Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

v3.24.3
Consolidated Balance Sheets - USD ($)
$ in Thousands
Aug. 31, 2024
May 31, 2024
Current assets:    
Cash $ 24,921 $ 3,110
Restricted cash 0 6,704
Prepaid expenses 570 463
Prepaid service fees 247 538
Other receivables (Note 9) 2,000  
Total current assets 27,738 10,815
Other non-current assets 283 321
Total assets 28,021 11,136
Current liabilities:    
Accounts payable 14,159 29,561
Accrued liabilities and compensation 2,923 2,810
Accrued interest on convertible notes 16,392 15,227
Accrued dividends on convertible preferred stock 7,163 6,791
Convertible notes payable, net 28,918 29,793
Total current liabilities 69,555 84,182
Long-term liabilities:    
Operating leases 105 141
Other liabilities (Note 9) 43,571 43,571
Total liabilities 113,231 127,894
Commitments and Contingencies (Note 9)
Stockholders' deficit:    
Common stock, $0.001 par value; 1,750,000 shares authorized; 1,220,284 and 1,059,002 issued, and 1,219,841 and 1,058,002 outstanding at August 31, 2024 and May 31, 2024, respectively 1,220 1,059
Treasury stock, $0.001 par value; 443 shares at August 31, 2024 and May 31, 2024
Additional paid-in capital 785,874 773,714
Accumulated deficit (872,304) (891,531)
Total stockholders' deficit (85,210) (116,758)
Total liabilities and stockholders' deficit 28,021 11,136
Series B Convertible Preferred Stock    
Stockholders' deficit:    
Preferred stock
Series C Convertible Preferred Stock    
Current liabilities:    
Accrued dividends on convertible preferred stock 3,295 3,135
Stockholders' deficit:    
Preferred stock
Series D Convertible Preferred Stock    
Current liabilities:    
Accrued dividends on convertible preferred stock 3,868 3,656
Stockholders' deficit:    
Preferred stock