Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

v3.23.3
Consolidated Balance Sheets - USD ($)
$ in Thousands
Aug. 31, 2023
May 31, 2023
Current assets:    
Cash $ 2,034 $ 2,541
Restricted cash 6,538 6,507
Prepaid expenses 2,858 1,167
Prepaid service fees 538 590
Total current assets 11,968 10,805
Other non-current assets 443 487
Total assets 12,411 11,292
Current liabilities:    
Accounts payable 62,773 62,725
Accrued liabilities and compensation 8,777 6,669
Accrued interest on convertible notes 11,772 10,598
Accrued dividends on convertible preferred stock 5,681 5,308
Convertible notes payable, net 33,100 34,417
Derivative liability -- equity instruments 4,375 79
Private placement of shares and warrants 2,575  
Total current liabilities 129,053 119,796
Long-term liabilities:    
Notes payable, net   714
Operating leases 247 283
Total liabilities 129,300 120,793
Commitments and Contingencies (Note 8)
Stockholders' deficit:    
Common stock, $0.001 par value; 1,350,000 shares authorized; 931,400 and 919,053 issued, and 930,957 and 918,610 outstanding at August 31, 2023 and May 31, 2023, respectively 931 919
Treasury stock, $0.001 par value; 443 shares at August 31, 2023 and May 31, 2023
Additional paid-in capital 735,441 731,270
Accumulated deficit (853,261) (841,690)
Total stockholders' deficit (116,889) (109,501)
Total liabilities and stockholders' deficit 12,411 11,292
Series B Convertible Preferred Stock    
Stockholders' deficit:    
Preferred stock
Series C Convertible Preferred Stock    
Current liabilities:    
Accrued dividends on convertible preferred stock 2,660 2,500
Stockholders' deficit:    
Preferred stock
Series D Convertible Preferred Stock    
Current liabilities:    
Accrued dividends on convertible preferred stock 3,021 2,808
Stockholders' deficit:    
Preferred stock