| Schedule of information on dividends of convertible preferred stock |
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As of May 31, |
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2022 |
|
2021 |
(in thousands) |
|
Series B |
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Series C |
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Series D |
|
Series B |
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Series C |
|
Series D |
Undeclared dividends |
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$ |
10 |
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$ |
- |
|
$ |
- |
|
$ |
18 |
|
$ |
- |
|
$ |
- |
Accrued dividends |
|
$ |
- |
|
$ |
2,014 |
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$ |
1,963 |
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$ |
- |
|
$ |
1,530 |
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$ |
1,117 |
Shares of common stock |
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|
20 |
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|
4,028 |
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|
3,926 |
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|
36 |
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|
3,060 |
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|
2,234 |
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| Schedule of outstanding balances of convertible notes |
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As of May 31, |
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2022 |
|
2021 |
(in thousands) |
|
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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(512) |
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(1,566) |
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(2,078) |
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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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9,307 |
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26,934 |
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36,241 |
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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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2,599 |
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|
3,375 |
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5,974 |
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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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$ |
11,906 |
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$ |
30,309 |
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$ |
42,215 |
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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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1,197 |
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|
1,750 |
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|
3,045 |
Interest expense |
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192 |
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2,152 |
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3,073 |
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|
5,417 |
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) |
Difference between market value of
common shares and reduction of principle |
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4,651 |
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|
6,421 |
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- |
|
|
11,072 |
Outstanding balance at May 31, 2022 |
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$ |
- |
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$ |
11,907 |
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$ |
30,308 |
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$ |
42,215 |
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