,500 | | | | | | — | | | | | | * | | |
John Nole(8)
|
| | | | 97,430 | | | | | | * | | | | | | — | | | | | | 7,194 | | | | | | 90,236 | | | | | | * | | |
Joshua Kaikov(8)
|
| | | | 154,722 | | | | | | * | | | | | | — | | | | | | 104,318 | | | | | | 50,404 | | | | | | * | | |
Malcolm Alexander Winks(8)
|
| | | | 537,191 | | | | | | * | | | | | | — | | | | | | 167,194 | | | | | | 369,997 | | | | | | * | | |
Marta Wypych(8)
|
| | | | 1,072,489 | | | | | | * | | | | | | — | | | | | | 624,753 | | | | | | 447,736 | | | | | | * | | |
Mika Grasso(8)
|
| | | | 10,000 | | | | | | * | | | | | | — | | | | | | 10,000 | | | | | | — | | | | | | * | | |
Raymond Guarini(8)
|
| | | | 63,679 | | | | | | * | | | | | | — | | | | | | 46,957 | | | | | | 16,722 | | | | | | * | | |
Robert Setteducati(8)
|
| | | | 6,560,023 | | | | | | * | | | | | | — | | | | | | 1,482,733 | | | | | | 5,077,290 | | | | | | * | | |
Rodney Baber(8)
|
| | | | 487,229 | | | | | | * | | | | | | — | | | | | | 173,479 | | | | | | 313,750 | | | | | | * | | |
Ryan Sikorsky(8)
|
| | | | 29,651 | | | | | | * | | | | | | — | | | | | | 5,218 | | | | | | 24,433 | | | | | | * | | |
Terrence Lynch(8)
|
| | | | 212,986 | | | | | | * | | | | | | — | | | | | | 117,392 | | | | | | 95,594 | | | | | | * | | |
Thomas Parigian(8)
|
| | | | 5,608,791 | | | | | | * | | | | | | — | | | | | | 1,482,733 | | | | | | 4,126,058 | | | | | | * | | |
Timothy Dabulis(8)
|
| | | | 10,500 | | | | | | * | | | | | | — | | | | | | 10,500 | | | | | | — | | | | | | * | | |
Trent Davis(8)
|
| | | | 604,654 | | | | | | * | | | | | | — | | | | | | 167,194 | | | | | | 437,460 | | | | | | * | | |
CONTENTS
|
| |
PAGE
|
| |||
| | | | F-2 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-6 | | | |
| | | | F-8 | | | |
| | | | F-10 | | |
| | |
May 31,
2023 |
| |
May 31,
2022 |
| ||||||
Assets | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash
|
| | | $ | 2,541 | | | | | $ | 4,231 | | |
Restricted cash
|
| | | | 6,507 | | | | | | — | | |
Prepaid expenses
|
| | | | 1,167 | | | | | | 5,198 | | |
Prepaid service fees
|
| | | | 590 | | | | | | 1,086 | | |
Total current assets
|
| | | | 10,805 | | | | | | 10,515 | | |
Inventories, net
|
| | | | — | | | | | | 17,929 | | |
Other non-current assets
|
| | | | 487 | | | | | | 741 | | |
Total assets
|
| | | $ | 11,292 | | | | | $ | 29,185 | | |
Liabilities and Stockholders’ Deficit | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 62,725 | | | | | $ | 67,974 | | |
Accrued liabilities and compensation
|
| | | | 6,669 | | | | | | 8,995 | | |
Accrued interest on convertible notes
|
| | | | 10,598 | | | | | | 5,974 | | |
Accrued dividends on convertible preferred stock
|
| | | | 5,308 | | | | | | 3,977 | | |
Convertible notes payable, net
|
| | | | 34,417 | | | | | | 36,241 | | |
Derivative liability
|
| | | | 79 | | | | | | — | | |
Total current liabilities
|
| | | | 119,796 | | | | | | 123,161 | | |
Notes payable, net
|
| | | | 714 | | | | | | — | | |
Operating leases
|
| | | | 283 | | | | | | 422 | | |
Total liabilities
|
| | | | 120,793 | | | | | | 123,583 | | |
Commitments and Contingencies (Note 10) | | | | | | | | | | | | | |
Stockholders’ deficit: | | | | | | | | | | | | | |
Preferred stock, $0.001 par value; 5,000 shares authorized: | | | | | | | | | | | | | |
Series B convertible preferred stock, $0.001 par value; 400 authorized; 19 issued
and outstanding at May 31, 2023 and May 31, 2022 |
| | | | — | | | | | | — | | |
Series C convertible preferred stock, $0.001 par value; 8 authorized; 6 and 7 issued and outstanding at May 31, 2023 and May 31, 2022, respectively
|
| | | | — | | | | | | — | | |
Series D convertible preferred stock, $0.001 par value; 12 authorized; 9 issued and outstanding at May 31, 2023 and May 31, 2022
|
| | | | — | | | | | | — | | |
