Equity Awards and Warrants (Tables)
|
9 Months Ended |
Feb. 29, 2024 |
Equity Awards and Warrants |
|
Schedule of warrant liability and equity |
|
|
|
(in thousands) |
|
Derivative liability |
Balance at May 31, 2023 |
$ |
79 |
Value upon notes converted to units in the private offering |
|
4,379 |
Warrants classified as equity during quarter |
|
(79) |
Gain on derivative due to change in fair market value |
|
(4) |
Balance at August 31, 2023 |
$ |
4,375 |
Value upon liability-classified equity instruments reclassified to equity |
|
(4,393) |
Warrants classified as a liability during quarter |
|
34 |
Loss on derivative due to change in fair market value |
|
17 |
Balance at November 30, 2023 |
$ |
33 |
Classified as liability due to variable settlement term |
|
2,558 |
Warrants classified as equity during quarter |
|
(56) |
Loss on derivative due to change in fair market value |
|
958 |
Balance at February 29, 2024 |
$ |
3,493 |
|
Schedule of assumptions used in determination of fair value |
The valuation assumptions for liability-classified warrants at the period-end dates are as follows:
|
|
|
|
|
|
|
|
|
|
|
April Placement |
|
July Note |
|
November Placement |
December Note |
|
|
Agent warrants |
|
conversion warrants at |
|
Agent warrants at |
|
conversion warrants at |
|
|
at May 31, 2023 |
|
August 31, 2023 |
|
November 30, 2023 |
|
February 29, 2024 |
Fair value of underlying stock |
|
$ 0.26 |
|
$ 0.21 |
|
$ 0.17 |
|
$ 0.26 |
Risk free rate |
|
3.64% |
|
4.23% |
|
4.37% |
|
4.26% |
Expected term (in years) |
|
10.00 |
|
5.00 |
|
10.00 |
|
5.00 |
Stock price volatility |
|
97.90% |
|
124.06% |
|
95.82% |
|
124.04% |
Expected dividend yield |
|
0.00% |
|
0.00% |
|
0.00% |
|
0.00% |
The valuation assumptions for liability-classified warrants on their respective liability-classification date are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
July Note |
|
November Placement |
|
December Note |
|
|
conversion warrants on |
|
Agent warrants at |
|
conversion warrants |
|
|
conversion date |
|
issuance |
|
on conversion date |
Fair value of underlying stock |
|
$ 0.21 |
|
$ 0.18 |
|
$ 0.20 |
Risk free rate |
|
4.18% |
|
4.42% |
|
3.84% |
Expected term (in years) |
|
5.00 |
|
10.00 |
|
5.00 |
Stock price volatility |
|
124.55% |
|
95.82% |
|
124.25% |
Expected dividend yield |
|
0.00% |
|
0.00% |
|
0.00% |
The valuation assumptions for liability-classified warrants on their respective equity-classification date are as follows:
|
|
|
|
|
|
|
|
|
April Placement |
|
July Note |
|
November Placement |
|
|
Placement warrants at |
|
conversion warrants at |
|
Agent warrants at |
|
|
equity classification |
|
equity classification |
|
equity classification |
Fair value of underlying stock |
|
$ 0.27 |
|
$ 0.17 |
|
$ 0.30 |
Risk free rate |
|
3.74% |
|
4.81% |
|
4.14% |
Expected term (in years) |
|
10.00 |
|
5.00 |
|
10.00 |
Stock price volatility |
|
97.45% |
|
124.70% |
|
96.18% |
Expected dividend yield |
|
0.00% |
|
0.00% |
|
0.00% |
|
Schedule of stock option activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted |
|
|
|
|
|
|
|
|
|
|
average |
|
|
|
|
|
|
|
Weighted |
|
remaining |
|
Aggregate |
|
|
Number of |
|
average |
|
contractual |
|
intrinsic |
(in thousands, except per share data and years) |
|
shares |
|
exercise price |
|
life in years |
|
value |
Options outstanding at May 31, 2023 |
|
19,823 |
|
$ |
0.99 |
|
7.87 |
|
$ |
— |
Granted |
|
11,251 |
|
$ |
0.21 |
|
|
|
|
|
Exercised |
|
— |
|
$ |
— |
|
|
|
|
|
Forfeited, expired, and cancelled |
|
(8,124) |
|
$ |
0.88 |
|
|
|
|
|
Options outstanding at February 29, 2024 |
|
22,950 |
|
$ |
0.65 |
|
7.77 |
|
$ |
504 |
Options outstanding and exercisable at February 29, 2024 |
|
18,376 |
|
$ |
0.74 |
|
7.37 |
|
$ |
335 |
|
Schedule of Company RSU and PSU activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average |
|
|
Number of |
|
Weighted average |
|
remaining contractual |
(shares in thousands) |
|
RSUs and PSUs (1) |
|
grant date fair value |
|
life in years |
Unvested RSUs and PSUs at May 31, 2023 |
|
1,293 |
|
$ |
0.58 |
|
0.81 |
RSUs and PSUs granted |
|
— |
|
|
— |
|
|
RSUs and PSUs forfeited |
|
(1,293) |
|
|
0.58 |
|
|
RSUs and PSUs vested |
|
— |
|
|
— |
|
|
Unvested RSUs and PSUs at February 29, 2024 |
|
— |
|
$ |
— |
|
— |
(1) |
The number of PSUs disclosed in this table are at the target level of 100%. |
|
Schedule of Warrant activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted |
|
|
|
|
|
|
|
|
|
|
average |
|
|
|
|
|
|
|
Weighted |
|
remaining |
|
Aggregate |
|
|
Number of |
|
average |
|
contractual |
|
intrinsic |
(in thousands, except for share data and years) |
|
shares |
|
exercise price |
|
life in years |
|
value |
Warrants outstanding at May 31, 2023 |
|
259,910 |
|
$ |
0.37 |
|
4.57 |
|
$ |
7,276 |
Granted |
|
43,448 |
|
$ |
0.40 |
|
|
|
|
|
Exercised |
|
(3,000) |
|
$ |
0.10 |
|
|
|
|
|
Forfeited, expired, and cancelled |
|
(7,499) |
|
$ |
0.69 |
|
|
|
|
|
Warrants outstanding at February 29, 2024 |
|
292,859 |
|
$ |
0.37 |
|
4.10 |
|
$ |
7,301 |
Warrants outstanding and exercisable at February 29, 2024 |
|
292,859 |
|
$ |
0.37 |
|
4.10 |
|
$ |
7,301 |
|