Convertible Instruments and Accrued Interest (Tables)
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6 Months Ended |
12 Months Ended |
Nov. 30, 2023 |
May 31, 2023 |
| Convertible Instruments and Accrued Interest |
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| Schedule of information on dividends of convertible preferred stock |
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November 30, 2023 |
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May 31, 2023 |
(in thousands except conversion rate) |
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Series B |
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Series C |
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Series D |
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Series B |
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Series C |
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Series D |
Shares of preferred stock outstanding |
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19 |
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6 |
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9 |
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19 |
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6 |
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|
9 |
Common stock conversion rate |
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10:1 |
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2,000:1 |
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1,250:1 |
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10:1 |
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2,000:1 |
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1,250:1 |
Total shares of common stock if converted |
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|
190 |
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|
12,670 |
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|
10,565 |
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|
190 |
|
|
12,670 |
|
|
10,565 |
Undeclared dividends |
|
$ |
17 |
|
$ |
- |
|
$ |
- |
|
$ |
15 |
|
$ |
- |
|
$ |
- |
Accrued dividends |
|
$ |
- |
|
$ |
2,818 |
|
$ |
3,231 |
|
$ |
- |
|
$ |
2,500 |
|
$ |
2,808 |
Total shares of common stock if dividends converted |
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34 |
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5,636 |
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6,462 |
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30 |
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5,000 |
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5,616 |
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May 31, 2023 |
|
May 31, 2022 |
(in thousands except conversion rate) |
|
Series B |
|
Series C |
|
Series D |
|
Series B |
|
Series C |
|
Series D |
Shares of preferred stock outstanding |
|
|
19 |
|
|
6 |
|
|
9 |
|
|
19 |
|
|
7 |
|
|
9 |
Common stock conversion rate |
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10:1 |
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|
2,000:1 |
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|
1,250:1 |
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|
10:1 |
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|
2,000:1 |
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|
1,250:1 |
Total shares of common stock if converted |
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190 |
|
|
12,670 |
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|
10,565 |
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|
190 |
|
|
13,806 |
|
|
10,565 |
Undeclared dividends |
|
$ |
15 |
|
$ |
- |
|
$ |
- |
|
$ |
10 |
|
$ |
- |
|
$ |
- |
Accrued dividends |
|
$ |
- |
|
$ |
2,500 |
|
$ |
2,808 |
|
$ |
- |
|
$ |
2,014 |
|
$ |
1,963 |
Total shares of common stock if dividends converted |
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|
30 |
|
|
5,000 |
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|
5,616 |
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20 |
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4,028 |
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|
3,926 |
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| Summary Of outstanding convertible notes |
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November 30, 2023 |
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April 2, 2021 Note |
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April 23, 2021 Note |
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Interest rate per annum |
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10 |
% |
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|
10 |
% |
Conversion price per share upon five trading days' notice |
|
$ |
10.00 |
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$ |
10.00 |
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Party that controls the conversion rights |
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Investor |
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Investor |
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Maturity date |
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April 5, 2025 |
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April 23, 2025 |
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Security interest |
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All Company assets excluding intellectual property |
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| Schedule of outstanding balances of convertible notes |
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November 30, 2023 |
|
May 31, 2023 |
(in thousands) |
|
April 2, 2021 Note |
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April 23, 2021 Note |
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Short-term Notes |
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Total |
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April 2, 2021 Note |
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April 23, 2021 Note |
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Placement Agent Notes |
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Total |
