Convertible Instruments and Accrued Interest (Tables)
|
3 Months Ended |
Aug. 31, 2023 |
|---|
| Convertible Instruments and Accrued Interest |
|
| Schedule of information on dividends of convertible preferred stock |
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|
|
|
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August 31, 2023 |
|
May 31, 2023 |
(in thousands except conversion rate) |
|
Series B |
|
Series C |
|
Series D |
|
Series B |
|
Series C |
|
Series D |
Shares of preferred stock outstanding |
|
|
19 |
|
|
6 |
|
|
9 |
|
|
19 |
|
|
6 |
|
|
9 |
Common stock conversion rate |
|
|
10:1 |
|
|
2,000:1 |
|
|
1,250:1 |
|
|
10:1 |
|
|
2,000:1 |
|
|
1,250:1 |
Total shares of common stock if converted |
|
|
190 |
|
|
12,670 |
|
|
10,565 |
|
|
190 |
|
|
12,670 |
|
|
10,565 |
Undeclared dividends |
|
$ |
16 |
|
$ |
- |
|
$ |
- |
|
$ |
15 |
|
$ |
- |
|
$ |
- |
Accrued dividends |
|
$ |
- |
|
$ |
2,660 |
|
$ |
3,021 |
|
$ |
- |
|
$ |
2,500 |
|
$ |
2,808 |
Total shares of common stock if dividends converted |
|
|
32 |
|
|
5,320 |
|
|
6,042 |
|
|
30 |
|
|
5,000 |
|
|
5,616 |
|
| Summary Of outstanding convertible notes |
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|
|
|
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|
|
|
|
|
|
August 31, 2023 |
|
|
April 2, 2021 Note |
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|
April 23, 2021 Note |
|
Interest rate per annum |
|
|
10 |
% |
|
|
10 |
% |
Conversion price per share upon five trading days' notice |
|
$ |
10.00 |
|
|
$ |
10.00 |
|
Party that controls the conversion rights |
|
|
Investor |
|
|
|
Investor |
|
Maturity date |
|
|
April 5, 2025 |
|
|
|
April 23, 2025 |
|
Security interest |
|
|
All Company assets excluding intellectual property |
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|
| Schedule of outstanding balances of convertible notes |
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|
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|
August 31, 2023 |
|
May 31, 2023 |
(in thousands) |
|
April 2, 2021 Note |
|
April 23, 2021 Note |
|
Total |
|
April 2, 2021 Note |
|
April 23, 2021 Note |
|
|
Placement Agent Notes |
|
Total |
Convertible notes payable outstanding principal |
|
$ |
4,581 |
|
$ |
29,369 |
|
$ |
33,950 |
|
$ |
6,081 |
|
$ |
29,369 |
|
$ |
1,000 |
|
$ |
36,450 |
Less: Unamortized debt discount and issuance costs |
|
|
(137) |
|
|
(713) |
|
|
(850) |
|
|
(211) |
|
|
(822) |
|
|
(286) |
|
|
(1,319) |
Convertible notes payable, net |
|
|
4,444 |
|
|
28,656 |
|
|
33,100 |
|
|
5,870 |
|
|
28,547 |
|
|
714 |
|
|
35,131 |
Accrued interest on convertible notes |
|
|
4,048 |
|
|
7,724 |
|
|
11,772 |
|
|
3,804 |
|
|
6,789 |
|
|
5 |
|
|
10,598 |
Outstanding convertible notes payable, net and accrued interest |
|
$ |
8,492 |
|
$ |
36,380 |
|
$ |
44,872 |
|
$ |
9,674 |
|
$ |
35,336 |
|
$ |
719 |
|
$ |
45,729 |
|
| Schedule of reconciliation of changes to outstanding balance of convertible notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
April 2, 2021 Note |
|
April 23, 2021 Note |
|
|
Placement Agent Notes |
|
Total |
Outstanding balance at May 31, 2023 |
|
$ |
9,674 |
|
$ |
35,336 |
|
$ |
719 |
|
$ |
45,729 |
Consideration received |
|
|
- |
|
|
- |
|
|
975 |
|
|
975 |
Amortization of issuance discount and costs |
|
|
74 |
|
|
109 |
|
|
583 |
|
|
766 |
Interest expense |
|
|
244 |
|
|
935 |
|
|
18 |
|
|
1,197 |
Fair market value of shares and warrants exchanged for repayment |
|
|
(2,004) |
|
|
- |
|
|
(4,379) |
|
|
(6,383) |
Difference between market value of
common shares and reduction of principal |
|
|
504 |
|
|
- |
|
|
2,084 |
|
|
2,588 |
Outstanding balance at August 31, 2023 |
|
$ |
8,492 |
|
$ |
36,380 |
|
$ |
- |
|
$ |
44,872 |
|