Quarterly report pursuant to Section 13 or 15(d)

Private Warrant Exchange

v3.20.2
Private Warrant Exchange
3 Months Ended
Aug. 31, 2020
Private Warrant Exchange Disclosure [Abstract]  
Private Warrant Exchange
Note 11 – Private Warrant Exchange
On June 17, 2020, the Company entered into
privately negotiated
warrant exchange
agreements with
certain accredited
investors, pursuant to these investors
purchased common stock at a range of $0.21 to $0.70 per share
in exchange for warrants with an
exercise price ranging from $0.35 to $1.35 per share of common stock. The Company
issued
16,543,539 shares of common stock, $0.001
par value, in exchange for 16,543,539 warrants to purchase common stock,
which resulted in
net
aggregate
 
proceeds of approximately $7.4 million
 
after offering costs of approximatley $0.4 million.
In connection with this transaction
,
the Company recognized approximately $3.3 million
in non-cash
inducement interest expense.