Quarterly report pursuant to Section 13 or 15(d)

Public Warrant Tender Offerings

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Public Warrant Tender Offerings
6 Months Ended
Nov. 30, 2019
Public Warrant Tender Offerings [Abstract]  
Public Warrant Tender Offerings
Note 10 – Public Warrant Tender Offerings
During the
six
months ended
November 30
, 2019, the Company conducted two public warrant tender offers, in which accredited investors purchased unregistered common stock at either $0.30 or $0.40 per share. Pursuant to the offering, the Company sold a total of 45,375,923 shares of common stock, $0.001 par value, for aggregate gross proceeds of approximately $11.9 million. The Company paid placement agent fees of approximately $1.1 million for services in connection with the offering. The Company also recorded a
non-cash
inducement interest expense of approximately $2.4 million in connection with the offerings.