Quarterly report pursuant to Section 13 or 15(d)

Equity Awards and Warrants (Tables)

v3.23.3
Equity Awards and Warrants (Tables)
3 Months Ended
Aug. 31, 2023
Equity Awards and Warrants  
Schedule of warrant liability and equity

(in thousands)

    

Derivative liability

Balance at May 31, 2023

$

79

Value upon notes converted to units in the private offering

 

4,379

Warrants classified as equity during quarter

 

(79)

Gain on derivative due to change in fair market value

 

(4)

Balance at August 31, 2023

$

4,375

Schedule of stock option activity

Weighted 

average

Weighted

remaining

Aggregate

Number of

average

contractual

intrinsic

(in thousands, except per share data and years)

    

shares

    

exercise price

    

life in years

    

value

Options outstanding at May 31, 2023

 

19,823

$

0.99

 

7.87

$

Granted

 

500

$

0.26

 

 

Exercised

 

$

-

 

 

Forfeited, expired, and cancelled

 

(605)

$

1.39

 

 

Options outstanding at August 31, 2023

 

19,718

$

0.96

 

7.70

$

Options outstanding and exercisable at August 31, 2023

 

13,239

$

1.16

 

7.03

$

Schedule of assumptions used in determination of fair value

    

    

Placement

Note conversion

    

Placement Agent

Note conversion

Agent warrants

warrants on

warrants at

warrants at

at May 31, 2023

conversion date

equity classification

August 31, 2023

Fair value of underlying stock

$ 0.26

$ 0.21

$ 0.27

$ 0.21

Risk free rate

3.64%

4.18%

3.74%

4.23%

Expected term (in years)

10.00

5.00

10.00

5.00

Stock price volatility

97.90%

124.55%

97.45%

124.06%

Expected dividend yield

0.00%

0.00%

0.00%

0.00%

Schedule of Company RSU and PSU activity

Number of

Weighted-average

remaining contractual

(shares in thousands)

    

RSUs and PSUs (1)

    

grant date fair value

life in years

Unvested RSUs and PSUs at May 31, 2023

 

1,293

$

0.58

0.81

RSUs and PSUs granted

 

RSUs and PSUSs forfeited

 

(1,293)

0.58

RSUs and PSUs vested

 

Unvested RSUs and PSUs at August 31, 2023

 

$

(1)

The number of PSUs disclosed in this table are at the target level of 100%.

Schedule of Warrant activity

Weighted 

average

Weighted

remaining

Aggregate

Number of

average

contractual

intrinsic

(in thousands, except for share data and years)

    

shares

    

exercise price

    

life in years

    

value

Warrants outstanding at May 31, 2023

 

259,910

$

0.37

 

4.57

$

7,276

Granted

 

3,009

$

0.44

 

 

Exercised

 

(3,000)

$

0.10

 

 

Forfeited, expired, and cancelled

 

(3,133)

$

0.75

 

 

Warrants outstanding at August 31, 2023

 

256,786

$

0.37

 

4.38

$

2,860

Warrants outstanding and exercisable at August 31, 2023

 

256,786

$

0.37

 

4.38

$

2,860