Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.23.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Feb. 28, 2023
Feb. 28, 2022
 [2]
Feb. 28, 2023
Feb. 28, 2022
Cash flows from operating activities:        
Net loss $ (13,702) $ (41,285) [1] $ (61,188) $ (126,699) [1],[2]
Adjustments to reconcile net loss to net cash used in operating activities:        
Amortization and depreciation 12 129 165 657 [2]
Amortization of debt issuance costs 17 19 51 70 [2]
Amortization of discount on convertible notes 565 637 1,721 2,382 [2]
Warrants issued for legal settlement [2]       1,744
Loss on derivatives     8,756  
Loss on induced conversion 2,018 12,066 2,656 37,381 [2]
Inducement interest expense and non-cash finance charges     4,885 14,270 [2]
Inventory charge   5,559 20,633 8,916 [2]
Stock-based compensation     3,557 4,219 [2]
Changes in operating assets and liabilities:        
(Increase) decrease in prepaid expenses and other assets     624 (3,264) [2]
Decrease in accounts payable and accrued expenses     (3,558) (11,355) [2]
Net cash used in operating activities     (21,698) (71,679) [2]
Cash flows from investing activities:        
Furniture and equipment purchases [2]       (30)
Net cash used in investing activities [2]       (30)
Cash flows from financing activities:        
Proceeds from warrant transactions, net of offering costs     2,815 5,390 [2]
Proceeds from sale of common stock and warrants, net of issuance costs     24,601 33,313 [2]
Proceeds from warrant exercises     264 1,036 [2]
Proceeds held in escrow     897  
Proceeds from stock option exercises [2]       390
Net cash provided by financing activities     28,577 40,129 [2]
Net change in cash and restricted cash     6,879 (31,580) [2]
Cash at beginning of period     4,231 33,943 [2]
Cash and restricted cash at end of period 11,110 2,363 11,110 2,363 [2]
Cash and restricted cash consisted of the following:        
Cash 5,112 1,363 5,112 1,363 [2]
Restricted cash 5,998 1,000 5,998 1,000 [2]
Total cash and restricted cash 11,110 $ 2,363 11,110 2,363 [2]
Supplemental disclosure:        
Cash paid for interest [2]       63
Non-cash investing and financing transactions:        
Derivative liability associated with warrants     8,756  
Issuance of common stock for principal and interest of convertible notes     2,000 31,001 [2]
Accrued dividends on Series C and D convertible preferred stock     1,117 988 [2]
Dividend paid in common stock on Series B and C convertible preferred stock conversions     159 260 [2]
Warrants Issued To Placement Agent Recorded In Additional Paid In Capital     7,380 1,293 [2]
Warrants Issued For Surety Bond Backstop Agreement     4,885 $ 6,585 [2]
Deemed dividend due to equity modifications, recorded in additional paid-in capital $ 5,417   $ 5,417  
[1] See Note 2, Summary of Significant Accounting Policies
[2] See Note 2, Summary of Significant Accounting Policies—Revision and Restatement of Financial Statements.