Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.23.3
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Aug. 31, 2023
Aug. 31, 2022
Cash flows from operating activities:    
Net loss $ (11,571) $ (20,991)
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization and depreciation 10 99
Amortization of debt issuance costs 366 16
Amortization of discount on convertible notes 400 576
(Gain) loss on derivatives (4) 8,601
Loss on induced conversion 2,004  
Loss on note extinguishment 2,084  
Inventory charge   2,704
Stock-based compensation 503 1,341
Changes in operating assets and liabilities:    
(Increase) decrease in prepaid expenses and other assets (1,605) (1,601)
(Decrease) increase in accounts payable and accrued expenses 3,318 (1,819)
Net cash used in operating activities (4,495) (11,074)
Cash flows from financing activities:    
Proceeds from sale of common stock and warrants, net of issuance costs 2,575 11,255
Proceeds from warrant exercises 300 264
Proceeds from convertible note and warrant issuances, net of issuance costs 1,144  
Net cash provided by financing activities 4,019 11,519
Net change in cash and restricted cash (476) 445
Cash and restricted cash at beginning of period 9,048 4,231
Cash and restricted cash at end of period 8,572 4,676
Cash and restricted cash consisted of the following:    
Cash 2,034 4,676
Restricted cash 6,538  
Total cash and restricted cash 8,572 4,676
Supplemental disclosure:    
Cash paid for interest 24  
Non-cash investing and financing transactions:    
Derivative liability associated with warrants 83 8,601
Issuance of common stock for principal of convertible notes 1,500  
Accrued dividends on Series C and D convertible preferred stock 373 384
Warrants issued to placement agent 413 4,491
Deemed dividend on common stock issued due to down round provision recorded in additional paid-in capital   $ 4,154
Note conversion to common stock and warrants $ 2,295