Common stock, $0.001 par value; 1,350,000 shares authorized; 919,053 and 720,028 issued, and 918,610 and 719,585 outstanding at May 31, 2023 and May 31, 2022, respectively
|
| | | | 919 | | | | | | 720 | | |
Treasury stock, $0.001 par value; 443 shares at May 31, 2023 and May 31, 2022
|
| | | | — | | | | | | — | | |
Additional paid-in capital
|
| | | | 731,270 | | | | | | 671,013 | | |
Accumulated deficit
|
| | | | (841,690) | | | | | | (766,131) | | |
Total stockholders’ deficit
|
| | | | (109,501) | | | | | | (94,398) | | |
Total liabilities and stockholders’ deficit
|
| | | $ | 11,292 | | | | | $ | 29,185 | | |
| | |
Fiscal years ended May 31,
|
| |||||||||
| | |
2023
|
| |
2022
|
| ||||||
Revenue
|
| | | $ | — | | | | | $ | 266 | | |
Cost of goods sold
|
| | | | — | | | | | | 53 | | |
Gross profit
|
| | | | — | | | | | | 213 | | |
Operating expenses: | | | | | | | | | | | | | |
General and administrative
|
| | | | 17,136 | | | | | | 44,303 | | |
Research and development
|
| | | | 2,632 | | | | | | 27,043 | | |
Amortization and depreciation
|
| | | | 175 | | | | | | 781 | | |
Inventory charge
|
| | | | 20,633 | | | | | | 73,490 | | |
Total operating expenses
|
| | | | 40,576 | | | | | | 145,617 | | |
Operating loss
|
| | | | (40,576) | | | | | | (145,404) | | |
Interest and other expenses: | | | | | | | | | | | | | |
Interest on convertible notes
|
| | | | (4,624) | | | | | | (5,417) | | |
Amortization of discount on convertible notes
|
| | | | (2,126) | | | | | | (2,958) | | |
Amortization of debt issuance costs
|
| | | | (9,747) | | | | | | (87) | | |
Loss on induced conversion
|
| | | | (5,312) | | | | | | (37,381) | | |
Finance charges
|
| | | | (8,689) | | | | | | (9,029) | | |
Inducement interest expense
|
| | | | — | | | | | | (6,691) | | |
Legal settlement
|
| | | | — | | | | | | (3,853) | | |
Loss on derivatives
|
| | | | (8,750) | | | | | | — | | |
Total interest and other expenses
|
| | | | (39,248) | | | | | | (65,416) | | |
Loss before income taxes
|
| | | | (79,824) | | | | | | (210,820) | | |
Income tax benefit
|
| | | | — | | | | | | — | | |
Net loss
|
| | | $ | (79,824) | | | | | $ | (210,820) | | |
Basic and diluted: | | | | | | | | | | | | | |
Weighted average common shares outstanding
|
| | | | 836,528 | | | | | | 676,900 | | |
Loss per share
|
| | | $ | (0.10) | | | | | $ | (0.31) | | |
| | |
Preferred stock
|
| |
Common stock
|
| |
Treasury stock
|
| |
Additional
paid-in capital |
| |
Accumulated
deficit |
| |
Total
stockholders’ deficit |
| ||||||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||
Balance May 31, 2021
|
| | | | 96 | | | | | $ | — | | | | | | 626,123 | | | | | $ | 626 | | | | | | 443 | | | | | $ | — | | | | | $ | 532,031 | | | | | $ | (553,675) | | | | | $ | (21,018) | | |
Issuance of stock for convertible note repayment
|
| | | | — | | | | | | — | | | | | | 37,110 | | | | | | 37 | | | | | | — | | | | | | — | | | | | | 68,344 | | | | | | — | | | | | | 68,381 | | |
Issuance of legal settlement warrants
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,863 | | | | | | — | | | | | | 2,863 | | |
Stock option exercises
|
| | | | — | | | | | | — | | | | | | 510 | | | | | | 1 | | | | | | — | | | | | | — | | | | | | 389 | | | | | | — | | | | | | 390 | | |
Stock issued for compensation and tendered for
income tax |
| | | | — | | | | | | — | | | | | | 2,582 | | | | | | 2 | | | | | | — | | | | | | — | | | | | | 666 | | | | | | — | | | | | | 668 | | |
Stock issued for private offerings
|
| | | | — | | | | | | — | | | | | | 38,035 | | | | | | 38 | | | | | | — | | | | | | — | | | | | | 46,473 | | | | | | — | | | | | | 46,511 | | |
Offering costs related to stock issuance
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (5,316) | | | | | | — | | | | | | (5,316) | | |
Conversion of Series B and C preferred stock to
common stock |
