Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.22.2.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
May 31, 2022
May 31, 2021
May 31, 2020
Cash flows from operating activities:      
Net loss $ (210,820) $ (176,465) $ (139,936)
Adjustments to reconcile net loss to net cash used in operating activities:      
Amortization and depreciation 781 1,797 2,034
Amortization of debt issuance costs 87 65 404
Amortization of discount on convertible notes 2,958 3,591 1,645
Legal settlements 3,663   22,500
Finance charges related to surety bond backstop agreement 6,585    
Loss on induced conversion 37,381 39,131  
Inducement interest expense and non-cash finance charges 6,691 13,922 23,437
Interest expense associated with accretion of convertible notes payable     6,615
Change in fair value of derivative liabilities     9,542
Inventory write-offs 73,490 5,027  
Stock-based compensation 6,239 10,429 6,548
Intangible asset impairment charge 0 10,049 0
Changes in operating assets and liabilities:      
Decrease (increase) in inventories 2,060 (79,359) (19,147)
Decrease in miscellaneous receivables     91
(Increase) decrease in prepaid expenses (4,125) 1,228 (1,577)
(Decrease) increase in accounts payable and accrued expenses (2,713) 53,012 19,040
Net cash used in operating activities (77,723) (117,573) (68,804)
Cash flows from investing activities:      
Furniture and equipment purchases   (122) (41)
Net cash used in investing activities   (122) (41)
Cash flows from financing activities:      
Proceeds from warrant transactions 5,390 17,060  
Proceeds from sale of common stock and warrants, net of issuance costs 41,195 1,000 12,666
Proceeds from warrant exercises 1,036 19,428 38,422
Proceeds from sale of preferred stock, net of offering costs     13,409
Exercise of option to repurchase shares held in escrow     (8)
Payment on convertible notes   (950) (2,185)
Release of restricted cash held in trust for warrant tender offer   (10) (844)
Proceeds from stock option exercises 390 1,839 5,602
Payment of payroll withholdings related to tender of common stock for income tax withholding   (778) (89)
Proceeds from convertible notes payable, net   100,000 15,000
Payment of conversion offering costs     (2,303)
Dividend declared and paid on Series B Preferred Stock   (243)  
Net cash provided by financing activities 48,011 137,346 79,670
Net change in cash and restricted cash (29,712) 19,651 10,825
Cash and restricted cash, beginning of period 33,943 14,292 3,467
Cash and restricted cash, end of period 4,231 33,943 14,292
Cash and restricted cash consisted of the following:      
Cash 4,231 33,943 14,282
Restricted cash     10
Total cash and restricted cash 4,231 33,943 14,292
Supplemental disclosure:      
Cash paid for interest 63 147 243
Non-cash investing and financing transactions:      
Issuance of common stock for principal and interest of convertible notes 31,000 57,807 15,092
Accrued dividends on convertible Series C and D Preferred Stock 1,636 1,666 $ 944
Cashless exercise of warrants $ 1 $ 11