General form of registration statement for all companies including face-amount certificate companies

Equity Awards and Warrants (Tables)

v3.23.2
Equity Awards and Warrants (Tables)
9 Months Ended 12 Months Ended
Feb. 28, 2023
May 31, 2022
Equity Awards and Warrants    
Schedule of assumptions used in determination of fair value

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Initial Fair Market Value at Issuance

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Fair Market Value at Equity Classification

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​

​

Backstop

    

Backstop

    

Placement

    

Backstop

​

Backstop

    

Backstop

    

Placement

    

Backstop

​

​

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Warrant #1

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Warrant #2

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Agent Warrants

​

Warrant #3

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Warrant #1

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Warrant #2

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Agent Warrants

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Warrant #3

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Fair value of underlying stock

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$ 0.44

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$ 0.42

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$ 0.44

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$ 0.35

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$ 0.52

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$ 0.52

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$ 0.52

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$ 0.32

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Risk free rate

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3.17%

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3.06%

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3.13%

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3.68%

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3.34%

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3.31%

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3.16%

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4.18%

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Expected term (in years)

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4.65

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5.00

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10.00

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5.00

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4.46

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4.88

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9.82

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4.76

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Stock price volatility

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110.20%

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109.49%

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95.99%

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124.36%

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117.29%

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113.59%

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95.87%

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126.67%

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Expected dividend yield

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0.00%

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0.00%

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0.00%

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0.00%

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0.00%

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0.00%

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0.00%

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0.00%

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Years ended May 31,

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2022

    

2021

Expected Volatility

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94.3% - 122.0

%

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80.3% - 127.8

%

Weighted-Average Volatility

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104.89

%

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84.86

%

Expected Dividends

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—

%

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—

%

Expected Term (In years)

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1.5 - 6.0

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​

2.5 - 6.0

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Risk-Free Rate

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1.67

%

​

0.45

%

Schedule of stock option activity

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Weighted 

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average

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Weighted

​

remaining

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Aggregate

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Number of

​

average

​

contractual

​

intrinsic

(in thousands, except per share data and years)

    

shares

    

exercise price

    

life in years

    

value

Options outstanding at May 31, 2022

 

17,457

​

$

1.53

 

7.79

​

$

—

Granted

 

12,417

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$

0.41

 

​

​

 

​

Exercised

 

—

​

$

—

 

​

​

 

​

Forfeited, expired, and cancelled

 

(7,783)

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$

1.16

 

​

​

 

​

Options outstanding at February 28, 2023

 

22,091

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$

1.02

 

8.12

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$

—

Options outstanding and exercisable at February 28, 2023

 

12,698

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$

1.28

 

7.15

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$

—

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Weighted 

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average

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Weighted

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remaining

​

Aggregate

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​

Number of

​

average

​

contractual

​

intrinsic

(in thousands, except per share data)

    

shares

    

exercise price

    

life in years

    

value

Options and warrants outstanding at May 31, 2021

 

60,774

​

$

0.95

 

4.37

​

$

68,061

Granted

 

50,205

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$

0.72

 

​

​

 

​

Exercised

 

(5,677)

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$

0.71

 

​

​

 

​

Forfeited, expired, and cancelled

 

(14,597)

​

$

1.36

 

​

​

 

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Options and warrants outstanding at May 31, 2022

 

90,705

​

$

0.77

 

4.06

​

$

352

Options and warrants outstanding and exercisable at May 31, 2022

 

82,918

​

$

0.69

 

3.61

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$

352

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Schedule of options and warrants exercises  

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Schedule of Warrant activity

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Weighted 

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average

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Weighted

​

remaining

​

Aggregate

​

​

Number of

​

average

​

contractual

​

intrinsic

(in thousands, except for share data and years)

    

shares

    

exercise price

    

life in years

    

value

Warrants outstanding at May 31, 2022

 

73,248

​

$

0.59

 

3.18

​

$

352

Granted

 

119,022

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$

0.25

 

​

​

 

​

Exercised

 

(4,965)

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$

0.75

 

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​

 

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Forfeited, expired, and cancelled

 

(7,412)

​

$

0.75

 

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​

 

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Warrants outstanding at February 28, 2023

 

179,893

​

$

0.33

 

4.39

​

$

12,245

Warrants outstanding and exercisable at February 28, 2023

 

179,893

​

$

0.33

 

4.39

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$

12,245