| | | | (61) | | | | | | — | | | | | | 3,200 | | | | | | 3 | | | | | | — | | | | | | — | | | | | | (3) | | | | | | — | | | | | | — | | |
Private warrant exchanges
|
| | | | — | | | | | | — | | | | | | 7,920 | | | | | | 8 | | | | | | — | | | | | | — | | | | | | 5,382 | | | | | | — | | | | | | 5,390 | | |
Warrant exercises
|
| | | | — | | | | | | — | | | | | | 1,642 | | | | | | 2 | | | | | | — | | | | | | — | | | | | | 1,034 | | | | | | — | | | | | | 1,036 | | |
Inducement interest expense related to private warrant exchanges
|
| | | | — | | | | | | — | | | | | | 2,293 | | | | | | 2 | | | | | | — | | | | | | — | | | | | | 6,689 | | | | | | — | | | | | | 6,691 | | |
Preferred stock dividends accrued and paid in common stock upon conversion
|
| | | | — | | | | | | — | | | | | | 613 | | | | | | 1 | | | | | | — | | | | | | — | | | | | | 305 | | | | | | (1,636) | | | | | | (1,330) | | |
Stock-based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,571 | | | | | | — | | | | | | 5,571 | | |
Finance charges related to warrant issuance for
surety bond backstop agreement |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,585 | | | | | | — | | | | | | 6,585 | | |
Net loss for May 31, 2022
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (210,820) | | | | | | (210,820) | | |
Balance May 31, 2022
|
| | | | 35 | | | | | | — | | | | | | 720,028 | | | | | | 720 | | | | | | 443 | | | | | | — | | | | | | 671,013 | | | | | | (766,131) | | | | | | (94,398) | | |
Issuance of stock for convertible note repayment
|
| | | | — | | | | | | — | | | | | | 17,260 | | | | | | 17 | | | | | | — | | | | | | — | | | | | | 3,983 | | | | | | — | | | | | | 4,000 | | |
Loss on induced conversion
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,312 | | | | | | — | | | | | | 5,312 | | |
Warrants issued in note offering
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 114 | | | | | | — | | | | | | 114 | | |
Stock issued for compensation
|
| | | | — | | | | | | — | | | | | | 2,751 | | | | | | 3 | | | | | | — | | | | | | — | | | | | | 982 | | | | | | — | | | | | | 985 | | |
Stock issued for private offerings
|
| | | | — | | | | | | — | | | | | | 157,390 | | | | | | 157 | | | | | | — | | | | | | — | | | | | | 37,067 | | | | | | — | | | | | | 37,224 | | |
Offering costs related to stock issuance
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,760) | | | | | | — | | | | | | (1,760) | | |
Conversion of Series C preferred stock to common stock
|
| | | | (1) | | | | | | — | | | | | | 1,136 | | | | | | 1 | | | | | | — | | | | | | — | | | | | | (1) | | | | | | — | | | | | | — | | |
Private warrant exchanges, net of offering
costs |
| | | | — | | | | | | — | | | | | | 13,094 | | | | | | 13 | | | | | | — | | | | | | — | | | | | | 2,794 | | | | | | — | | | | | | 2,807 | | |
Warrant exercises
|
| | | | — | | | | | | — | | | | | | 1,898 | | | | | | 2 | | | | | | — | | | | | | — | | | | | | 437 | | | | | | — | | | | | | 439 | | |
Make-whole shares related to private warrant exchange
|
| | | | — | | | | | | — | | | | | | 23 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Deemed dividend paid in common stock due to
down round provision, recorded in additional paid-in capital |
| | | | — | | | | | | — | | | | | | 5,154 | | | | | | 6 | | | | | | — | | | | | | — | | | | | | (6) | | | | | | — | | | | | | — | | |
Preferred stock dividends accrued and paid in common stock upon conversion
|
| | | | — | | | | | | — | | | | | | 319 | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,331) | | | | | | — | | | | | | (1,331) | | |
| | |
Preferred stock
|
| |
Common stock
|
| |
Treasury stock
|
| |
Additional
paid-in capital |
| |
Accumulated
deficit |
| |
Total
stockholders’ deficit |
| ||||||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||
Reclassification of warrants from liability to equity classified
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 8,756 | | | | | | — | | | | | | 8,756 | | |
