General form of registration statement for all companies including face-amount certificate companies

Consolidated Statements of Cash Flows

v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Nov. 30, 2023
Nov. 30, 2022
Nov. 30, 2023
Nov. 30, 2022
May 31, 2023
May 31, 2022
Cash flows from operating activities:            
Net loss $ (9,563) $ (26,495) $ (21,134) $ (47,486) $ (79,824) $ (210,820)
Adjustments to reconcile net loss to net cash used in operating activities:            
Amortization and depreciation 8 54 18 153 175 781
Amortization of debt issuance costs 3 18 369 34 9,747 87
Amortization of discount on convertible notes 142 580 542 1,156 2,126 2,958
Warrants issued for legal settlement           3,663
Finance charges related to surety bond backstop agreement         4,885 6,585
Loss on derivatives     13 8,601 8,750  
Loss on induced conversion 636 638 2,640 638 5,312 37,381
Inducement interest expense and non-cash finance charges           6,691
Change in fair value of derivative liabilities         6  
Inventory charge   17,929   20,633 20,633 73,490
Stock-based compensation     1,075 3,118 4,275 6,239
Changes in operating assets and liabilities:            
Decrease (increase) in inventories           2,060
(Increase) decrease in prepaid expenses and other assets     (290) (303) 1,902 (4,125)
Decrease in accounts payable and accrued expenses     4,374 (2,024) (3,097) (2,713)
Net cash used in operating activities     (6,997) (15,480) (25,110) (77,723)
Cash flows from financing activities:            
Proceeds from warrant transactions, net of offering costs       2,133 2,807 5,390
Proceeds from sale of common stock and warrants, net of issuance costs     3,016 11,255 25,786 41,195
Proceeds from warrant exercises     300 264 439 1,036
Proceeds from convertible note and warrant issuances, net of issuance costs     1,357   895  
Proceeds from stock option exercises           390
Net cash provided by financing activities     4,673 13,852 29,927 48,011
Net change in cash and restricted cash     (2,324) (1,628) 4,817 (29,712)
Cash and restricted cash at beginning of period     9,048 4,231 4,231 33,943
Cash and restricted cash at end of period 6,724 2,603 6,724 2,603 9,048 4,231
Cash and restricted cash consisted of the following:            
Cash 147 2,403 147 2,403 2,541 4,231
Restricted cash 6,577 200 6,577 200 6,507  
Total cash and restricted cash $ 6,724 $ 2,603 6,724 2,603 9,048 4,231
Supplemental disclosure:            
Cash paid for interest     38   19 63
Non-cash investing and financing transactions:            
Derivative liability associated with warrants     80 8,601 8,750  
Issuance of common stock for principal of convertible notes     2,000 500 4,000 31,000
Accrued dividends on Series C and D convertible preferred stock     $ 741 $ 753 1,490 1,636
Cashless exercise of warrants           1
Dividend paid in common stock on Series B and C convertible preferred stock conversions         159 305
Warrants issued to placement agent, recorded in additional paid-in capital         7,640 3,597
Warrants issued for surety bond backstop agreement         4,885 $ 6,585
Deemed dividend due to equity modifications, recorded in additional paid-in capital         $ 5,417