Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.23.4
Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended 6 Months Ended
Nov. 30, 2023
Nov. 30, 2022
Nov. 30, 2023
Nov. 30, 2022
Cash flows from operating activities:        
Net loss $ (9,563,000) $ (26,495,000) $ (21,134,000) $ (47,486,000)
Adjustments to reconcile net loss to net cash used in operating activities:        
Amortization and depreciation 8,000 54,000 18,000 153,000
Amortization of debt issuance costs 3,000 18,000 369,000 34,000
Issuance costs for private placement of shares and warrants through placement agent 906,000   906,000  
Amortization of discount on convertible notes 142,000 580,000 542,000 1,156,000
Loss on derivatives     13,000 8,601,000
Loss on induced conversion 636,000 638,000 2,640,000 638,000
Loss on note extinguishment 2,406,000   4,490,000  
Inventory charge   17,929,000   20,633,000
Stock-based compensation     1,075,000 3,118,000
Changes in operating assets and liabilities:        
(Increase) decrease in prepaid expenses and other assets     (290,000) (303,000)
(Decrease) increase in accounts payable and accrued expenses     4,374,000 (2,024,000)
Net cash used in operating activities     (6,997,000) (15,480,000)
Cash flows from investing activities:        
Net cash Provided by/used in investing activities    
Cash flows from financing activities:        
Proceeds from warrant transactions, net of offering costs       2,133,000
Proceeds from sale of common stock and warrants, net of issuance costs     3,016,000 11,255,000
Proceeds from warrant exercises     300,000 264,000
Proceeds held in trust       200,000
Proceeds from convertible note and warrant issuances, net of issuance costs     1,357,000  
Net cash provided by financing activities     4,673,000 13,852,000
Net change in cash and restricted cash     (2,324,000) (1,628,000)
Cash and restricted cash at beginning of period     9,048,000 4,231,000
Cash and restricted cash at end of period 6,724,000 2,603,000 6,724,000 2,603,000
Cash and restricted cash consisted of the following:        
Cash 147,000 2,403,000 147,000 2,403,000
Restricted cash 6,577,000 200,000 6,577,000 200,000
Total cash and restricted cash $ 6,724,000 $ 2,603,000 6,724,000 2,603,000
Supplemental disclosure:        
Cash paid for interest     38,000  
Non-cash investing and financing transactions:        
Derivative liability associated with warrants     80,000 8,601,000
Issuance of common stock for principal of convertible notes     2,000,000 500,000
Accrued dividends on Series C and D convertible preferred stock     741,000 753,000
Warrants issued to placement agent     413,000 159,000
Deemed dividend on common stock issued due to down round provision, recorded in additional paid-in capital       $ 5,294,000
Note conversion to common stock and warrants     $ 2,295,000