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

Income Taxes (Tables)

v3.24.0.1
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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​

​

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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

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​

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

​

$

—

​

$

—