Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.21.2
Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended
Aug. 31, 2021
Aug. 31, 2020
Cash flows from operating activities:    
Net loss $ (30,939,000) $ (30,832,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization and depreciation 276,000 505,000
Debt issuance costs 28,000 4,000
Amortization of discount on convertible notes 952,000 1,339,000
Non-cash warrant issuance cost for legal settlement 1,744,000  
Inventory reserve 1,131,000 0
Inducement interest expense, debt 9,000 3,345,000
Stock-based compensation 2,597,000 3,692,000
Loss on extinguishment of convertible notes 4,651,000  
Changes in operating assets and liabilities:    
(Increase) in accounts receivable (41,000)  
(Increase) in inventories 790,000 (39,327,000)
Decrease (increase) in prepaid expenses (2,486,000) 199,000
Increase in accounts payable and accrued expenses (10,453,000) 20,127,000
Net cash used by operating activities (31,741,000) (40,948,000)
Cash flows from investing activities:    
Furniture and equipment purchases (8,000) (59,000)
Net cash used in investing activities (8,000) (59,000)
Cash flows from financing activities:    
Proceeds from warrant transactions, net of offering costs 775,000 7,441,000
Proceeds from sale of common stock and warrants 2,872,000  
Proceeds from warrant exercises 503,000 13,456,000
Proceeds from warrant and stock option exercises held in escrow 9,000 13,000
Proceeds from stock option exercises 189,000 39,000
Payment of payroll withholdings related to tender of common stock for income tax withholding   (778,000)
Proceeds from convertible notes payable, net   25,000,000
Dividend declared and paid on Series B preferred stock   (243,000)
Net cash provided by financing activities 4,348,000 44,928,000
Net change in cash (27,401,000) 3,921,000
Cash and restricted cash, beginning of period 33,943,000 14,292,000
Cash and restricted cash, end of period 6,542,000 18,213,000
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]    
Cash 6,533,000 18,200,000
Restricted cash 9,000 13,000
Cash and restricted cash, total 6,542,000 18,213,000
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest 35,000 11,000
Non-cash investing and financing transactions:    
Issuance of stock for principal and interest of convertible notes, net 14,950,000 9,537,000
Accrued dividends on convertible preferred stock $ 420,000 $ 420,000