Stock-based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,290 | | | | | | — | | | | | | 3,290 | | |
Finance charges related to warrant issuance for
surety bond backstop agreement |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,885 | | | | | | — | | | | | | 4,885 | | |
Reclassification of prior period preferred stock dividends
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (4,265) | | | | | | 4,265 | | | | | | — | | |
Net loss for May 31, 2023
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (79,824) | | | | | | (79,824) | | |
Balance May 31, 2023
|
| | | | 34 | | | | | $ | — | | | | | | 919,053 | | | | | $ | 919 | | | | | | 443 | | | | | $ | — | | | | | $ | 731,270 | | | | | $ | (841,690) | | | | | $ | (109,501) | | |
|
| | |
Fiscal years ended May 31,
|
| |||||||||
| | |
2023
|
| |
2022
|
| ||||||
Cash flows from operating activities: | | | | | | | | | | | | | |
Net loss
|
| | | $ | (79,824) | | | | | $ | (210,820) | | |
Adjustments to reconcile net loss to net cash used in operating activities:
|
| | | | | | | | | | | | |
Amortization and depreciation
|
| | | | 175 | | | | | | 781 | | |
Amortization of debt issuance costs
|
| | | | 9,747 | | | | | | 87 | | |
Amortization of discount on convertible notes
|
| | | | 2,126 | | | | | | 2,958 | | |
Warrants issued for legal settlement
|
| | | | — | | | | | | 3,663 | | |
Finance charges related to surety bond backstop agreement
|
| | | | 4,885 | | | | | | 6,585 | | |
Loss on derivatives
|
| | | | 8,750 | | | | | | — | | |
Loss on induced conversion
|
| | | | 5,312 | | | | | | 37,381 | | |
Inducement interest expense and non-cash finance charges
|
| | | | — | | | | | | 6,691 | | |
Change in fair value of derivative liabilities
|
| | | | 6 | | | | | | — | | |
Inventory charge
|
| | | | 20,633 | | | | | | 73,490 | | |
Stock-based compensation
|
| | | | 4,275 | | | | | | 6,239 | | |
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | |
Decrease (increase) in inventories
|
| | | | — | | | | | | 2,060 | | |
(Increase) decrease in prepaid expenses and other assets
|
| | | | 1,902 | | | | | | (4,125) | | |
Decrease in accounts payable and accrued expenses
|
| | | | (3,097) | | | | | | (2,713) | | |
Net cash used in operating activities
|
| | | | (25,110) | | | | | | (77,723) | | |
Cash flows from investing activities: | | | | | | | | | | | | | |
Net cash provided by/ used in investing activities
|
| | | | — | | | | | | — | | |
Cash flows from financing activities: | | | | | | | | | | | | | |
Proceeds from warrant transactions, net of offering costs
|
| | | | 2,807 | | | | | | 5,390 | | |
Proceeds from sale of common stock and warrants, net of issuance costs
|
| | | | 25,786 | | | | | | 41,195 | | |
Proceeds from warrant exercises
|
| | | | 439 | | | | | | 1,036 | | |
Proceeds from convertible note and warrant issuances, net of issuance costs
|
| | | | 895 | | | | | | — | | |
Proceeds from stock option exercises
|
| | | | — | | | | | | 390 | | |
Net cash provided by financing activities
|
| | | | 29,927 | | | | | | 48,011 | | |
Net change in cash and restricted cash
|
| | | | 4,817 | | | | | | (29,712) | | |
Cash at beginning of fiscal year
|
| | | | 4,231 | | | | | | 33,943 | | |
Cash and restricted cash at end of fiscal year
|
| | | $ | 9,048 | | | | | $ | 4,231 | | |
Cash and restricted cash consisted of the following: | | | | | | | | | | | | | |
Cash
|
| | | $ | 2,541 | | | | | $ | 4,231 | | |
Restricted cash
|
| | | | 6,507 | | | | | | — | | |
Total cash and restricted cash
|
| | | $ | 9,048 | | | | | $ | 4,231 | | |
Supplemental disclosure: | | | | | | | | | | | | | |
Cash paid for interest
|
| | | $ | 19 | | | | | $ | 63 | | |
| | |
Fiscal years ended May 31,
|
| |||||||||
| | |
2023
|
| |
2022
|
| ||||||
Non-cash investing and financing transactions: | | | | | | | | | | | | | |
