Post-effective amendment to a registration statement that is not immediately effective upon filing

Consolidated Statements of Cash Flows

v3.23.3
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
May 31, 2023
May 31, 2022
Cash flows from operating activities:    
Net loss $ (79,824) $ (210,820)
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization and depreciation 175 781
Amortization of debt issuance costs 9,747 87
Amortization of discount on convertible notes 2,126 2,958
Warrants issued for legal settlement   3,663
Finance charges related to surety bond backstop agreement 4,885 6,585
Loss on derivatives 8,750  
Loss on induced conversion 5,312 37,381
Inducement interest expense and non-cash finance charges   6,691
Change in fair value of derivative liabilities 6  
Inventory charge 20,633 73,490
Stock-based compensation 4,275 6,239
Changes in operating assets and liabilities:    
Decrease (increase) in inventories   2,060
(Increase) decrease in prepaid expenses and other assets 1,902 (4,125)
Decrease in accounts payable and accrued expenses (3,097) (2,713)
Net cash used in operating activities (25,110) (77,723)
Cash flows from financing activities:    
Proceeds from warrant transactions, net of offering costs 2,807 5,390
Proceeds from sale of common stock and warrants, net of issuance costs 25,786 41,195
Proceeds from warrant exercises 439 1,036
Proceeds from convertible note and warrant issuances, net of issuance costs 895  
Proceeds from stock option exercises   390
Net cash provided by financing activities 29,927 48,011
Net change in cash and restricted cash 4,817 (29,712)
Cash at beginning of fiscal year 4,231 33,943
Cash and restricted cash at end of fiscal year 9,048 4,231
Cash and restricted cash consisted of the following:    
Cash 2,541 4,231
Restricted cash 6,507  
Total cash and restricted cash 9,048 4,231
Supplemental disclosure:    
Cash paid for interest 19 63
Non-cash investing and financing transactions:    
Derivative liability associated with warrants 8,750  
Issuance of common stock for principal and interest of convertible notes 4,000 31,000
Accrued dividends on Series C and D convertible preferred stock 1,490 1,636
Cashless exercise of warrants   1
Dividend paid in common stock on Series B and C convertible preferred stock conversions 159 305
Warrants issued to placement agent, recorded in additional paid-in capital 7,640 3,597
Warrants issued for surety bond backstop agreement 4,885 $ 6,585
Deemed dividend due to equity modifications, recorded in additional paid-in capital $ 5,417