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

Restatement (Tables)

v3.23.2
Restatement (Tables)
12 Months Ended
May 31, 2022
Restatement  
Summary of restatement of consolidated and interim financial statements

Fiscal Year Ended May 31, 2021 - Consolidated Financial Statements

As of and For the Year Ended May 31, 2021

(in thousands, except per share amount)

    

Previously Reported

    

Adjustments

    

Restated

Loss on induced conversion (1)

$

(19,896)

$

(19,235)

$

(39,131)

Inducement interest expense (2)

$

(11,366)

$

(2,556)

$

(13,922)

Total interest expense and other expense

$

(50,078)

$

(21,791)

$

(71,869)

Loss before income taxes

$

(154,674)

$

(21,791)

$

(176,465)

Net loss

$

(154,674)

$

(21,791)

$

(176,465)

Basic and diluted loss per share

$

(0.27)

$

(0.03)

$

(0.30)

Additional paid-in capital (3)

$

489,650

$

42,381

$

532,031

Accumulated deficit (3)

$

(511,294)

$

(42,381)

$

(553,675)

Fiscal Year Ended May 31, 2021 and 2022 - Interim Consolidated Financial Statements (Unaudited)

There was no impact on the quarter ended August 31, 2020.

    

As of and For Three Months Ended November 30, 2020

    

As of and Six Months Ended November 30, 2020

 

(in thousands, except per share amount)

    

Previously
Reported

    

Adjustments

    

Restated

    

Previously
Reported

    

Adjustments

    

Restated

Loss on induced conversion (1)

$

(4,169)

$

(2,555)

$

(6,724)

$

(4,169)

$

(2,555)

$

(6,724)

Inducement interest expense (2)

$

(3,758)

$

(459)

$

(4,217)

$

(7,103)

$

(459)

$

(7,562)

Total interest expense and other expense

$

(10,463)

$

(3,014)

$

(13,477)

$

(15,623)

$

(3,014)

$

(18,637)

Loss before income taxes

$

(34,966)

$

(3,014)

$

(37,980)

$

(65,798)

$

(3,014)

$

(68,812)

Net loss

$

(34,966)

$

(3,014)

$

(37,980)

$

(65,798)

$

(3,014)

$

(68,812)

Basic and diluted loss per share

$

(0.06)

$

(0.01)

$

(0.07)

$

(0.12)

$

(0.00)

$

(0.12)

Additional paid-in capital (3)

$

414,463

$

23,604

$

438,067

$

414,463

$

23,604

$

438,067

Accumulated deficit (3)

$

(421,587)

$

(23,604)

$

(445,191)

$

(421,587)

$

(23,604)

$

(445,191)

As of and For Three Months Ended February 28, 2021

As of and For Nine Months Ended February 28, 2021

Previously

Previously

(in thousands, except per share amount)

 

Reported

Adjustments

Restated

 

Reported

Adjustments

Restated

Loss on induced conversion (1)

    

$

(7,625)

    

$

7,625

    

$

    

$

(11,794)

    

$

5,070

    

$

(6,724)

Inducement interest expense (2)

$

(4,139)

$

(1,221)

$

(5,360)

$

(11,242)

$

(1,680)

$

(12,922)

Total interest expense and other expense

$

(13,200)

$

6,404

$

(6,796)

$

(28,823)

$

3,390

$

(25,433)

Loss before income taxes

$

(43,985)

$

6,404

$

(37,581)

$

(109,783)

$

3,390

$

(106,393)

Net loss

$

(43,985)

$

6,404

$

(37,581)

$

(109,783)

$

3,390

$

(106,393)

Basic and diluted loss per share

$

(0.08)

$

0.01

$

(0.07)

$

(0.18)

$

(0.00)

$

(0.18)

Additional paid-in capital (3)

$

449,579

$

17,200

$

466,779

$

449,579

$

17,200

$

466,779

Accumulated deficit (3)

$

(465,983)

$

(17,200)

$

(483,183)

$

(465,983)

$

(17,200)

$

(483,183)

