Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.20.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Nov. 30, 2020
Nov. 30, 2019
Cash flows from operating activities:    
Net loss $ (65,798) $ (31,024)
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization and depreciation 1,011 1,031
Amortization of debt issuance costs 19 404
Amortization of discount on convertible notes 2,582 1,470
Inducement interest expense 7,103 2,713
Interest expense associated with accretion of convertible notes payable   688
Change in fair value of derivative liabilities   (829)
Stock-based compensation 7,115 1,015
Loss on extinguishment of convertible note 4,169  
Changes in operating assets and liabilities:    
(Increase) in inventories (79,924)  
Decrease (increase) in prepaid expenses 1,072 (228)
Increase in accounts payable and accrued expenses 61,532 2,785
Net cash used in operating activities (61,119) (21,975)
Cash flows from investing activities:    
Furniture and equipment purchases (77) (14)
Net cash used in investing activities (77) (14)
Cash flows from financing activities:    
Proceeds from warrant transactions, net of offering costs 12,035 10,506
Proceeds from sale of common stock and warrants 1,000 6,665
Proceeds from exercise of warrants 15,209 0
Proceeds from sale of preferred stock, net of offering costs   4,149
Proceeds from registered direct financing held in trust   791
Payment on convertible notes (950) (1,310)
Exercise of option to repurchase shares held in escrow   (8)
Release of funds held in trust for warrant tender offer (10) (854)
Proceeds from exercise of stock options 48  
Payment of payroll witholdings related to tender of common stock for income tax withholding (778)  
Proceeds from convertible notes payable, net 50,000  
Payment of convertible notes conversion offering costs   (217)
Dividend declared and paid on Series B preferred stock (243)  
Net cash provided by financing activities 76,311 19,722
Net change in cash 15,115 (2,267)
Cash, beginning of period 14,292 3,467
Cash, end of period 29,407 1,200
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest 138 255
Non-cash investing and financing transactions:    
Conversion of principal and interest of convertible notes to common stock 16,922 1,899
Accrued dividends on convertible preferred stock $ 835 $ 261