Convertible Instruments and Accrued Interest (Tables)
|
12 Months Ended |
May 31, 2023 |
|---|
| Convertible Instruments and Accrued Interest |
|
| Schedule of information on dividends of convertible preferred stock |
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May 31, 2023 |
|
May 31, 2022 |
(in thousands except conversion rate) |
|
Series B |
|
Series C |
|
Series D |
|
Series B |
|
Series C |
|
Series D |
Shares of preferred stock outstanding |
|
|
19 |
|
|
6 |
|
|
9 |
|
|
19 |
|
|
7 |
|
|
9 |
Common stock conversion rate |
|
|
10:1 |
|
|
2,000:1 |
|
|
1,250:1 |
|
|
10:1 |
|
|
2,000:1 |
|
|
1,250:1 |
Total shares of common stock if converted |
|
|
190 |
|
|
12,670 |
|
|
10,565 |
|
|
190 |
|
|
13,806 |
|
|
10,565 |
Undeclared dividends |
|
$ |
15 |
|
$ |
- |
|
$ |
- |
|
$ |
10 |
|
$ |
- |
|
$ |
- |
Accrued dividends |
|
$ |
- |
|
$ |
2,500 |
|
$ |
2,808 |
|
$ |
- |
|
$ |
2,014 |
|
$ |
1,963 |
Total shares of common stock if dividends converted |
|
|
30 |
|
|
5,000 |
|
|
5,616 |
|
|
20 |
|
|
4,028 |
|
|
3,926 |
|
| Schedule of outstanding balances of convertible notes |
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May 31, 2023 |
|
May 31, 2022 |
(in thousands) |
|
April 2, 2021 Note |
|
April 23, 2021 Note |
|
Placement Agent Notes |
|
Total |
|
April 2, 2021 Note |
|
April 23, 2021 Note |
|
Total |
Convertible notes payable outstanding principal |
|
$ |
6,081 |
|
$ |
29,369 |
|
$ |
1,000 |
|
$ |
36,450 |
|
$ |
9,819 |
|
$ |
28,500 |
|
$ |
38,319 |
Less: Unamortized debt discount and issuance costs |
|
|
(211) |
|
|
(822) |
|
|
(286) |
|
|
(1,319) |
|
|
(512) |
|
|
(1,566) |
|
|
(2,078) |
Convertible notes payable, net |
|
|
5,870 |
|
|
28,547 |
|
|
714 |
|
|
35,131 |
|
|
9,307 |
|
|
26,934 |
|
|
36,241 |
Accrued interest on convertible notes |
|
|
3,804 |
|
|
6,789 |
|
|
5 |
|
|
10,598 |
|
|
2,599 |
|
|
3,375 |
|
|
5,974 |
Outstanding convertible notes payable, net and accrued interest |
|
$ |
9,674 |
|
$ |
35,336 |
|
$ |
719 |
|
$ |
45,729 |
|
$ |
11,906 |
|
$ |
30,309 |
|
$ |
42,215 |
|
| Schedule of reconciliation of changes to outstanding balance of convertible notes |
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|
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|
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|
|
(in thousands) |
|
April 2, 2021 Note |
|
April 23, 2021 Note |
|
Placement Agent Notes |
|
Total |
Outstanding balance at May 31, 2022 |
|
$ |
11,906 |
|
$ |
30,309 |
|
$ |
- |
|
$ |
42,215 |
Consideration received |
|
|
|
|
|
|
|
|
696 |
|
|
696 |
Amortization of issuance discount and costs |
|
|
564 |
|
|
1,613 |
|
|
18 |
|
|
2,195 |
Interest expense |
|
|
1,205 |
|
|
3,414 |
|
|
5 |
|
|
4,624 |
Fair market value of shares exchanged for repayment |
|
|
(5,312) |
|
|
- |
|
|
- |
|
|
(5,312) |
Difference between market value of
common shares and reduction of principal |
|
|
1,311 |
|
|
- |
|
|
- |
|
|
1,311 |
Outstanding balance at May 31, 2023 |
|
$ |
9,674 |
|
$ |
35,336 |
|
$ |
719 |
|
$ |
45,729 |
|