Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.2.2
Income Taxes (Tables)
12 Months Ended
May 31, 2022
Income Tax Disclosure [Abstract]  
Reconciliation of Federal Statutory Income Tax

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Years ended May 31,

​

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2022

    

2021

    

2020

 

Income tax provision at statutory rate:

 

21.0

%  

21.0

%  

21.0

%

Derivative loss

 

—

 

—

 

(1.6)

​

Non-deductible debt issuance costs

 

—

 

—

 

(0.1)

​

Non-deductible interest on convertible notes

 

(0.5)

 

(0.6)

 

(1.2)

​

Inducement interest expense

 

(0.7)

 

(1.5)

 

(1.3)

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Other

 

1.1

 

—

 

(0.3)

​

Credit carry-forward released

 

(0.2)

 

(0.1)

 

(0.1)

​

Non-deductible loss on induced conversion

​

(3.7)

​

(2.6)

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—

​

Non-deductible debt discount amortization

 

(0.3)

 

(0.6)

 

(0.3)

​

IRC section 162(m) limitation

 

(0.1)

 

(1.1)

 

(2.4)

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Stock-based compensation in excess of ASC 718

 

0.0

 

1.7

 

3.2

​

Non-deductible expense on induced conversion of debt

 

(0.3)

 

(1.2)

 

(3.8)

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Valuation allowance

 

(16.3)

 

(15.0)

 

(13.1)

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Effective income tax rate

 

0.0

%  

0.0

%  

0.0

%

Net Deferred Tax Assets and Liabilities

Net deferred tax assets and liabilities, non-current, are comprised of the following:

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As of May 31,

​

    

2022

    

2021

Net operating loss

​

$

106,965

​

$

74,258

Credits

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2,063

​

 

2,063

ASC 718 expense on NQO’s

​

 

6,057

​

 

5,510

Charitable contribution carry forward

​

 

14

​

 

14

Accrued vacation and payroll

​

 

68

​

 

87

ASC 842 lease accounting

​

 

—

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(3)

Right of use asset

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(112)

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​

—

Lease liability

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​

117

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—

Inventory

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2,138

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​

146

Accrued expenses

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89

​

 

874

Amortization

​

 

238

​

 

396

Fixed assets

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1

​

 

—

Basis difference in acquired assets

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—

​

 

(91)

Valuation allowance

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(117,638)

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(83,254)

Deferred tax asset, non-current

​

$

—

​

$

—

Non-current asset

​

 

117,638

​

 

83,254

Valuation allowance

​

 

(117,638)

​

 

(83,254)

Deferred tax asset (liability) non-current

​

$

—

​

$

—