Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.22.2.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
May 31, 2022
May 31, 2021
Current assets:    
Cash $ 4,231 $ 33,943
Prepaid expenses 5,198 616
Prepaid service fees 1,086 1,543
Total current assets 10,515 36,102
Inventories, net 17,929 93,479
Operating leases right-of-use asset 536 712
Property and equipment, net 73 134
Intangibles, net 132 1,653
Total assets 29,185 132,080
Current liabilities:    
Accounts payable 67,974 65,897
Accrued liabilities and compensation 8,861 19,073
Accrued interest on convertible notes 5,974 2,007
Accrued dividends on convertible preferred stock 3,977 2,647
Operating leases 134 175
Convertible notes payable, net 36,241 62,747
Total current liabilities 123,161 152,546
Long-term liabilities:    
Operating leases 422 552
Total liabilities 123,583 153,098
Commitments and Contingencies (Note 10)
Stockholders' (deficit) equity:    
Preferred stock
Common stock, $0.001 par value; 1,000,000 shares authorized; 720,028 and 626,123 issued, and 719,585 and 625,680 outstanding at May 31, 2022 and May 31, 2021, respectively 720 626
Additional paid-in capital 671,013 532,031
Accumulated deficit (766,131) (553,675)
Treasury stock, $0.001 par value; 443 at May 31, 2022 and May 31, 2021
Total stockholders' deficit (94,398) (21,018)
Total liabilities and stockholders' equity 29,185 132,080
Series B Convertible Preferred Stock    
Stockholders' (deficit) equity:    
Preferred stock
Series C Convertible Preferred Stock    
Current liabilities:    
Accrued dividends on convertible preferred stock 2,014 1,530
Stockholders' (deficit) equity:    
Preferred stock
Series D Convertible Preferred Stock    
Current liabilities:    
Accrued dividends on convertible preferred stock 1,963 1,117
Stockholders' (deficit) equity:    
Preferred stock