Quarterly report pursuant to Section 13 or 15(d)

Loss Per Common Share

v3.22.4
Loss Per Common Share
6 Months Ended
Nov. 30, 2022
Loss Per Common Share  
Loss Per Common Share

Note 7. Loss per Common Share

Basic loss per share is computed by dividing the net loss adjusted for preferred stock dividends by the weighted average number of common shares outstanding during the period. Diluted loss per share includes the weighted average common shares outstanding and potentially dilutive common stock equivalents. Because of the net losses for all periods presented, the basic and diluted weighted average shares outstanding are the same since including the additional shares would have an anti-dilutive effect on loss per share. The reconciliation of the numerators and denominators of the basic and diluted net loss per share computations are as follows:

Three months ended November 30,

Six months ended November 30,

(in thousands, except per share amounts)

2022

    

2021

2022

2021

(Restated) (1)

(Restated) (1)

Net loss

$

(26,495)

$

(40,077)

$

(47,486)

$

(85,414)

Less: Deemed dividends

(1,140)

(5,294)

Less: Accrued preferred stock dividends

(370)

(417)

(756)

(842)

Net loss applicable to common stockholders

$

(28,005)

$

(40,494)

$

(53,536)

$

(86,256)

Basic and diluted:

Weighted average common shares outstanding

813,373

662,600

800,545

647,517

Loss per share

$

(0.03)

$

(0.06)

$

(0.07)

$

(0.13)

(1) See Note 2, Summary of Significant Accounting Policies.

The table below shows the approximate number of shares of common stock issuable upon the exercise, vesting or conversion of outstanding options, warrants, unvested restricted stock units (including those subject to performance conditions), convertible notes, and convertible preferred stock (including undeclared dividends) that were not included in the computation of basic and diluted weighted average number of shares of common stock outstanding for the periods presented:

Three and six months ended November 30,

(in thousands)

2022

    

2021

Stock options, warrants, and unvested restricted stock units

204,273

73,223

Convertible notes

12,000

12,000

Convertible preferred stock

32,591

34,089