General form of registration statement for all companies including face-amount certificate companies

Loss Per Common Share

v3.23.2
Loss Per Common Share
9 Months Ended 12 Months Ended
Feb. 28, 2023
May 31, 2022
Loss Per Common Share    
Loss Per Common Share

Note 7. 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 February 28,

Nine months ended February 28,

(in thousands, except per share amounts)

    

2023

    

2022

    

2023

    

2022

(Restated)(1)

(Restated)(1)

Net loss

$

(13,702)

$

(41,285)

$

(61,188)

$

(126,699)

Less: Deemed dividends

(123)

(5,417)

Less: Accrued preferred stock dividends

(366)

(397)

(1,121)

(1,239)

Net loss applicable to common stockholders

$

(14,191)

$

(41,682)

$

(67,726)

$

(127,938)

Basic and diluted:

Weighted average common shares outstanding

832,215

695,614

810,986

663,373

Loss per share

$

(0.02)

$

(0.06)

$

(0.08)

$

(0.19)

(1) See Note 2, Summary of Significant Accounting PoliciesRevision and Restatement of Financial Statements.

The table below shows the approximate number of shares of common stock issuable upon the exercise, vesting or conversion of outstanding options, warrants, unvested restricted stock units (including those subject to performance conditions), 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 and nine months ended February 28,

(in thousands)

    

2023

    

2022

Stock options, warrants, and unvested restricted stock units

203,274

98,309

Convertible notes

12,000

12,000

Convertible preferred stock

33,323

32,197

Note 8. 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 would include 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 the loss per share.

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

Years ended May 31,

(in thousands, except per share amounts)

    

2022

    

2021

(Restated)(1)

Net loss

$

(210,820)

$

(176,465)

Less: Accrued preferred stock dividends

(1,628)

(1,687)

Net loss applicable to common stockholders

$

(212,448)

$

(178,152)

Basic and diluted weighted average common shares outstanding

676,900

587,590

Basic and diluted loss per share

$

(0.31)

$

(0.30)

(1) See Note 2, Revision of Financial Statements, and Note 14, Restatement.

Refer to Note 13, Subsequent Events - Private Placement of Common Stock and Warrants through Placement Agent for additional information regarding the number of shares issued subsequent to May 31, 2022.

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

As of May 31,

(in thousands)

    

2022

    

2021

Stock options, warrants, and unvested restricted stock units

106,002

82,386

Convertible notes

12,000

18,000

Convertible preferred stock

32,535

33,008