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

    

Initial Fair Market Value at Issuance

Fair Market Value at Equity Classification

Backstop

    

Backstop

    

Placement

    

Backstop

Backstop

    

Backstop

    

Placement

    

Backstop

Warrant #1

Warrant #2

Agent Warrants

Warrant #3

Warrant #1

Warrant #2

Agent Warrants

Warrant #3

Fair value of underlying stock

$ 0.44

$ 0.42

$ 0.44

$ 0.35

$ 0.52

$ 0.52

$ 0.52

$ 0.32

Risk free rate

3.17%

3.06%

3.13%

3.68%

3.34%

3.31%

3.16%

4.18%

Expected term (in years)

4.65

5.00

10.00

5.00

4.46

4.88

9.82

4.76

Stock price volatility

110.20%

109.49%

95.99%

124.36%

117.29%

113.59%

95.87%

126.67%

Expected dividend yield

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

Years ended May 31,

    

2022

    

2021

Expected Volatility

94.3% - 122.0

%

80.3% - 127.8

%

Weighted-Average Volatility

104.89

%

84.86

%

Expected Dividends

%

%

Expected Term (In years)

1.5 - 6.0

2.5 - 6.0

Risk-Free Rate

1.67

%

0.45

%

Schedule of stock option activity

Weighted 

average

Weighted

remaining

Aggregate

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

$

0.41

 

 

Exercised

 

$

 

 

Forfeited, expired, and cancelled

 

(7,783)

$

1.16

 

 

Options outstanding at February 28, 2023

 

22,091

$

1.02

 

8.12

$

Options outstanding and exercisable at February 28, 2023

 

12,698

$

1.28

 

7.15

$

Weighted 

average

Weighted

remaining

Aggregate

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

$

0.72

 

 

Exercised

 

(5,677)

$

0.71

 

 

Forfeited, expired, and cancelled

 

(14,597)

$

1.36

 

 

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

$

352

Schedule of options and warrants exercises  

Schedule of Warrant activity

Weighted 

average

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

$

0.25

 

 

Exercised

 

(4,965)

$

0.75

 

 

Forfeited, expired, and cancelled

 

(7,412)

$

0.75

 

 

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

$

12,245