Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Balance Sheets

v3.25.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
May 31, 2025
May 31, 2024
Current assets:    
Cash and cash equivalents $ 11,903 $ 3,110
Restricted cash 0 6,704
Prepaid expenses 252 463
Prepaid service fees 3,723 538
Other receivables (Note 9) 2,000  
Total current assets 17,878 10,815
Other non-current assets 169 321
Total assets 18,047 11,136
Current liabilities:    
Accounts payable 14,692 29,561
Accrued liabilities and compensation 2,206 2,810
Accrued interest on convertible notes 18,151 15,227
Accrued dividends on convertible preferred stock 8,269 6,791
Convertible notes payable, net 27,200 29,793
Total current liabilities 70,518 84,182
Long-term liabilities:    
Operating leases 0 141
Other liabilities (Note 9) 43,571 43,571
Total liabilities 114,089 127,894
Commitments and Contingencies (Note 9)
Stockholders' deficit:    
Preferred stock
Common stock, $0.001 par value; 1,750,000 shares authorized; 1,249,264 and 1,059,002 issued, and 1,248,978 and 1,058,559 outstanding at May 31, 2025 and May 31, 2024, respectively 1,249 1,059
Treasury stock, $0.001 par value; 286 and 443 shares at May 31, 2025 and May 31, 2024, respectively
Additional paid-in capital 790,495 773,714
Accumulated deficit (887,786) (891,531)
Total stockholders' deficit (96,042) (116,758)
Total liabilities and stockholders' deficit 18,047 11,136
Series B Convertible Preferred Stock    
Stockholders' deficit:    
Preferred stock
Series C Convertible Preferred Stock    
Current liabilities:    
Accrued dividends on convertible preferred stock 3,769 3,135
Stockholders' deficit:    
Preferred stock
Series D Convertible Preferred Stock    
Current liabilities:    
Accrued dividends on convertible preferred stock 4,500 3,656
Stockholders' deficit:    
Preferred stock