Annual report pursuant to Section 13 and 15(d)

Convertible Instruments and Accrued Interest (Tables)

v3.23.2
Convertible Instruments and Accrued Interest (Tables)
12 Months Ended
May 31, 2023
Convertible Instruments and Accrued Interest  
Schedule of information on dividends of convertible preferred stock

May 31, 2023

May 31, 2022

(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

7

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

13,806

10,565

Undeclared dividends

$

15

$

-

$

-

$

10

$

-

$

-

Accrued dividends

$

-

$

2,500

$

2,808

$

-

$

2,014

$

1,963

Total shares of common stock if dividends converted

30

5,000

5,616

20

4,028

3,926

Schedule of outstanding balances of convertible notes

May 31, 2023

May 31, 2022

(in thousands)

    

April 2, 2021 Note

    

April 23, 2021 Note

    

Placement Agent Notes

Total

    

April 2, 2021 Note

    

April 23, 2021 Note

    

Total

Convertible notes payable outstanding principal

$

6,081

$

29,369

$

1,000

$

36,450

$

9,819

$

28,500

$

38,319

Less: Unamortized debt discount and issuance costs

(211)

(822)

(286)

(1,319)

(512)

(1,566)

(2,078)

Convertible notes payable, net

5,870

28,547

714

35,131

9,307

26,934

36,241

Accrued interest on convertible notes

3,804

6,789

5

10,598

2,599

3,375

5,974

Outstanding convertible notes payable, net and accrued interest

$

9,674

$

35,336

$

719

$

45,729

$

11,906

$

30,309

$

42,215

Schedule of reconciliation of changes to outstanding balance of convertible notes

(in thousands)

April 2, 2021 Note

April 23, 2021 Note

Placement Agent Notes

Total

Outstanding balance at May 31, 2022

$

11,906

$

30,309

$

-

$

42,215

Consideration received

696

696

Amortization of issuance discount and costs

564

1,613

18

2,195

Interest expense

1,205

3,414

5

4,624

Fair market value of shares exchanged for repayment

(5,312)

-

-

(5,312)

Difference between market value of
common shares and reduction of principal

1,311

-

-

1,311

Outstanding balance at May 31, 2023

$

9,674

$

35,336

$

719

$

45,729