Derivative liability associated with warrants
|
| | | $ | 8,750 | | | | | $ | — | | |
Issuance of common stock for principal and interest of convertible notes
|
| | | $ | 4,000 | | | | | $ | 31,000 | | |
Accrued dividends on Series C and D convertible preferred stock
|
| | | $ | 1,490 | | | | | $ | 1,636 | | |
Cashless exercise of warrants
|
| | | $ | — | | | | | $ | 1 | | |
Dividend paid in common stock on Series B and C convertible preferred stock
conversions |
| | | $ | 159 | | | | | $ | 305 | | |
Warrants issued to placement agent, recorded in additional paid-in capital
|
| | | $ | 7,640 | | | | | $ | 3,597 | | |
Warrants issued for surety bond backstop agreement
|
| | | $ | 4,885 | | | | | $ | 6,585 | | |
Deemed dividend due to equity modifications, recorded in additional paid-in capital
|
| | | $ | 5,417 | | | | | $ | — | | |
|
(in thousands)
|
| |
May 31, 2023
|
| |
May 31, 2022
|
| ||||||
Raw materials
|
| | | $ | — | | | | | $ | 16,264 | | |
Work-in-progress
|
| | | | — | | | | | | 1,665 | | |
Total inventories, net
|
| | | $ | — | | | | | $ | 17,929 | | |
(in thousands)
|
| |
May 31, 2023
|
| |
May 31, 2022
|
| ||||||
Leronlimab (PRO 140) patent
|
| | | $ | 3,500 | | | | | $ | 3,500 | | |
Website development costs
|
| | | | 20 | | | | | | 20 | | |
Gross carrying value
|
| | | | 3,520 | | | | | | 3,520 | | |
Accumulated amortization, net of impairment
|
| | | | (3,520) | | | | | | (3,388) | | |
Total intangible assets, net
|
| | | $ | — | | | | | $ | 132 | | |
(in thousands)
|
| |
May 31, 2023
|
| |
May 31, 2022
|
| ||||||
Compensation and related expense
|
| | | $ | 335 | | | | | $ | 1,522 | | |
Legal fees and settlement
|
| | | | 168 | | | | | | 2,006 | | |
Clinical expense
|
| | | | 187 | | | | | | 3,727 | | |
Accrued inventory charges and expenses
|
| | | | 4,978 | | | | | | 1,392 | | |
License fees
|
| | | | 862 | | | | | | 150 | | |
Lease payable
|
| | | | 139 | | | | | | 134 | | |
Other liabilities
|
| | | | — | | | | | | 64 | | |
Total accrued liabilities
|
| | | $ | 6,669 | | | | | $ | 8,995 | | |
| | |
May 31, 2023
|
| |
May 31, 2022
|
| ||||||||||||||||||||||||||||||
(in thousands except conversion rate)
|
| |
Series B
|
| |
Series C
|
| |
Series D
|
| |
Series B
|
| |
Series C
|
| |
Series D
|
| ||||||||||||||||||
Shares of preferred stock outstanding
|
| | | | 19 | | | | | | 6 | | | | | | 9 | | | | | | 19 | | | | | | 7 | | | | | | 9 | | |
Common stock conversion rate
|
| | | | 10:1 | | | | | | 2,000:1 | | | | | | 1,250:1 | | | | | | 10:1 | | | | | | 2,000:1 | | | | | | 1,250:1 | | |
Total shares of common stock if converted
|
| | | | 190 | | | | | | 12,670 | | | | | | 10,565 | | | | | | 190 | | | | | | 13,806 | | | | | | 10,565 | | |
Undeclared dividends
|
| | | $ | 15 | | | | | $ | — | | | | | $ | — | | | | | $ | 10 | | | | | $ | — | | | | | $ | — | | |
Accrued dividends
|
| | | $ | — | | | | | $ | 2,500 | | | | | $ | 2,808 | | | | | $ | — | | | | | $ | 2,014 | | | | | $ | 1,963 | | |
Total shares of common stock if dividends converted
|
| | | | 30 | | | | | | 5,000 | | | | | | 5,616 | | | | | | 20 | | | | | | 4,028 | | | | | | 3,926 | | |
| | |
May 31, 2023
|
| |
May 31, 2022
|
| ||||||||||||||||||||||||||||||||||||
(in thousands)
|
| |
April 2, 2021
Note |
| |
April 23,
2021 Note |
| |
Placement
Agent Notes |
| |
Total
|
| |
April 2, 2021
Note |
| |
April 23,
2021 Note |
| |
Total
|
| |||||||||||||||||||||
Convertible notes payable outstanding principal
|
| | | $ | 6,081 | | | | | $ | 29,369 | | | | | $ | 1,000 | | | | | $ | 36,450 | | | | | $ | 9,819 | | | | | $ | 28,500 | | | | | $ | 38,319 | | |
Less: Unamortized debt discount
and issuance costs |
| | | | (211) | | | | | | (822) | | | | | | (286) | | | | | | (1,319) | | | | | | (512) | | | | | | (1,566) | | | | | | (2,078) | | |
Convertible notes payable, net
|