Convertible notes payable outstanding principal |
|
$ |
4,081 |
|
$ |
29,369 |
|
$ |
250 |
|
$ |
33,700 |
|
$ |
6,081 |
|
$ |
29,369 |
|
$ |
1,000 |
|
$ |
36,450 |
Less: Unamortized debt discount and issuance costs |
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(102) |
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|
(607) |
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(77) |
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(786) |
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(211) |
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(822) |
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(286) |
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(1,319) |
Convertible notes payable, net |
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3,979 |
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|
28,762 |
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|
173 |
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|
32,914 |
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5,870 |
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28,547 |
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|
714 |
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|
35,131 |
Accrued interest on convertible notes |
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4,261 |
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|
8,675 |
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- |
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12,936 |
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|
3,804 |
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6,789 |
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|
5 |
|
|
10,598 |
Outstanding convertible notes payable, net and accrued interest |
|
$ |
8,240 |
|
$ |
37,437 |
|
$ |
173 |
|
$ |
45,850 |
|
$ |
9,674 |
|
$ |
35,336 |
|
$ |
719 |
|
$ |
45,729 |
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May 31, 2023 |
|
May 31, 2022 |
(in thousands) |
|
April 2, 2021 Note |
|
April 23, 2021 Note |
|
Placement Agent Notes |
|
Total |
|
April 2, 2021 Note |
|
April 23, 2021 Note |
|
Total |
Convertible notes payable outstanding principal |
|
$ |
6,081 |
|
$ |
29,369 |
|
$ |
1,000 |
|
$ |
36,450 |
|
$ |
9,819 |
|
$ |
28,500 |
|
$ |
38,319 |
Less: Unamortized debt discount and issuance costs |
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(211) |
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(822) |
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(286) |
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(1,319) |
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(512) |
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(1,566) |
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|
(2,078) |
Convertible notes payable, net |
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|
5,870 |
|
|
28,547 |
|
|
714 |
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|
35,131 |
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|
9,307 |
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|
26,934 |
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|
36,241 |
Accrued interest on convertible notes |
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|
3,804 |
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|
6,789 |
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|
5 |
|
|
10,598 |
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|
2,599 |
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|
3,375 |
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|
5,974 |
Outstanding convertible notes payable, net and accrued interest |
|
$ |
9,674 |
|
$ |
35,336 |
|
$ |
719 |
|
$ |
45,729 |
|
$ |
11,906 |
|
$ |
30,309 |
|
$ |
42,215 |
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| Schedule of reconciliation of changes to outstanding balance of convertible notes |
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(in thousands) |
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April 2, 2021 Note |
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April 23, 2021 Note |
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Placement Agent Notes |
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Short-Term Notes |
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Total |
Outstanding balance at May 31, 2023 |
|
$ |
9,674 |
|
$ |
35,336 |
|
$ |
719 |
|
$ |
- |
|
$ |
45,729 |
Consideration received |
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|
- |
|
|
- |
|
|
975 |
|
|
169 |
|
|
1,144 |
Amortization of issuance discount and costs |
|
|
109 |
|
|
215 |
|
|
583 |
|
|
4 |
|
|
911 |
Interest expense |
|
|
457 |
|
|
1,886 |
|
|
18 |
|
|
- |
|
|
2,361 |
Fair market value of shares and warrants exchanged for repayment |
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|
(2,640) |
|
|
- |
|
|
(4,379) |
|
|
- |
|
|
(7,019) |
Difference between market value of
common shares and reduction of principal |
|
|
640 |
|
|
- |
|
|
2,084 |
|
|
- |
|
|
2,724 |
Outstanding balance at November 30, 2023 |
|
$ |
8,240 |
|
$ |
37,437 |
|
$ |
- |
|
$ |
173 |
|
$ |
45,850 |
|
|
|
|
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|
(in thousands) |
|
April 2, 2021 Note |
|
April 23, 2021 Note |
|
Placement Agent Notes |
|
Total |
Outstanding balance at May 31, 2022 |
|
$ |
11,906 |
|
$ |
30,309 |
|
$ |
- |
|
$ |
42,215 |
Consideration received |
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|
|
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|
|
|
696 |
|
|
696 |
Amortization of issuance discount and costs |
|
|
564 |
|
|
1,613 |
|
|
18 |
|
|
2,195 |
Interest expense |
|
|
1,205 |
|
|
3,414 |
|
|
5 |
|
|
4,624 |
Fair market value of shares exchanged for repayment |
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|
(5,312) |
|
|
- |
|
|
- |
|
|
(5,312) |
Difference between market value of
common shares and reduction of principal |
|
|
1,311 |
|
|
- |
|
|
- |
|
|
1,311 |
Outstanding balance at May 31, 2023 |
|
$ |
9,674 |
|
$ |
35,336 |
|
$ |
719 |
|
$ |
45,729 |
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