Convertible Instruments and Accrued Interest (Tables)
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3 Months Ended |
Aug. 31, 2024 |
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| Convertible Instruments and Accrued Interest |
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| Schedule of information on dividends of convertible preferred stock |
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August 31, 2024 |
|
May 31, 2024 |
(in thousands except conversion rate) |
|
Series B |
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Series C |
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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 |
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|
2,000:1 |
|
|
1,250:1 |
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|
10:1 |
|
|
2,000:1 |
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|
1,250:1 |
Total shares of common stock if converted |
|
|
190 |
|
|
12,670 |
|
|
10,565 |
|
|
190 |
|
|
12,670 |
|
|
10,565 |
Undeclared dividends |
|
$ |
21 |
|
$ |
— |
|
$ |
— |
|
$ |
19 |
|
$ |
— |
|
$ |
— |
Accrued dividends |
|
$ |
— |
|
$ |
3,295 |
|
$ |
3,868 |
|
$ |
— |
|
$ |
3,135 |
|
$ |
3,656 |
Total shares of common stock if dividends converted |
|
|
42 |
|
|
6,590 |
|
|
7,736 |
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|
38 |
|
|
6,270 |
|
|
7,312 |
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| Schedule of outstanding balances of convertible notes and accrued interest |
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August 31, 2024 |
|
May 31, 2024 |
(in thousands) |
|
April 2, 2021 Note |
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April 23, 2021 Note |
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Total |
|
April 2, 2021 Note |
|
April 23, 2021 Note |
|
Total |
Convertible notes payable outstanding principal |
|
$ |
2,831 |
|
$ |
26,369 |
|
$ |
29,200 |
|
$ |
2,831 |
|
$ |
27,369 |
|
$ |
30,200 |
Less: Unamortized debt discount and issuance costs |
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|
(30) |
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|
(252) |
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|
(282) |
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|
(45) |
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|
(362) |
|
|
(407) |
Convertible notes payable, net |
|
|
2,801 |
|
|
26,117 |
|
|
28,918 |
|
|
2,786 |
|
|
27,007 |
|
|
29,793 |
Accrued interest on convertible notes |
|
|
4,828 |
|
|
11,564 |
|
|
16,392 |
|
|
4,634 |
|
|
10,593 |
|
|
15,227 |
Outstanding convertible notes payable, net and accrued interest |
|
$ |
7,629 |
|
$ |
37,681 |
|
$ |
45,310 |
|
$ |
7,420 |
|
$ |
37,600 |
|
$ |
45,020 |
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| Schedule of reconciliation of changes to outstanding balance of convertible notes, including accrued interest |
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(in thousands) |
|
April 2, 2021 Note |
|
April 23, 2021 Note |
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Total |
Outstanding balance at May 31, 2024 |
|
$ |
7,420 |
|
$ |
37,600 |
|
$ |
45,020 |
Consideration received |
|
|
— |
|
|
— |
|
|
— |
Amortization of issuance discount and costs |
|
|
15 |
|
|
110 |
|
|
125 |
Interest expense |
|
|
194 |
|
|
971 |
|
|
1,165 |
Fair market value of shares and warrants exchanged for repayment |
|
|
— |
|
|
(1,180) |
|
|
(1,180) |
Difference between market value of
common shares and reduction of principal |
|
|
— |
|
|
180 |
|
|
180 |
Outstanding balance at August 31, 2024 |
|
$ |
7,629 |
|
$ |
37,681 |
|
$ |
45,310 |
|
| Summary of key terms of the outstanding convertible notes |
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August 31, 2024 |
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|
April 2, 2021 Note |
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April 23, 2021 Note |
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Interest rate per annum |
|
|
10 |
% |
|
|
10 |
% |
Conversion price per share upon five trading days' notice |
|
$ |
10.00 |
|
|
$ |
10.00 |
|
Party that controls the conversion rights |
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|
Investor |
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|
Investor |
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Maturity date |
|
|
April 5, 2025 |
|
|
|
April 23, 2025 |
|
Security interest |
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All Company assets excluding intellectual property |
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