| Schedule of information on dividends of convertible preferred stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
August 31, 2022 |
|
May 31, 2022 |
(in thousands) |
|
Series B |
|
Series C |
|
Series D |
|
Series B |
|
Series C |
|
Series D |
Shares of preferred stock |
|
|
19 |
|
|
6 |
|
|
9 |
|
|
19 |
|
|
7 |
|
|
9 |
Total shares of common stock if converted |
|
|
190 |
|
|
12,670 |
|
|
10,565 |
|
|
190 |
|
|
13,806 |
|
|
10,565 |
Undeclared dividends |
|
$ |
11 |
|
$ |
- |
|
$ |
- |
|
$ |
10 |
|
$ |
- |
|
$ |
- |
Accrued dividends |
|
$ |
- |
|
$ |
2,186 |
|
$ |
2,175 |
|
$ |
- |
|
$ |
2,014 |
|
$ |
1,963 |
Total shares of common stock if dividends converted |
|
|
22 |
|
|
4,372 |
|
|
4,350 |
|
|
20 |
|
|
4,028 |
|
|
3,926 |
|
| Schedule of outstanding balances of convertible notes |
For additional information about the Company’s debt policies, refer to Note 2, Summary of Significant Accounting Policies, of the 2022 Form 10-K. Outstanding balances associated with the Company’s convertible notes and related accrued interest are as follows: |
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|
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|
|
|
|
|
August 31, 2022 |
|
May 31, 2022 |
(in thousands) |
|
April 2, 2021 Note |
|
April 23, 2021 Note |
|
Total |
|
April 2, 2021 Note |
|
April 23, 2021 Note |
|
Total |
Convertible notes payable outstanding principal |
|
$ |
9,819 |
|
$ |
28,500 |
|
$ |
38,319 |
|
$ |
9,819 |
|
$ |
28,500 |
|
$ |
38,319 |
Less: Unamortized debt discount and issuance costs |
|
|
(359) |
|
|
(1,127) |
|
|
(1,486) |
|
|
(512) |
|
|
(1,566) |
|
|
(2,078) |
Convertible notes payable, net |
|
|
9,460 |
|
|
27,373 |
|
|
36,833 |
|
|
9,307 |
|
|
26,934 |
|
|
36,241 |
Accrued interest on convertible notes |
|
|
2,920 |
|
|
4,200 |
|
|
7,120 |
|
|
2,599 |
|
|
3,375 |
|
|
5,974 |
Outstanding convertible notes payable, net and accrued interest |
|
$ |
12,380 |
|
$ |
31,573 |
|
$ |
43,953 |
|
$ |
11,906 |
|
$ |
30,309 |
|
$ |
42,215 |
|
| Schedule of changes to outstanding balance of convertible notes |
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
April 2, 2021 Note |
|
April 23, 2021 Note |
|
Total |
Outstanding balance at May 31, 2022 |
|
$ |
11,906 |
|
$ |
30,309 |
|
$ |
42,215 |
Amortization of issuance discount and costs |
|
|
153 |
|
|
439 |
|
|
592 |
Interest expense |
|
|
321 |
|
|
825 |
|
|
1,146 |
Outstanding balance at August 31, 2022 |
|
$ |
12,380 |
|
$ |
31,573 |
|
$ |
43,953 |
|