| Schedule of information on dividends of convertible preferred stock |
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February 28, 2022 |
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May 31, 2021 |
(in thousands) |
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Series B* |
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Series C** |
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Series D** |
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Series B* |
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Series C** |
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Series D** |
Undeclared dividends |
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$ |
8 |
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$ |
- |
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$ |
- |
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$ |
18 |
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$ |
- |
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$ |
- |
Accrued dividends |
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$ |
- |
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$ |
1,886 |
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$ |
1,749 |
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$ |
- |
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$ |
1,530 |
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$ |
1,117 |
Shares of common stock |
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17 |
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3,772 |
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3,498 |
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36 |
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3,060 |
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2,234 |
* Series B preferred stock allows for non-accumulating dividend rights.
** Series C and D preferred stock allow for accumulating dividend rights.
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| Schedule of outstanding balances of convertible notes |
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February 28, 2022 |
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May 31, 2021 |
(in thousands) |
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April 2, 2021 Note |
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April 23, 2021 Note |
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Total |
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November 2020 Note |
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April 2, 2021 Note |
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April 23, 2021 Note |
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Total |
Convertible notes payable outstanding principal |
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$ |
9,819 |
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$ |
28,500 |
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$ |
38,319 |
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$ |
13,500 |
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$ |
28,500 |
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$ |
28,500 |
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$ |
70,500 |
Less: Unamortized debt discount and issuance costs |
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(662) |
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(2,010) |
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(2,672) |
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(1,204) |
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(3,232) |
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(3,317) |
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(7,753) |
Convertible notes payable, net |
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9,157 |
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26,490 |
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35,647 |
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12,296 |
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25,268 |
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25,183 |
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62,747 |
Accrued interest on convertible notes |
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2,285 |
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2,572 |
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4,857 |
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1,258 |
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|
447 |
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302 |
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2,007 |
Outstanding convertible notes payable, net and accrued interest |
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$ |
11,442 |
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$ |
29,062 |
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$ |
40,504 |
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$ |
13,554 |
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$ |
25,715 |
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$ |
25,485 |
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$ |
64,754 |
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| Schedule of rollforward of the outstanding balance of convertible notes |
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(in thousands) |
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November 2020 Note |
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April 2, 2021 Note |
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April 23, 2021 Note |
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Total |
Outstanding balance at May 31, 2021 |
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$ |
13,554 |
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$ |
25,715 |
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$ |
25,485 |
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$ |
64,754 |
Amortization of issuance discount and costs |
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98 |
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1,045 |
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1,309 |
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2,452 |
Interest expense |
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192 |
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1,839 |
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2,268 |
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4,299 |
Fair market value of shares exchanged for repayment |
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(18,495) |
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(23,578) |
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- |
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(42,073) |
Debt extinguishment loss |
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4,651 |
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6,421 |
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- |
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11,072 |
Outstanding balance at February 28, 2022 |
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$ |
- |
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$ |
11,442 |
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$ |
29,062 |
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$ |
40,504 |
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