Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.24.3
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Aug. 31, 2024
Aug. 31, 2023
Cash flows from operating activities:    
Net income (loss) $ 19,227 $ (11,571)
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization and depreciation 5 10
Amortization of debt issuance costs   366
Amortization of discount on convertible notes 125 400
Loss (gain) on derivatives 852 (4)
Loss on induced conversion 1,180 2,004
Loss on note extinguishment   2,084
Stock-based compensation 136 503
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (1,783) (1,605)
Accounts payable, and accrued expenses, and other liabilities (14,302) 3,318
Net cash provided by (used in) operating activities 5,440 (4,495)
Cash flows from investing activities:    
Net cash Provided by/used in investing activities
Cash flows from financing activities:    
Proceeds from warrant transactions, net of offering costs 10,377  
Proceeds from sale of common stock and warrants, net of issuance costs   2,575
Proceeds from warrant exercises   300
(Cash paid for) proceeds from note payable (710) 1,144
Net cash provided by financing activities 9,667 4,019
Net change in cash and restricted cash 15,107 (476)
Cash and restricted cash at beginning of period 9,814 9,048
Cash and restricted cash at end of period 24,921 8,572
Cash and restricted cash consisted of the following:    
Cash 24,921 2,034
Restricted cash 0 6,538
Total cash and restricted cash 24,921 8,572
Supplemental disclosure:    
Cash paid for interest 45 24
Non-cash investing and financing transactions:    
Derivative liability associated with warrants   83
Issuance of common stock for principal of convertible notes 1,000 1,500
Accrued dividends on Series C and D convertible preferred stock $ 372 373
Warrants issued to placement agent   413
Note conversion to common stock and warrants   $ 2,295