Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.23.2
Income Taxes (Tables)
12 Months Ended
May 31, 2023
Income Taxes  
Schedule of reconciliation of federal statutory Income tax

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​

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Fiscal years ended May 31,

​

    

2023

    

2022

    

Income tax provision at statutory rate:

 

21.0

%  

21.0

%  

Derivative loss

 

(2.3)

 

—

 

Non-deductible debt issuance costs

 

(2.6)

 

—

 

Non-deductible interest on convertible notes

 

(1.2)

 

(0.5)

 

Inducement interest expense

 

—

 

(0.7)

 

Other

 

0.8

 

1.1

 

Credit carry-forward released

 

—

 

(0.2)

 

Non-deductible loss on induced conversion

​

(1.4)

​

(3.7)

​

Non-deductible debt discount amortization

 

(0.6)

 

(0.3)

 

IRC section 162(m) limitation

 

—

 

(0.1)

 

Non-deductible expense on induced conversion of debt

 

—

 

(0.3)

 

Valuation allowance

 

(13.7)

 

(16.3)

 

Effective income tax rate

 

0.0

%  

0.0

%  

Schedule of net deferred tax assets and liabilities

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As of May 31,

(in thousands)

    

2023

    

2022

Net operating loss

​

$

96,338

​

$

106,965

Credits

​

 

2,063

​

 

2,063

ASC 718 expense on non-qualified stock options

​

 

6,400

​

 

6,057

Charitable contribution carry forward

​

 

—

​

 

14

Accrued vacation and payroll

​

 

21

​

 

68

Right-of-use asset

​

​

(84)

​

​

(112)

Lease liability

​

​

89

​

​

117

Inventory charges

​

​

6,173

​

​

2,138

Inventory write-off

​

​

13,739

​

​

—

Issued warrants

​

​

2,317

​

​

—

Section 174 R&D costs

​

​

858

​

​

—

Accrued legal settlements

​

​

13

​

​

—

Accrued legal fees

​

​

3

​

​

—

Accrued expenses

​

 

36

​

 

89

Amortization

​

 

609

​

 

238

Fixed assets

​

 

4

​

 

1

Valuation allowance

​

 

(128,579)

​

 

(117,638)

Deferred tax asset, non-current

​

$

—

​

$

—

Non-current asset

​

 

128,579

​

 

117,638

Valuation allowance

​

 

(128,579)

​

 

(117,638)

Deferred tax asset (liability) non-current

​

$

—

​

$

—