Quarterly report pursuant to Section 13 or 15(d)

Loss per Common Share

v3.23.3
Loss per Common Share
3 Months Ended
Aug. 31, 2023
Loss per Common Share  
Loss per Common Share

Note 6. 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 includes 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 loss per share. The reconciliation of the numerators and denominators of the basic and diluted net loss per share computations are as follows:

Three months ended August 31,

(in thousands, except per share amounts)

2023

    

2022

Net loss

$

(11,571)

$

(20,991)

Less: Deemed dividends

(4,154)

Less: Accrued preferred stock dividends

(373)

(385)

Net loss applicable to common stockholders

$

(11,944)

$

(25,530)

Basic and diluted:

Weighted average common shares outstanding

923,587

787,856

Loss per share

$

(0.01)

$

(0.03)

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

Three months ended August 31,

(in thousands)

2023

    

2022

Stock options, warrants, and unvested restricted stock units

276,503

193,609

Convertible notes

12,000

12,000

Convertible preferred stock

34,818

32,170

Reserved for issuance of common stock through a placement agent

14,663

Reserved for issuance of common stock related to note conversion

11,474