| | | | 5,870 | | | | | | 28,547 | | | | | | 714 | | | | | | 35,131 | | | | | | 9,307 | | | | | | 26,934 | | | | | | 36,241 | | |
Accrued interest on convertible notes
|
| | | | 3,804 | | | | | | 6,789 | | | | | | 5 | | | | | | 10,598 | | | | | | 2,599 | | | | | | 3,375 | | | | | | 5,974 | | |
Outstanding convertible notes payable, net and accrued interest
|
| | | $ | 9,674 | | | | | $ | 35,336 | | | | | $ | 719 | | | | | $ | 45,729 | | | | | $ | 11,906 | | | | | $ | 30,309 | | | | | $ | 42,215 | | |
(in thousands)
|
| |
April 2, 2021
Note |
| |
April 23, 2021
Note |
| |
Placement
Agent Notes |
| |
Total
|
| ||||||||||||
Outstanding balance at May 31, 2022
|
| | | $ | 11,906 | | | | | $ | 30,309 | | | | | $ | — | | | | | $ | 42,215 | | |
Consideration received
|
| | | | | | | | | | | | | | | | 696 | | | | | | 696 | | |
Amortization of issuance discount and costs
|
| | | | 564 | | | | | | 1,613 | | | | | | 18 | | | | | | 2,195 | | |
Interest expense
|
| | | | 1,205 | | | | | | 3,414 | | | | | | 5 | | | | | | 4,624 | | |
Fair market value of shares exchanged for repayment
|
| | | | (5,312) | | | | | | — | | | | | | — | | | | | | (5,312) | | |
Difference between market value of common shares and reduction of principal
|
| | | | 1,311 | | | | | | — | | | | | | — | | | | | | 1,311 | | |
Outstanding balance at May 31, 2023
|
| | | $ | 9,674 | | | | | $ | 35,336 | | | | | $ | 719 | | | | | $ | 45,729 | | |
(in thousands)
|
| |
Liability Classified
Warrants |
| |||
Balance at May 31, 2022
|
| | | $ | — | | |
Classified as liability
|
| | | | 16,664 | | |
Reclassified as equity
|
| | | | (25,335) | | |
Loss on derivative due to change in fair market value
|
| | | | 8,750 | | |
Balance at May 31, 2023
|
| | | $ | 79 | | |
| | |
Initial Fair Market Value at Issuance
|
| |
Fair Market Value at Equity Classification
|
| ||||||||||||||||||||||||||||||||||||||||||
| | |
Backstop
Warrant #1 |
| |
Backstop
Warrant #2 |
| |
Placement
Agent Warrants |
| |
Backstop
Warrant #3 |
| |
Backstop
Warrant #1 |
| |
Backstop
Warrant #2 |
| |
Placement
Agent Warrants |
| |
Backstop
Warrant #3 |
| ||||||||||||||||||||||||
Fair value of underlying stock
|
| | | $ | 0.44 | | | | | $ | 0.42 | | | | | $ | 0.44 | | | | | $ | 0.35 | | | | | $ | 0.52 | | | | | $ | 0.52 | | | | | $ | 0.52 | | | | | $ | 0.32 | | |
Risk-free rate
|
| | | | 3.17% | | | | | | 3.06% | | | | | | 3.13% | | | | | | 3.68% | | | | | | 3.34% | | | | | | 3.31% | | | | | | 3.16% | | | | | | 4.18% | | |
Expected term (in years)
|
| | | | 4.65 | | | | | | 5.00 | | | | | | 10.00 | | | | | | 5.00 | | | | | | 4.46 | | | | | | 4.88 | | | | | | 9.82 | | | | | | 4.76 | | |
Stock price volatility
|
| | | | 110.20% | | | | | | 109.49% | | | | | | 95.99% | | | | | | 124.36% | | | | | | 117.29% | | | | | | 113.59% | | | | | | 95.87% | | | | | | 126.67% | | |
Expected dividend yield
|
| | | | 0.00% | | | | | | 0.00% | | | | | | 0.00% | | | | | | 0.00% | | | | | | 0.00% | | | | | | 0.00% | | | | | | 0.00% | | | | | | 0.00% | | |
| | |
Initial Fair Market Value at Issuance
|
| |
Fair Market Value
at May 31, 2023 |
| ||||||||||||
| | |
Placement Agent
Warrants Closing #1 |
| |
Placement Agent
Warrants Closing #2 |
| |
Placement Agent
Warrants |
| |||||||||
Fair value of underlying stock
|
| | | $ | 0.29 | | | | | $ | 0.27 | | | | | $ | 0.26 | | |
Risk-free rate
|
| | | | 3.44% | | | | | | 3.44% | | | | | | 3.64% | | |
Expected term (in years)
|
| | | | 10.00 | | | | | | 10.00 | | | | | | 10.00 | | |
Stock price volatility
|
| | | | 98.22% | | | | | | 97.90% | | | | | | 97.90% | | |
Expected dividend yield
|
| | | | 0.00% | | | | | | 0.00% | | | | | | 0.00% | | |
(in thousands, except per share data and years)
|
| |
Number of
shares |
| |
Weighted
average exercise price |
| |
Weighted
average remaining contractual life in years |
| |
Aggregate
intrinsic value |
