Convertible Instruments and Accrued Interest (Tables)
|
12 Months Ended |
May 31, 2025 |
|---|
| Convertible Instruments and Accrued Interest |
|
| Schedule of information on dividends of convertible preferred stock |
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|
|
|
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|
May 31, 2025 |
|
May 31, 2024 |
(in thousands except conversion rate) |
|
Series B |
|
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 |
|
$ |
24 |
|
$ |
— |
|
$ |
— |
|
$ |
19 |
|
$ |
— |
|
$ |
— |
Accrued dividends |
|
$ |
— |
|
$ |
3,769 |
|
$ |
4,500 |
|
$ |
— |
|
$ |
3,135 |
|
$ |
3,656 |
Total shares of common stock if dividends converted |
|
|
48 |
|
|
7,538 |
|
|
9,000 |
|
|
38 |
|
|
6,270 |
|
|
7,312 |
|
| Schedule of outstanding balances of convertible notes and accrued interest |
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May 31, 2025 |
|
May 31, 2024 |
(in thousands) |
|
April 2, 2021 Note |
|
April 23, 2021 Note |
|
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 |
|
|
— |
|
|
— |
|
|
— |
|
|
(45) |
|
|
(362) |
|
|
(407) |
Convertible notes payable, net |
|
|
2,831 |
|
|
24,369 |
|
|
27,200 |
|
|
2,786 |
|
|
27,007 |
|
|
29,793 |
Accrued interest on convertible notes |
|
|
5,378 |
|
|
12,773 |
|
|
18,151 |
|
|
4,634 |
|
|
10,593 |
|
|
15,227 |
Outstanding convertible notes payable, net and accrued interest |
|
$ |
8,209 |
|
$ |
37,142 |
|
$ |
45,351 |
|
$ |
7,420 |
|
$ |
37,600 |
|
$ |
45,020 |
|
| Schedule 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 |
|
Total |
Outstanding balance at May 31, 2024 |
|
$ |
7,420 |
|
$ |
37,600 |
|
$ |
45,020 |
Amortization of issuance discount and costs |
|
|
45 |
|
|
362 |
|
|
407 |
Interest expense |
|
|
744 |
|
|
3,680 |
|
|
4,424 |
Fair market value of shares and warrants exchanged for repayment |
|
|
— |
|
|
(4,273) |
|
|
(4,273) |
Difference between market value of
common shares and reduction of principal |
|
|
— |
|
|
(227) |
|
|
(227) |
Outstanding balance at May 31, 2025 |
|
$ |
8,209 |
|
$ |
37,142 |
|
$ |
45,351 |
|