Convertible Instruments and Accrued Interest (Tables)
|
12 Months Ended |
May 31, 2024 |
|---|
| Convertible Instruments and Accrued Interest |
|
| Schedule of information on dividends of convertible preferred stock |
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May 31, 2024 |
|
May 31, 2023 |
(in thousands except conversion rate) |
|
Series B |
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Series C |
|
Series D |
|
Series B |
|
Series C |
|
Series D |
Shares of preferred stock outstanding |
|
|
19 |
|
|
6 |
|
|
9 |
|
|
19 |
|
|
6 |
|
|
9 |
Common stock conversion rate |
|
|
10:1 |
|
|
2,000:1 |
|
|
1,250:1 |
|
|
10:1 |
|
|
2,000:1 |
|
|
1,250:1 |
Total shares of common stock if converted |
|
|
190 |
|
|
12,670 |
|
|
10,565 |
|
|
190 |
|
|
12,670 |
|
|
10,565 |
Undeclared dividends |
|
$ |
19 |
|
$ |
— |
|
$ |
— |
|
$ |
15 |
|
$ |
— |
|
$ |
— |
Accrued dividends |
|
$ |
— |
|
$ |
3,135 |
|
$ |
3,656 |
|
$ |
— |
|
$ |
2,500 |
|
$ |
2,808 |
Total shares of common stock if dividends converted |
|
|
38 |
|
|
6,270 |
|
|
7,312 |
|
|
30 |
|
|
5,000 |
|
|
5,616 |
|
| Schedule of outstanding balances of convertible notes |
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May 31, 2024 |
|
May 31, 2023 |
(in thousands) |
|
April 2, 2021 Note |
|
April 23, 2021 Note |
|
Total |
|
April 2, 2021 Note |
|
April 23, 2021 Note |
|
|
Placement Agent Notes |
|
Total |
Convertible notes payable outstanding principal |
|
$ |
2,831 |
|
$ |
27,369 |
|
$ |
30,200 |
|
$ |
6,081 |
|
$ |
29,369 |
|
$ |
1,000 |
|
$ |
36,450 |
Less: Unamortized debt discount and issuance costs |
|
|
(45) |
|
|
(362) |
|
|
(407) |
|
|
(211) |
|
|
(822) |
|
|
(286) |
|
|
(1,319) |
Convertible notes payable, net |
|
|
2,786 |
|
|
27,007 |
|
|
29,793 |
|
|
5,870 |
|
|
28,547 |
|
|
714 |
|
|
35,131 |
Accrued interest on convertible notes |
|
|
4,634 |
|
|
10,593 |
|
|
15,227 |
|
|
3,804 |
|
|
6,789 |
|
|
5 |
|
|
10,598 |
Outstanding convertible notes payable, net and accrued interest |
|
$ |
7,420 |
|
$ |
37,600 |
|
$ |
45,020 |
|
$ |
9,674 |
|
$ |
35,336 |
|
$ |
719 |
|
$ |
45,729 |
|
| Schedule of reconciliation of changes to outstanding balance of convertible notes |
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|
(in thousands) |
|
April 2, 2021 Note |
|
April 23, 2021 Note |
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|
Placement Agent Notes |
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|
Short-Term Notes |
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Total |
Outstanding balance at May 31, 2023 |
|
$ |
9,674 |
|
$ |
35,336 |
|
$ |
719 |
|
$ |
— |
|
$ |
45,729 |
Consideration received |
|
|
— |
|
|
— |
|
|
975 |
|
|
698 |
|
|
1,673 |
Amortization of issuance discount and costs |
|
|
166 |
|
|
460 |
|
|
583 |
|
|
302 |
|
|
1,511 |
Interest expense |
|
|
830 |
|
|
3,804 |
|
|
18 |
|
|
7 |
|
|
4,659 |
Fair market value of shares and warrants exchanged for repayment |
|
|
(4,737) |
|
|
(2,513) |
|
|
(4,379) |
|
|
(2,558) |
|
|
(14,187) |
Difference between market value of
common shares and reduction of principal |
|
|
1,487 |
|
|
513 |
|
|
2,084 |
|
|
1,551 |
|
|
5,635 |
Outstanding balance at May 31, 2024 |
|
$ |
7,420 |
|
$ |
37,600 |
|
$ |
— |
|
$ |
— |
|
$ |
45,020 |
|