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

Loss per Common Share

v3.24.2.u1
Loss per Common Share
12 Months Ended
May 31, 2024
Loss per Common Share  
Loss per Common Share

Note 8. Loss per Common Share

Basic loss per share is computed by dividing the net loss adjusted for preferred stock dividends by the weighted average number of common shares outstanding during the period. Diluted loss per share would include the weighted average common shares outstanding and potentially dilutive common stock equivalents. Because of the net losses for all periods presented, the basic and diluted weighted average shares outstanding are the same, since including the additional shares would have an anti-dilutive effect on the loss per share.

The reconciliation of the numerators and denominators of the basic and diluted net loss per share computations are as follows:

Years ended May 31,

(in thousands, except per share amounts)

2024

2023

Net loss

$

(49,841)

$

(79,824)

Less: Deemed dividends

(5,417)

Less: Accrued preferred stock dividends

(1,483)

(1,495)

Net loss applicable to common stockholders

$

(51,324)

$

(86,736)

Basic and diluted:

Weighted average common shares outstanding

969,509

836,528

Loss per share

$

(0.05)

$

(0.10)

Refer to Note 13, Subsequent Events for additional information regarding the shares issued subsequent to May 31, 2024.

The table below shows the numbers of shares of common stock issuable upon the exercise, vesting, or conversion of outstanding options, warrants, unvested restricted stock (including those subject to performance conditions), convertible preferred stock (including undeclared dividends), and convertible notes that were not included in the computation of basic and diluted weighted average number of shares of common stock outstanding for the periods presented:

Year ended May 31,

(in thousands)

2024

    

2023

Stock options, warrants, and unvested restricted stock units

387,294

281,023

Convertible notes

12,000

12,000

Convertible preferred stock

37,046

34,071