Quarterly report [Sections 13 or 15(d)]

Consolidated Balance Sheets

v3.25.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Feb. 28, 2025
May 31, 2024
Current assets:    
Cash and cash equivalents $ 16,400 $ 3,110
Restricted cash 0 6,704
Prepaid expenses 513 463
Prepaid service fees 2,071 538
Other receivables (Note 9) 2,000  
Total current assets 20,984 10,815
Other non-current assets 207 321
Total assets 21,191 11,136
Current liabilities:    
Accounts payable 15,127 29,561
Accrued liabilities and compensation 1,704 2,810
Accrued interest on convertible notes 18,696 15,227
Accrued dividends on convertible preferred stock 7,897 6,791
Convertible notes payable, net 27,141 29,793
Total current liabilities 70,565 84,182
Long-term liabilities:    
Operating leases 34 141
Other liabilities (Note 9) 43,571 43,571
Total liabilities 114,170 127,894
Commitments and Contingencies (Note 9)
Stockholders' deficit:    
Common stock, $0.001 par value; 1,750,000 shares authorized; 1,232,591 and 1,059,002 issued, and 1,232,305 and 1,058,559 outstanding at February 28, 2025 and May 31, 2024, respectively 1,233 1,059
Treasury stock, $0.001 par value; 286 and 443 shares at February 28, 2025 and May 31, 2024, respectively
Additional paid-in capital 787,618 773,714
Accumulated deficit (881,830) (891,531)
Total stockholders' deficit (92,979) (116,758)
Total liabilities and stockholders' deficit 21,191 11,136
Series B Convertible Preferred Stock    
Stockholders' deficit:    
Preferred stock
Series C Convertible Preferred Stock    
Current liabilities:    
Accrued dividends on convertible preferred stock 3,610 3,135
Stockholders' deficit:    
Preferred stock
Series D Convertible Preferred Stock    
Current liabilities:    
Accrued dividends on convertible preferred stock 4,287 3,656
Stockholders' deficit:    
Preferred stock