Convertible Instruments and Accrued Interest (Tables)
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9 Months Ended |
Feb. 28, 2025 |
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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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February 28, 2025 |
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May 31, 2024 |
(in thousands except conversion rate) |
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Series B |
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Series C |
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Series D |
|
Series B |
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Series C |
|
Series D |
Shares of preferred stock outstanding |
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|
19 |
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|
6 |
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|
9 |
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|
19 |
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|
6 |
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|
9 |
Common stock conversion rate |
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10:1 |
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|
2,000:1 |
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1,250:1 |
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|
10:1 |
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|
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 |
|
$ |
23 |
|
$ |
— |
|
$ |
— |
|
$ |
19 |
|
$ |
— |
|
$ |
— |
Accrued dividends |
|
$ |
— |
|
$ |
3,610 |
|
$ |
4,287 |
|
$ |
— |
|
$ |
3,135 |
|
$ |
3,656 |
Total shares of common stock if dividends converted |
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|
46 |
|
|
7,220 |
|
|
8,574 |
|
|
38 |
|
|
6,270 |
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|
7,312 |
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| Schedule of outstanding balances of convertible notes and accrued interest |
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February 28, 2025 |
|
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 |
|
$ |
24,369 |
|
$ |
27,200 |
|
$ |
2,831 |
|
$ |
27,369 |
|
$ |
30,200 |
Less: Unamortized debt discount and issuance costs |
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|
(5) |
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|
(54) |
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|
(59) |
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|
(45) |
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|
(362) |
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|
(407) |
Convertible notes payable, net |
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|
2,826 |
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|
24,315 |
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|
27,141 |
|
|
2,786 |
|
|
27,007 |
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|
29,793 |
Accrued interest on convertible notes |
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|
5,223 |
|
|
13,473 |
|
|
18,696 |
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|
4,634 |
|
|
10,593 |
|
|
15,227 |
Outstanding convertible notes payable, net and accrued interest |
|
$ |
8,049 |
|
$ |
37,788 |
|
$ |
45,837 |
|
$ |
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 |
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April 23, 2021 Note |
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Total |
Outstanding balance at May 31, 2024 |
|
$ |
7,420 |
|
$ |
37,600 |
|
$ |
45,020 |
Amortization of issuance discount and costs |
|
|
40 |
|
|
308 |
|
|
348 |
Interest expense |
|
|
589 |
|
|
2,880 |
|
|
3,469 |
Fair market value of shares and warrants exchanged for repayment |
|
|
— |
|
|
(2,773) |
|
|
(2,773) |
Difference between market value of
common shares and reduction of principal |
|
|
— |
|
|
(227) |
|
|
(227) |
Outstanding balance at February 28, 2025 |
|
$ |
8,049 |
|
$ |
37,788 |
|
$ |
45,837 |
|
| Summary of key terms of the outstanding convertible notes |
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February 28, 2025 |
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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 |
|
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$ |
10.00 |
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Party that controls the conversion rights |
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|
Investor |
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Investor |
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Maturity date |
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April 5, 2025 |
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April 23, 2025 |
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Security interest |
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All Company assets excluding intellectual property |
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