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

Income Taxes (Tables)

v3.24.0.1
Income Taxes (Tables)
12 Months Ended
May 31, 2023
Income Taxes  
Schedule of reconciliation of federal statutory Income tax

Fiscal years ended May 31,

    

2023

    

2022

    

Income tax provision at statutory rate:

 

21.0

%  

21.0

%  

Derivative loss

 

(2.3)

 

 

Non-deductible debt issuance costs

 

(2.6)

 

 

Non-deductible interest on convertible notes

 

(1.2)

 

(0.5)

 

Inducement interest expense

 

 

(0.7)

 

Other

 

0.8

 

1.1

 

Credit carry-forward released

 

 

(0.2)

 

Non-deductible loss on induced conversion

(1.4)

(3.7)

Non-deductible debt discount amortization

 

(0.6)

 

(0.3)

 

IRC section 162(m) limitation

 

 

(0.1)

 

Non-deductible expense on induced conversion of debt

 

 

(0.3)

 

Valuation allowance

 

(13.7)

 

(16.3)

 

Effective income tax rate

 

0.0

%  

0.0

%  

Schedule of net deferred tax assets and liabilities

    

As of May 31,

(in thousands)

    

2023

    

2022

Net operating loss

$

96,338

$

106,965

Credits

 

2,063

 

2,063

ASC 718 expense on non-qualified stock options

 

6,400

 

6,057

Charitable contribution carry forward

 

 

14

Accrued vacation and payroll

 

21

 

68

Right-of-use asset

(84)

(112)

Lease liability

89

117

Inventory charges

6,173

2,138

Inventory write-off

13,739

Issued warrants

2,317

Section 174 R&D costs

858

Accrued legal settlements

13

Accrued legal fees

3

Accrued expenses

 

36

 

89

Amortization

 

609

 

238

Fixed assets

 

4

 

1

Valuation allowance

 

(128,579)

 

(117,638)

Deferred tax asset, non-current

$

$

Non-current asset

 

128,579

 

117,638

Valuation allowance

 

(128,579)

 

(117,638)

Deferred tax asset (liability) non-current

$

$