Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Nov. 30, 2022
Nov. 30, 2021
 [2]
Nov. 30, 2022
Nov. 30, 2021
Cash flows from operating activities:        
Net loss $ (26,495) $ (40,077) [1] $ (47,486) $ (85,414) [1],[2]
Adjustments to reconcile net loss to net cash used in operating activities:        
Amortization and depreciation 54 252 153 528 [2]
Amortization of debt issuance costs 18 23 34 51 [2]
Amortization of discount on convertible notes 580 793 1,156 1,745 [2]
Warrants issued for legal settlement [2]       1,744
Loss on derivatives     8,601  
Loss on induced conversion 638 6,785 638 25,315 [2]
Inducement interest expense and non-cash finance charges [2]       5,232
Inventory charge 17,929 1,593 20,633 3,357 [2]
Stock-based compensation     3,118 4,657 [2]
Changes in operating assets and liabilities:        
Increase in prepaid expenses and other assets     (303) (654) [2]
Decrease in accounts payable and accrued expenses     (2,024) (17,193) [2]
Net cash used in operating activities     (15,480) (60,632) [2]
Cash flows from investing activities:        
Furniture and equipment purchases [2]       (13)
Net cash used in investing activities [2]       (13)
Cash flows from financing activities:        
Proceeds from warrant transactions, net of offering costs     2,133 5,390 [2]
Proceeds from sale of common stock and warrants, net of issuance costs     11,255 28,761 [2]
Proceeds from warrant exercises     264 1,036 [2]
Proceeds held in trust     200  
Proceeds from stock option exercises [2]       390
Net cash provided by financing activities     13,852 35,577 [2]
Net change in cash and restricted cash     (1,628) (25,068) [2]
Cash beginning of period     4,231 33,943 [2]
Cash end of period 2,603 8,875 2,603 8,875 [2]
Cash and restricted cash consisted of the following:        
Cash 2,403 8,875 2,403 8,875 [2]
Restricted cash 200   200  
Total cash and restricted cash 2,603 $ 8,875 2,603 8,875 [2]
Supplemental disclosure:        
Cash paid for interest [2]       57
Non-cash investing and financing transactions:        
Derivative liability associated with warrants     8,601  
Issuance of common stock for principal and interest of convertible notes     500 22,045 [2]
Accrued dividends on Series C and D convertible preferred stock     753 834 [2]
Dividend paid in common stock on Series B and C convertible preferred stock conversions     159 $ 17 [2]
Deemed dividend due to equity modifications, recorded in additional paid-in capital $ 5,294   $ 5,294  
[1] See Note 2, Summary of Significant Accounting Policies
[2] See Note 2, Summary of Significant Accounting Policies—Revision and Restatement of Financial Statements.