Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
May 31, 2024
May 31, 2023
Cash flows from operating activities:    
Net loss $ (49,841) $ (79,824)
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization and depreciation 29 175
Amortization of debt issuance costs 572 69
Issuance costs for private placement of shares and warrants through placement agent 2,819 9,678
Amortization of discount on convertible notes 1,076 2,126
Loss on derivatives 236 8,750
Loss on induced conversion 6,680 5,312
Non-cash finance charges   4,885
Loss on note extinguishment 13,374  
Change in fair value of derivative liabilities   6
Inventory charge   20,633
Stock-based compensation 2,415 4,275
Changes in operating assets and liabilities:    
Prepaid expenses and other assets 893 1,902
Accounts payable, and accrued expenses, and other liabilities 10,765 (3,097)
Net cash used in operating activities (10,982) (25,110)
Cash flows from financing activities:    
Proceeds from warrant transactions, net of offering costs   2,807
Proceeds from sale of common stock and warrants, net of issuance costs 9,137 25,786
Proceeds from warrant exercises 300 439
Proceeds held in trust 300  
Proceeds from convertible note and warrant issuances, net of issuance costs 2,011 895
Net cash provided by financing activities 11,748 29,927
Net change in cash and restricted cash 766 4,817
Cash and restricted cash at beginning of period 9,048 4,231
Cash and restricted cash at end of period 9,814 9,048
Cash and restricted cash consisted of the following:    
Cash 3,110 2,541
Restricted cash 6,704 6,507
Total cash and restricted cash 9,814 9,048
Supplemental disclosure:    
Cash paid for interest 45 19
Non-cash investing and financing transactions:    
Derivative liability associated with warrants 102 8,750
Issuance of common stock for principal of convertible notes 5,250 4,000
Accrued dividends on Series C and D convertible preferred stock 1,483 1,490
Dividend paid in common stock on Series B and C convertible preferred stock conversions   159
Warrants issued to placement agent 1,783 7,640
Warrants issued for surety bond backstop agreement   4,885
Deemed dividend on common stock issued due to down round provision, recorded in additional paid-in capital   $ 5,417
Note conversion to common stock and warrants $ 3,302