Convertible Instruments and Accrued Interest (Tables)
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9 Months Ended |
Feb. 29, 2024 |
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| Convertible Instruments and Accrued Interest |
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| Schedule of information on dividends of convertible preferred stock |
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February 29, 2024 |
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May 31, 2023 |
(in thousands except conversion rate) |
|
Series B |
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Series C |
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Series D |
|
Series B |
|
Series C |
|
Series D |
Shares of preferred stock outstanding |
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|
19 |
|
|
6 |
|
|
9 |
|
|
19 |
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|
6 |
|
|
9 |
Common stock conversion rate |
|
|
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 |
|
|
1,250:1 |
Total shares of common stock if converted |
|
|
190 |
|
|
12,670 |
|
|
10,565 |
|
|
190 |
|
|
12,670 |
|
|
10,565 |
Undeclared dividends |
|
$ |
18 |
|
$ |
— |
|
$ |
— |
|
$ |
15 |
|
$ |
— |
|
$ |
— |
Accrued dividends |
|
$ |
— |
|
$ |
2,976 |
|
$ |
3,442 |
|
$ |
— |
|
$ |
2,500 |
|
$ |
2,808 |
Total shares of common stock if dividends converted |
|
|
36 |
|
|
5,952 |
|
|
6,884 |
|
|
30 |
|
|
5,000 |
|
|
5,616 |
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| Schedule of outstanding balances of convertible notes |
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February 29, 2024 |
|
May 31, 2023 |
(in thousands) |
|
April 2, 2021 Note |
|
April 23, 2021 Note |
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Total |
|
April 2, 2021 Note |
|
April 23, 2021 Note |
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|
Placement Agent Notes |
|
Total |
Convertible notes payable outstanding principal |
|
$ |
2,831 |
|
$ |
27,869 |
|
$ |
30,700 |
|
$ |
6,081 |
|
$ |
29,369 |
|
$ |
1,000 |
|
$ |
36,450 |
Less: Unamortized debt discount and issuance costs |
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|
(58) |
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|
(473) |
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|
(531) |
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|
(211) |
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|
(822) |
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|
(286) |
|
|
(1,319) |
Convertible notes payable, net |
|
|
2,773 |
|
|
27,396 |
|
|
30,169 |
|
|
5,870 |
|
|
28,547 |
|
|
714 |
|
|
35,131 |
Accrued interest on convertible notes |
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|
4,446 |
|
|
9,634 |
|
|
14,080 |
|
|
3,804 |
|
|
6,789 |
|
|
5 |
|
|
10,598 |
Outstanding convertible notes payable, net and accrued interest |
|
$ |
7,219 |
|
$ |
37,030 |
|
$ |
44,249 |
|
$ |
9,674 |
|
$ |
35,336 |
|
$ |
719 |
|
$ |
45,729 |
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| Schedule of reconciliation of changes to outstanding balance of convertible notes |
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(in thousands) |
|
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 |
|
|
— |
|
|
— |
|
|
975 |
|
|
698 |
|
|
1,673 |
Amortization of issuance discount and costs |
|
|
153 |
|
|
349 |
|
|
583 |
|
|
302 |
|
|
1,387 |
Interest expense |
|
|
642 |
|
|
2,845 |
|
|
18 |
|
|
7 |
|
|
3,512 |
Fair market value of shares and warrants exchanged for repayment |
|
|
(4,737) |
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|
(1,826) |
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|
(4,379) |
|
|
(2,558) |
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|
(13,500) |
Difference between market value of
common shares and reduction of principal |
|
|
1,487 |
|
|
326 |
|
|
2,084 |
|
|
1,551 |
|
|
5,448 |
Outstanding balance at February 29, 2024 |
|
$ |
7,219 |
|
$ |
37,030 |
|
$ |
— |
|
$ |
— |
|
$ |
44,249 |
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| Summary of outstanding convertible notes |
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February 29, 2024 |
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April 2, 2021 Note |
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April 23, 2021 Note |
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Interest rate per annum |
|
|
10 |
% |
|
|
10 |
% |
Conversion price per share upon five trading days' notice |
|
$ |
10.00 |
|
|
$ |
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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