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

Consolidated Statements of Cash Flows

v3.25.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
May 31, 2025
May 31, 2024
Cash flows from operating activities:    
Net income (loss) $ 3,745 $ (49,841)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation 18 29
Amortization of debt issuance costs   572
Issuance costs for private placement of shares and warrants through placement agent   2,819
Amortization of discount on convertible notes 407 1,076
Gain on restructuring of payables (407)  
Loss on derivatives 852 236
Loss on induced conversion 1,180 6,680
Loss on note extinguishment   13,374
Stock-based compensation 1,612 2,415
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (4,840) 893
Accounts payable, accrued expenses, and other liabilities (11,332) 10,765
Net cash used in operating activities (8,765) (10,982)
Cash flows from financing activities:    
Proceeds from warrant transactions, net of offering costs 10,377  
Proceeds from sale of common stock and warrants, net of issuance costs   9,137
Proceeds from warrant exercises 1,081 300
Proceeds from convertible note and warrant issuances, net of offering costs   2,011
Proceeds from exercise of stock options 106  
Proceeds held in trust   300
Cash paid for note payable (710)  
Net cash provided by financing activities 10,854 11,748
Net change in cash and restricted cash 2,089 766
Cash, cash equivalents, and restricted cash at beginning of period 9,814 9,048
Cash, cash equivalents, and restricted cash at end of period 11,903 9,814
Cash, cash equivalents, and restricted cash consisted of the following:    
Cash and cash equivalents 11,903 3,110
Restricted cash 0 6,704
Total cash, cash equivalents, and restricted cash 11,903 9,814
Supplemental disclosure:    
Cash paid for interest 25 45
Non-cash investing and financing transactions:    
Derivative liability associated with warrants   102
Issuance of common stock for principal of convertible notes 4,500 5,250
Accrued dividends on Series C and D convertible preferred stock 1,478 1,483
Cashless exercise of warrants $ 2  
Warrants issued to placement agent   1,783
Note conversion to common stock and warrants   $ 3,302