Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.23.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
May 31, 2023
May 31, 2022
Current assets:    
Cash $ 2,541 $ 4,231
Restricted cash 6,507  
Prepaid expenses 1,167 5,198
Prepaid service fees 590 1,086
Total current assets 10,805 10,515
Inventories, net   17,929
Other non-current assets 487 741
Total assets 11,292 29,185
Current liabilities:    
Accounts payable 62,725 67,974
Accrued liabilities and compensation 6,669 8,995
Accrued interest on convertible notes 10,598 5,974
Accrued dividends on convertible preferred stock 5,308 3,977
Convertible notes payable, net 34,417 36,241
Derivative liability 79  
Total current liabilities 119,796 123,161
Long-term liabilities:    
Notes payable, net 714  
Operating leases 283 422
Total liabilities 120,793 123,583
Commitments and Contingencies (Note 10)
Stockholders' deficit:    
Preferred stock
Common stock, $0.001 par value; 1,350,000 shares authorized; 919,053 and 720,028 issued, and 918,610 and 719,585 outstanding at May 31, 2023 and May 31, 2022, respectively 919 720
Treasury stock, $0.001 par value; 443 shares at May 31, 2023 and May 31, 2022
Additional paid-in capital 731,270 671,013
Accumulated deficit (841,690) (766,131)
Total stockholders' deficit (109,501) (94,398)
Total liabilities and stockholders' deficit 11,292 29,185
Series B Convertible Preferred Stock    
Stockholders' deficit:    
Preferred stock
Series C Convertible Preferred Stock    
Current liabilities:    
Accrued dividends on convertible preferred stock 2,500 2,014
Stockholders' deficit:    
Preferred stock
Series D Convertible Preferred Stock    
Current liabilities:    
Accrued dividends on convertible preferred stock 2,808 1,963
Stockholders' deficit:    
Preferred stock