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 ($)
 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 $ (9,563,000) $ (26,495,000) $ (21,134,000) $ (47,486,000) $ (79,824,000) $ (210,820,000)
Adjustments to reconcile net loss to net cash used in operating activities:            
Amortization and depreciation 8,000 54,000 18,000 153,000 175,000 781,000
Amortization of debt issuance costs 3,000 18,000 369,000 34,000 9,747,000 87,000
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 2,126,000 2,958,000
Warrants issued for legal settlement           3,663,000
Finance charges related to surety bond backstop agreement         4,885,000 6,585,000
Loss on derivatives     13,000 8,601,000 8,750,000  
Loss on induced conversion 636,000 638,000 2,640,000 638,000 5,312,000 37,381,000
Loss on note extinguishment 2,406,000   4,490,000      
Inducement interest expense and non-cash finance charges           6,691,000
Change in fair value of derivative liabilities         6,000  
Inventory charge   17,929,000   20,633,000 20,633,000 73,490,000
Stock-based compensation     1,075,000 3,118,000 4,275,000 6,239,000
Changes in operating assets and liabilities:            
Decrease (increase) in inventories           2,060,000
(Increase) decrease in prepaid expenses and other assets     (290,000) (303,000) 1,902,000 (4,125,000)
(Decrease) increase in accounts payable and accrued expenses     4,374,000 (2,024,000) (3,097,000) (2,713,000)
Net cash used in operating activities     (6,997,000) (15,480,000) (25,110,000) (77,723,000)
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 2,807,000 5,390,000
Proceeds from sale of common stock and warrants, net of issuance costs     3,016,000 11,255,000 25,786,000 41,195,000
Proceeds from warrant exercises     300,000 264,000 439,000 1,036,000
Proceeds held in trust       200,000    
Proceeds from convertible note and warrant issuances, net of issuance costs     1,357,000   895,000  
Proceeds from stock option exercises           390,000
Net cash provided by financing activities     4,673,000 13,852,000 29,927,000 48,011,000
Net change in cash and restricted cash     (2,324,000) (1,628,000) 4,817,000 (29,712,000)
Cash and restricted cash at beginning of period     9,048,000 4,231,000 4,231,000 33,943,000
Cash and restricted cash at end of period 6,724,000 2,603,000 6,724,000 2,603,000 9,048,000 4,231,000
Cash and restricted cash consisted of the following:            
Cash 147,000 2,403,000 147,000 2,403,000 2,541,000 4,231,000
Restricted cash 6,577,000 200,000 6,577,000 200,000 6,507,000  
Total cash and restricted cash $ 6,724,000 $ 2,603,000 6,724,000 2,603,000 9,048,000 4,231,000
Supplemental disclosure:            
Cash paid for interest     38,000   19,000 63,000
Non-cash investing and financing transactions:            
Derivative liability associated with warrants     80,000 8,601,000 8,750,000  
Issuance of common stock for principal of convertible notes     2,000,000 500,000 4,000,000 31,000,000
Accrued dividends on Series C and D convertible preferred stock     741,000 753,000 1,490,000 1,636,000
Warrants issued to placement agent     413,000 159,000    
Cashless exercise of warrants           1,000
Dividend paid in common stock on Series B and C convertible preferred stock conversions         159,000 305,000
Warrants issued to placement agent, recorded in additional paid-in capital         7,640,000 3,597,000
Warrants issued for surety bond backstop agreement         4,885,000 $ 6,585,000
Deemed dividend due to equity modifications, recorded in additional paid-in capital         $ 5,417,000  
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