Quarterly report pursuant to Section 13 or 15(d)

Loss Per Common Share

v3.23.1
Loss Per Common Share
9 Months Ended
Feb. 28, 2023
Loss Per Common Share  
Loss Per Common Share

Note 7. Loss per Common Share

Basic loss per share is computed by dividing the net loss adjusted for preferred stock dividends by the weighted average number of common shares outstanding during the period. Diluted loss per share includes the weighted average common shares outstanding and potentially dilutive common stock equivalents. Because of the net losses for all periods presented, the basic and diluted weighted average shares outstanding are the same since including the additional shares would have an anti-dilutive effect on loss per share. The reconciliation of the numerators and denominators of the basic and diluted net loss per share computations are as follows:

Three months ended February 28,

Nine months ended February 28,

(in thousands, except per share amounts)

2023

    

2022

2023

2022

(Restated) (1)

(Restated) (1)

Net loss

$

(13,702)

$

(41,285)

$

(61,188)

$

(126,699)

Less: Deemed dividends

(123)

(5,417)

Less: Accrued preferred stock dividends

(366)

(397)

(1,121)

(1,239)

Net loss applicable to common stockholders

$

(14,191)

$

(41,682)

$

(67,726)

$

(127,938)

Basic and diluted:

Weighted average common shares outstanding

832,215

695,614

810,986

663,373

Loss per share

$

(0.02)

$

(0.06)

$

(0.08)

$

(0.19)

(1) See Note 2, Summary of Significant Accounting PoliciesRevision and Restatement of Financial Statements.

The table below shows the approximate number of shares of common stock issuable upon the exercise, vesting or conversion of outstanding options, warrants, unvested restricted stock units (including those subject to performance conditions), convertible notes, and convertible preferred stock (including undeclared dividends) that were not included in the computation of basic and diluted weighted average number of shares of common stock outstanding for the periods presented:

Three and nine months ended February 28,

(in thousands)

2023

    

2022

Stock options, warrants, and unvested restricted stock units

203,274

98,309

Convertible notes

12,000

12,000

Convertible preferred stock

33,323

32,197