Annual report pursuant to Section 13 and 15(d)

Loss Per Common Share

v3.22.2.2
Loss Per Common Share
12 Months Ended
May 31, 2022
Earnings Per Share [Abstract]  
Loss Per Common Share

Note 8. Loss per Common Share

Basic loss per share is computed by dividing the net loss adjusted for preferred stock dividends by the weighted average number of common shares outstanding during the period. Diluted loss per share would include the weighted average common shares outstanding and potentially dilutive common stock equivalents. Because of the net losses for all periods presented, the basic and diluted weighted average shares outstanding are the same since including the additional shares would have an anti-dilutive effect on the loss per share.

The reconciliation of the numerators and denominators of the basic and diluted net loss per share computations are as follows:

Years ended May 31,

(in thousands, except per share amounts)

2022

2021

2020

(Restated) (1)

(Revised) (1)

Net loss

$

(210,820)

$

(176,465)

$

(139,936)

Less: Accrued preferred stock dividends

(1,628)

(1,687)

(708)

Net loss applicable to common stockholders

$

(212,448)

$

(178,152)

$

(140,644)

Basic and diluted weighted average common shares outstanding

676,900

587,590

421,078

Basic and diluted loss per share

$

(0.31)

$

(0.30)

$

(0.33)

(1) See Note 2, Revision of Financial Statements, and Note 14, Restatement.

Refer to Note 13, Subsequent Events - Private Placement of Common Stock and Warrants through Placement Agent for additional information regarding the number of shares issued subsequent to May 31, 2022.

The table below shows the numbers of shares of common stock issuable upon the exercise, vesting, or conversion of outstanding options, warrants, unvested restricted stock including those subject to performance conditions, convertible preferred stock (including undeclared dividends), and convertible notes that were not included in the computation of basic and diluted weighted average number of shares of common stock outstanding for the periods presented:

As of May 31,

(in thousands)

2022

2021

2020

Stock options, warrants, and unvested restricted stock units

106,002

82,386

131,361

Convertible notes

12,000

18,000

3,864

Convertible preferred stock

32,535

33,008

30,130