Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

v3.23.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Nov. 30, 2023
May 31, 2023
Current assets:    
Cash $ 147 $ 2,541
Restricted cash 6,577 6,507
Prepaid expenses 1,578 1,167
Prepaid service fees 538 590
Total current assets 8,840 10,805
Other non-current assets 400 487
Total assets 9,240 11,292
Current liabilities:    
Accounts payable 62,328 62,725
Accrued liabilities and compensation 9,150 6,669
Accrued interest on convertible notes 12,936 10,598
Accrued dividends on convertible preferred stock 6,049 5,308
Convertible notes payable, net 32,914 34,417
Derivative liability - equity instruments 33 79
Total current liabilities 123,410 119,796
Long-term liabilities:    
Notes payable, net   714
Operating leases 211 283
Total liabilities 123,621 120,793
Commitments and Contingencies (Note 8)
Stockholders' deficit:    
Common stock, $0.001 par value; 1,750,000 shares authorized; 971,729 and 919,053 issued, and 971,286 and 918,610 outstanding at November 30, 2023 and May 31, 2023, respectively 971 919
Treasury stock, $0.001 par value; 443 shares at November 30, 2023 and May 31, 2023
Additional paid-in capital 747,472 731,270
Accumulated deficit (862,824) (841,690)
Total stockholders' deficit (114,381) (109,501)
Total liabilities and stockholders' deficit 9,240 11,292
Series B Convertible Preferred Stock    
Stockholders' deficit:    
Preferred stock
Series C Convertible Preferred Stock    
Current liabilities:    
Accrued dividends on convertible preferred stock 2,818 2,500
Stockholders' deficit:    
Preferred stock
Series D Convertible Preferred Stock    
Current liabilities:    
Accrued dividends on convertible preferred stock 3,231 2,808
Stockholders' deficit:    
Preferred stock