Annual report pursuant to Section 13 and 15(d)

Convertible Instruments and Accrued Interest (Tables)

v3.22.2.2
Convertible Instruments and Accrued Interest (Tables)
12 Months Ended
May 31, 2022
Debt Disclosure [Abstract]  
Schedule of information on dividends of convertible preferred stock

As of May 31,

2022

2021

(in thousands)

    

Series B

    

Series C

    

Series D

    

Series B

    

Series C

    

Series D

Undeclared dividends

$

10

$

-

$

-

$

18

$

-

$

-

Accrued dividends

$

-

$

2,014

$

1,963

$

-

$

1,530

$

1,117

Shares of common stock

20

4,028

3,926

36

3,060

2,234

Schedule of outstanding balances of convertible notes

As of May 31,

2022

2021

(in thousands)

    

April 2, 2021 Note

    

April 23, 2021 Note

    

Total

    

November 2020 Note

    

April 2, 2021 Note

    

April 23, 2021 Note

    

Total

Convertible notes payable outstanding principal

$

9,819

$

28,500

$

38,319

$

13,500

$

28,500

$

28,500

$

70,500

Less: Unamortized debt discount and issuance costs

(512)

(1,566)

(2,078)

(1,204)

(3,232)

(3,317)

(7,753)

Convertible notes payable, net

9,307

26,934

36,241

12,296

25,268

25,183

62,747

Accrued interest on convertible notes

2,599

3,375

5,974

1,258

447

302

2,007

Outstanding convertible notes payable, net and accrued interest

$

11,906

$

30,309

$

42,215

$

13,554

$

25,715

$

25,485

$

64,754

Schedule of rollforward of the outstanding balance of convertible notes

(in thousands)

November 2020 Note

April 2, 2021 Note

April 23, 2021 Note

Total

Outstanding balance at May 31, 2021

$

13,554

$

25,715

$

25,485

$

64,754

Amortization of issuance discount and costs

98

1,197

1,750

3,045

Interest expense

192

2,152

3,073

5,417

Fair market value of shares exchanged for repayment

(18,495)

(23,578)

-

(42,073)

Difference between market value of
common shares and reduction of principle

4,651

6,421

-

11,072

Outstanding balance at May 31, 2022

$

-

$

11,907

$

30,308

$

42,215