Quarterly report pursuant to Section 13 or 15(d)

Convertible Instruments (Tables)

v3.19.3.a.u2
Convertible Instruments (Tables)
 6 Months Ended
Nov. 30, 2019
Warrants At Fair Value And Beneficial Conversion Feature At Intrinsic Value The net proceeds of $5.0 million were allocated first to the redemption provision at its fair value, then to the warrants at their relative fair value and the beneficial conversion feature at its intrinsic value as follows:
     January 30, 2019  
Fair value of redemption provision
    $ 1,465,008  
Relative fair value of equity classified warrants
      858,353  
Beneficial conversion feature
      2,676,639  
    
 
 
  
     $ 5,000,000  
    
 
 
  
Activity Related to Notes
Activity related to the June 2018 Note and the January 2019 Note is as follows:
 
     Short Term      Long Term      Total  
June 2018 Note
    $ 2,100,000      $ 3,600,000      $ 5,700,000  
Monthly redemption provision
      2,100,000        (2,100,000 )       —    
Note amendment, net
      —          111,410        111,410  
Redemptions
      (1,726,582 )       (2,108,418 )       (3,835,000 ) 
Interest accretion
—
June 2018 and January 2019 Notes
      300,308        685,599        985,907  
Carrying value of Notes at November 30, 2019
    $ 2,773,726      $ 188,591      $ 2,962,317