| ||||||||||||
Options outstanding at May 31, 2021
|
| | | | 17,839 | | | | | $ | 1.58 | | | | | | 7.93 | | | | | $ | 15,390 | | |
Granted
|
| | | | 11,985 | | | | | $ | 1.38 | | | | | | | | | | | | | | |
Exercised
|
| | | | (510) | | | | | $ | 0.79 | | | | | | 301 | | | | | | | | |
Forfeited, expired, and cancelled
|
| | | | (11,857) | | | | | $ | 1.51 | | | | | | | | | | | | | | |
Options outstanding at May 31, 2022
|
| | | | 17,457 | | | | | $ | 1.53 | | | | | | 7.79 | | | | | $ | — | | |
Granted
|
| | | | 12,417 | | | | | $ | 0.41 | | | | | | | | | | | | | | |
Exercised
|
| | | | — | | | | | $ | — | | | | | | | | | | | | | | |
Forfeited, expired, and cancelled
|
| | | | (10,051) | | | | | $ | 1.16 | | | | | | | | | | | | | | |
Options outstanding at May 31, 2023
|
| | | | 19,823 | | | | | $ | 0.99 | | | | | | 7.87 | | | | | $ | — | | |
Options outstanding and exercisable at May 31, 2023
|
| | | | 11,932 | | | | | $ | 1.21 | | | | | | 7.02 | | | | | $ | — | | |
| | |
Fiscal years ended May 31,
|
| |||
| | |
2023
|
| |
2022
|
|
Expected Volatility
|
| |
99.2 – 112.7%
|
| |
94.3 – 122.0%
|
|
Weighted-Average Volatility
|
| |
107.06%
|
| |
104.89%
|
|
Expected Dividends
|
| |
0%
|
| |
0%
|
|
Expected Term (In years)
|
| |
5.0 – 6.1
|
| |
1.5 – 6.0
|
|
Risk-Free Rate
|
| |
3.83%
|
| |
1.67%
|
|
(shares in thousands)
|
| |
Number of
RSUs and PSUs(1) |
| |
Weighted-average
grant date fair value |
| |
Weighted average
remaining contractual life in years |
| |||||||||
Unvested RSUs and PSUs at May 31, 2021
|
| | | | 5,470 | | | | | $ | 2.96 | | | | | | 1.01 | | |
RSUs and PSUs granted
|
| | | | — | | | | | | | | | | | | | | |
RSUs and PSUs forfeited
|
| | | | (4,356) | | | | | | 2.94 | | | | | | | | |
RSUs and PSUs vested
|
| | | | (814) | | | | | | 3.01 | | | | | | | | |
Unvested RSUs and PSUs at May 31, 2022
|
| | | | 300 | | | | | | 3.12 | | | | | | 0.58 | | |
RSUs and PSUs granted
|
| | | | 1,293 | | | | | | 0.58 | | | | | | | | |
RSUs and PSUs forfeited
|
| | | | (150) | | | | | | 3.12 | | | | | | | | |
RSUs and PSUs vested
|
| | | | (150) | | | | | | 3.12 | | | | | | | | |
Unvested RSUs and PSUs at May 31, 2023
|
| | | | 1,293 | | | | | $ | 0.58 | | | | | | 0.81 | | |
(in thousands, except for share data and years)
|
| |
Number of
shares |
| |
Weighted
average exercise price |
| |
Weighted
average remaining contractual life in years |
| |
Aggregate
intrinsic value |
| ||||||||||||
Warrants outstanding at May 31, 2021
|
| | | | 42,934 | | | | | $ | 0.68 | | | | | | 2.89 | | | | | $ | 52,671 | | |
Granted
|
| | | | 38,220 | | | | | $ | 0.52 | | | | | | | | | | | | | | |
Exercised
|
| | | | (5,167) | | | | | $ | 0.70 | | | | | | | | | | | | 5,514 | | |
Forfeited, expired, and cancelled
|
| | | | (2,740) | | | | | $ | 0.73 | | | | | | | | | | | | | | |
Warrants outstanding at May 31, 2022
|
| | | | 73,248 | | | | | $ | 0.59 | | | | | | 3.18 | | | | | $ | 352 | | |
Granted
|
| | | | 201,771 | | | | | $ | 0.33 | | | | | | | | | | | | | | |
Exercised
|
| | | | (6,207) | | | | | $ | 0.63 | | | | | | | | | | | | 758 | | |
Forfeited, expired, and cancelled
|
| | | | (8,902) | | | | | $ | 0.75 | | | | | | | | | | | | | | |
Warrants outstanding at May 31, 2023
|
| | | | 259,910 | | | | | $ | 0.37 | | | | | | 4.57 | | | | | $ | 7,276 | | |
Warrants outstanding and exercisable at May 31, 2023
|
| | | | 259,910 | | | | | $ | 0.37 | | | | | | 4.57 | | | | | $ | 7,276 | | |
| | |
Fiscal years ended May 31,
|
| |||||||||
(in thousands, except per share amounts)
|
| |
2023
|
| |
2022
|
| ||||||
Net loss
|
| | | $ | (79,824) | | | | | $ | (210,820) | | |
Less: Deemed dividends
|
| | | | (5,417) | | | | | | — | | |
Less: Accrued preferred stock dividends
|
| | | | (1,495) | | | | | | (1,628) | | |
Net loss applicable to common stockholders
|
| | | $ | (86,736) | | | | | $ | (212,448) | | |
