Quarterly report [Sections 13 or 15(d)]

Consolidated Balance Sheets

v3.25.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Aug. 31, 2025
May 31, 2025
Current assets:    
Cash and cash equivalents $ 9,332 $ 11,903
Prepaid expenses 560 252
Prepaid service fees 3,458 3,723
Other receivables   2,000
Total current assets 13,350 17,878
Other non-current assets 133 169
Total assets 13,483 18,047
Current liabilities:    
Accounts payable 14,175 14,692
Accrued liabilities and compensation 2,823 2,206
Accrued interest on convertible notes 16,577 18,151
Accrued dividends on convertible preferred stock 8,642 8,269
Convertible notes payable, net 27,200 27,200
Total current liabilities 69,417 70,518
Other liabilities (Note 9) 43,571 43,571
Total liabilities 112,988 114,089
Commitments and Contingencies (Note 9)
Stockholders' deficit:    
Common stock, $0.001 par value; 1,750,000 shares authorized; 1,257,045 and 1,249,460 issued, and 1,256,759 and 1,249,174 outstanding at August 31, 2025 and May 31, 2025, respectively 1,257 1,249
Treasury stock, $0.001 par value; 286 shares at August 31, 2025 and May 31, 2025
Additional paid-in capital 792,564 790,495
Accumulated deficit (893,326) (887,786)
Total stockholders' deficit (99,505) (96,042)
Total liabilities and stockholders' deficit 13,483 18,047
Series B Convertible Preferred Stock    
Stockholders' deficit:    
Preferred stock
Series C Convertible Preferred Stock    
Current liabilities:    
Accrued dividends on convertible preferred stock 3,929 3,769
Stockholders' deficit:    
Preferred stock
Series D Convertible Preferred Stock    
Current liabilities:    
Accrued dividends on convertible preferred stock 4,713 4,500
Stockholders' deficit:    
Preferred stock