Convertible Instruments and Accrued Interest (Tables)
|
9 Months Ended |
Feb. 28, 2023 |
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| Convertible Instruments and Accrued Interest |
|
| Schedule of information on dividends of convertible preferred stock |
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February 28, 2023 |
|
May 31, 2022 |
(in thousands except conversion rate) |
|
Series B |
|
Series C |
|
Series D |
|
Series B |
|
Series C |
|
Series D |
Shares of preferred stock |
|
|
19 |
|
|
6 |
|
|
9 |
|
|
19 |
|
|
7 |
|
|
9 |
Common stock conversion rate |
|
|
10:1 |
|
|
2,000:1 |
|
|
1,250:1 |
|
|
10:1 |
|
|
2,000:1 |
|
|
1,250:1 |
Total shares of common stock if converted |
|
|
190 |
|
|
12,670 |
|
|
10,565 |
|
|
190 |
|
|
13,806 |
|
|
10,565 |
Undeclared dividends |
|
$ |
14 |
|
$ |
- |
|
$ |
- |
|
$ |
10 |
|
$ |
- |
|
$ |
- |
Accrued dividends |
|
$ |
- |
|
$ |
2,341 |
|
$ |
2,594 |
|
$ |
- |
|
$ |
2,014 |
|
$ |
1,963 |
Total shares of common stock if dividends converted |
|
|
28 |
|
|
4,682 |
|
|
5,188 |
|
|
20 |
|
|
4,028 |
|
|
3,926 |
|
| Summary Of outstanding convertible notes |
|
|
|
|
|
|
|
|
|
|
|
February 28, 2023 |
|
|
April 2, 2021 Note |
|
|
April 23, 2021 Note |
|
Interest rate per annum |
|
|
10 |
% |
|
|
10 |
% |
Conversion price per share upon five trading days' notice |
|
$ |
10.00 |
|
|
$ |
10.00 |
|
Party that controls the conversion rights |
|
|
Investor |
|
|
|
Investor |
|
Maturity date |
|
|
April 5, 2023 |
|
|
|
April 23, 2023 |
|
Security interest |
|
|
All Company assets excluding intellectual property |
|
|
| Schedule of outstanding balances of convertible notes |
|
|
|
|
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|
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|
February 28, 2023 |
|
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 |
|
$ |
7,819 |
|
$ |
28,500 |
|
$ |
36,319 |
|
$ |
9,819 |
|
$ |
28,500 |
|
$ |
38,319 |
Less: Unamortized debt discount and issuance costs |
|
|
(49) |
|
|
(257) |
|
|
(306) |
|
|
(512) |
|
|
(1,566) |
|
|
(2,078) |
Convertible notes payable, net |
|
|
7,770 |
|
|
28,243 |
|
|
36,013 |
|
|
9,307 |
|
|
26,934 |
|
|
36,241 |
Accrued interest on convertible notes |
|
|
3,535 |
|
|
5,886 |
|
|
9,421 |
|
|
2,599 |
|
|
3,375 |
|
|
5,974 |
Outstanding convertible notes payable, net and accrued interest |
|
$ |
11,305 |
|
$ |
34,129 |
|
$ |
45,434 |
|
$ |
11,906 |
|
$ |
30,309 |
|
$ |
42,215 |
|
| Schedule of reconciliation 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 |
|
|
463 |
|
|
1,309 |
|
|
1,772 |
Interest expense |
|
|
936 |
|
|
2,511 |
|
|
3,447 |
Fair market value of shares exchanged for repayment |
|
|
(2,656) |
|
|
- |
|
|
(2,656) |
Difference between market value of
common shares and reduction of principal |
|
|
656 |
|
|
- |
|
|
656 |
Outstanding balance at February 28, 2023 |
|
$ |
11,305 |
|
$ |
34,129 |
|
$ |
45,434 |
|