Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.24.1.u1
Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended 9 Months Ended
Feb. 29, 2024
Feb. 28, 2023
Feb. 29, 2024
Feb. 28, 2023
Cash flows from operating activities:        
Net loss $ (11,920,000) $ (13,702,000) $ (33,054,000) $ (61,188,000)
Adjustments to reconcile net loss to net cash used in operating activities:        
Amortization and depreciation 7,000 12,000 25,000 165,000
Amortization of debt issuance costs 203,000 17,000 572,000 51,000
Issuance costs for private placement of shares and warrants through placement agent     906,000  
Amortization of discount on convertible notes 409,000 565,000 951,000 1,721,000
Loss on derivatives     971,000 8,756,000
Loss on induced conversion 3,353,000 2,018,000 5,993,000 2,656,000
Non-cash finance charges       4,885,000
Loss on note extinguishment 1,550,000   6,040,000  
Inventory charge       20,633,000
Stock-based compensation     1,944,000 3,557,000
Changes in operating assets and liabilities:        
(Increase) decrease in prepaid expenses and other assets     (28,000) 624,000
(Decrease) increase in accounts payable and accrued expenses     6,348,000 (3,558,000)
Net cash used in operating activities     (9,332,000) (21,698,000)
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       2,815,000
Proceeds from sale of common stock and warrants, net of issuance costs     5,696,000 24,601,000
Proceeds from warrant exercises     300,000 264,000
Proceeds held in trust     300,000 897,000
Proceeds from convertible note and warrant issuances, net of issuance costs     2,011,000  
Net cash provided by financing activities     8,307,000 28,577,000
Net change in cash and restricted cash     (1,025,000) 6,879,000
Cash and restricted cash at beginning of period     9,048,000 4,231,000
Cash and restricted cash at end of period 8,023,000 11,110,000 8,023,000 11,110,000
Cash and restricted cash consisted of the following:        
Cash 1,404,000 5,112,000 1,404,000 5,112,000
Restricted cash 6,619,000 5,998,000 6,619,000 5,998,000
Total cash and restricted cash $ 8,023,000 $ 11,110,000 8,023,000 11,110,000
Supplemental disclosure:        
Cash paid for interest     44,000  
Non-cash investing and financing transactions:        
Derivative liability associated with warrants     102,000 8,756,000
Issuance of common stock for principal of convertible notes     4,750,000 2,000,000
Accrued dividends on Series C and D convertible preferred stock     1,110,000 1,117,000
Dividend paid in common stock on Series B and C convertible preferred stock conversions       159,000
Warrants issued to placement agent     413,000 7,380,000
Warrants issued for surety bond backstop agreement       4,885,000
Deemed dividend on common stock issued due to down round provision, recorded in additional paid-in capital       $ 5,417,000
Note conversion to common stock and warrants     $ 3,302,000