Basic and diluted: | | | | | | | | | | | | | |
Weighted average common shares outstanding
|
| | | | 836,528 | | | | | | 676,900 | | |
Loss per share
|
| | | $ | (0.10) | | | | | $ | (0.31) | | |
| | |
Fiscal years ended May 31,
|
| |||||||||
(in thousands)
|
| |
2023
|
| |
2022
|
| ||||||
Stock options, warrants, and unvested restricted stock units
|
| | | | 281,023 | | | | | | 106,002 | | |
Convertible notes
|
| | | | 12,000 | | | | | | 12,000 | | |
Convertible preferred stock
|
| | | | 34,071 | | | | | | 32,535 | | |
| | |
Fiscal years ended May 31,
|
| |||||||||
| | |
2023
|
| |
2022
|
| ||||||
Income tax provision at statutory rate:
|
| | | | 21.0% | | | | | | 21.0% | | |
Derivative loss
|
| | | | (2.3) | | | | | | — | | |
Non-deductible debt issuance costs
|
| | | | (2.6) | | | | | | — | | |
Non-deductible interest on convertible notes
|
| | | | (1.2) | | | | | | (0.5) | | |
Inducement interest expense
|
| | | | — | | | | | | (0.7) | | |
Other
|
| | | | 0.8 | | | | | | 1.1 | | |
Credit carry-forward released
|
| | | | — | | | | | | (0.2) | | |
Non-deductible loss on induced conversion
|
| | | | (1.4) | | | | | | (3.7) | | |
Non-deductible debt discount amortization
|
| | | | (0.6) | | | | | | (0.3) | | |
IRC section 162(m) limitation
|
| | | | — | | | | | | (0.1) | | |
Non-deductible expense on induced conversion of debt
|
| | | | — | | | | | | (0.3) | | |
Valuation allowance
|
| | | | (13.7) | | | | | | (16.3) | | |
Effective income tax rate
|
| | | | 0.0% | | | | | | 0.0% | | |
| | |
As of May 31,
|
| |||||||||
(in thousands)
|
| |
2023
|
| |
2022
|
| ||||||
Net operating loss
|
| | | $ | 96,338 | | | | | $ | 106,965 | | |
Credits
|
| | | | 2,063 | | | | | | 2,063 | | |
ASC 718 expense on non-qualified stock options
|
| | | | 6,400 | | | | | | 6,057 | | |
Charitable contribution carry forward
|
| | | | — | | | | | | 14 | | |
Accrued vacation and payroll
|
| | | | 21 | | | | | | 68 | | |
Right-of-use asset
|
| | | | (84) | | | | | | (112) | | |
Lease liability
|
| | | | 89 | | | | | | 117 | | |
Inventory charges
|
| | | | 6,173 | | | | | | 2,138 | | |
Inventory write-off
|
| | | | 13,739 | | | | | | — | | |
Issued warrants
|
| | | | 2,317 | | | | | | — | | |
Section 174 R&D costs
|
| | | | 858 | | | | | | — | | |
Accrued legal settlements
|
| | | | 13 | | | | | | — | | |
Accrued legal fees
|
| | | | 3 | | | | | | — | | |
Accrued expenses
|
| | | | 36 | | | | | | 89 | | |
Amortization
|
| | | | 609 | | | | | | 238 | | |
Fixed assets
|
| | | | 4 | | | | | | 1 | | |
Valuation allowance
|
| | | | (128,579) | | | | | | (117,638) | | |
Deferred tax asset, non-current
|
| | | $ | — | | | | | $ | — | | |
Non-current asset
|
| | | | 128,579 | | | | | | 117,638 | | |
Valuation allowance
|
| | | | (128,579) | | | | | | (117,638) | | |
Deferred tax asset (liability) non-current
|
| | | $ | — | | | | | $ | — | | |
Fiscal Year
|
| |
Amount
|
| |||
2024
|
| | | $ | 156,388 | | |
2025
|
| | | $ | 76,400 | | |
2026 and thereafter
|
| | | | — | | |
Total
|
| | | $ | 232,788 | | |
(in thousands)
|
| |
May 31, 2023
|
| |
May 31, 2022
|
| ||||||
Assets | | | | | | | | | | | | | |
Right-of-use asset
|
| | | $ | 400 | | | | | $ | 536 | | |
Liabilities | | | | | | | | | | | | | |
Current operating lease liability
|
| | | $ | 139 | | | | | $ | 134 | | |
Non-current operating lease liability
|
| | | | 283 | | | | | | 422 | | |
Total operating lease liability
|
| | | $ | 422 | | | | | $ | 556 | | |
Fiscal Year
|
| |
Amount
|
| |||
2024
|
| | | $ | 182 | | |
2025
|
| | | | 185 | | |
2026
|
| | | | 169 | | |
Total operating lease payments
|
| | | | 536 | | |
Less: imputed interest
|
| | | | (114) | | |
Present value of operating lease liabilities
|
| | | $ | 422 | | |
| | |
May 31, 2023
|
|
Weighted average remaining lease term
|
| |
2.9 years
|
|
Weighted average discount rate
|
| |
10.0%
|
|