As of and For the Three Months Ended August 31, 2021

(in thousands, except per share amount)

    

Previously Reported

    

Adjustments

    

Restated

Loss on induced conversion (1)

$

(4,651)

$

(13,879)

$

(18,530)

Inducement interest expense (2)

$

(9)

$

(519)

$

(528)

Total interest expense and other expense

$

(9,302)

$

(14,398)

$

(23,700)

Loss before income taxes

$

(30,939)

$

(14,398)

$

(45,337)

Net loss

$

(30,939)

$

(14,398)

$

(45,337)

Basic and diluted loss per share

$

(0.05)

$

(0.02)

$

(0.07)

Additional paid-in capital (3)

$

516,816

$

56,779

$

573,595

Accumulated deficit (3)

$

(542,653)

$

(56,779)

$

(599,432)

As of and For Three Months Ended November 30, 2021

As of and For Six Months Ended November 30, 2021

(in thousands, except per share amount)

    

Previously Reported

    

Adjustments

    

Restated

  

  

Previously Reported

    

Adjustments

    

Restated

Loss on induced conversion (1)

$

(3,312)

$

(3,473)

$

(6,785)

$

(7,963)

$

(17,352)

$

(25,315)

Total interest expense and other expense

$

(11,282)

$

(3,473)

$

(14,755)

$

(21,103)

$

(17,352)

$

(38,455)

Loss before income taxes

$

(36,604)

$

(3,473)

$

(40,077)

$

(68,062)

$

(17,352)

$

(85,414)

Net loss

$

(36,604)

$

(3,473)

$

(40,077)

$

(68,062)

$

(17,352)

$

(85,414)

Basic and diluted loss per share

$

(0.06)

$

(0.00)

$

(0.06)

$

(0.11)

$

(0.02)

$

(0.13)

Additional paid-in capital (2)

$

589,971

$

36,587

$

626,558

$

589,971

$

36,587

$

626,558

Accumulated deficit (2)

$

(603,353)

$

(36,587)

$

(639,940)

$

(603,353)

$

(36,587)

$

(639,940)

As of and For Three Months Ended February 28, 2022

As of and For Nine Months Ended February 28, 2022

(in thousands, except per share amount)

    

Previously Reported

    

Adjustments

    

Restated

  

  

Previously Reported

    

Adjustments

    

Restated

Loss on induced conversion (1)

$

(3,109)

$

(8,957)

$

(12,066)

$

(11,072)

$

(26,309)

$

(37,381)

Total interest expense and other expense

$

(12,931)

$

(8,957)

$

(21,888)

$

(34,034)

$

(26,309)

$

(60,343)

Loss before income taxes

$

(32,328)

$

(8,957)

$

(41,285)

$

(100,390)

$

(26,309)

$

(126,699)

Net loss

$

(32,328)

$

(8,957)

$

(41,285)

$

(100,390)

$

(26,309)

$

(126,699)

Basic and diluted loss per share

$

(0.05)

$

(0.01)

$

(0.06)

$

(0.15)

$

(0.04)

$

(0.19)

Additional paid-in capital (2)

$

612,905

$

45,544

$

658,449

$

612,905

$

45,544

$

658,449

Accumulated deficit (2)

$

(636,078)

$

(45,544)

$

(681,622)

$

(636,078)

$

(45,544)

$

(681,622)

(1)

Amounts previously presented in Loss on extinguishment of convertible notes have been restated for fiscal year ended May 31, 2021 and each quarter within fiscal year 2021. The restated conversion inducement expense associated with the notes is presented in the Loss on induced conversion line item in the consolidated statement of operations.

(2)

Immaterial revisions related to Inducement interest expense were made through the period ended November 30, 2021. Previously Reported amounts as of November 30, 2021 and February 28, 2022, for the three and six months ended November 30, 2021, and for the three and nine months ended February 28, 2022 reflect impact of those corrections. Refer to Note 2, Revision of Financial Statements for additional information.

(3)

Adjustments amounts include $15,533, $4,532, and $525 for the fiscal years ended May 31, 2020, 2019 and 2018, respectively.