Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.24.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Nov. 30, 2024
Nov. 30, 2023
Nov. 30, 2024
Nov. 30, 2023
Cash flows from operating activities:        
Net income (loss) $ (4,768) $ (9,563) $ 14,459 $ (21,134)
Adjustments to reconcile net income (loss) to net cash used in operating activities:        
Depreciation     9 18
Amortization of debt issuance costs   3   369
Issuance costs for private placement of shares and warrants through placement agent   906   906
Amortization of discount on convertible notes 113 142 238 542
Gain on restructuring of payables (80)   (80)  
Loss on derivatives     852 13
Loss on induced conversion   636 1,180 2,640
Loss on note extinguishment   2,406   4,490
Stock-based compensation     673 1,075
Changes in operating assets and liabilities:        
Prepaid expenses and other assets     (2,229) (290)
Accounts payable, accrued expenses, and other liabilities     (13,248) 4,374
Net cash provided by (used in) operating activities     1,854 (6,997)
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       3,016
Proceeds from warrant exercises       300
Proceeds from convertible note and warrant issuances, net of offering costs       1,357
Cash paid for note payable     (710)  
Net cash provided by financing activities     9,667 4,673
Net change in cash and restricted cash     11,521 (2,324)
Cash, cash equivalents, and restricted cash at beginning of period     9,814 9,048
Cash, cash equivalents, and restricted cash at end of period 21,335 6,724 21,335 6,724
Cash, cash equivalents, and restricted cash consisted of the following:        
Cash and cash equivalents 21,335 147 21,335 147
Restricted cash 0 6,577 0 6,577
Total cash, cash equivalents, and restricted cash $ 21,335 $ 6,724 21,335 6,724
Supplemental disclosure:        
Cash paid for interest     23 38
Non-cash investing and financing transactions:        
Derivative liability associated with warrants       80
Issuance of common stock for principal of convertible notes     1,420 2,000
Accrued dividends on Series C and D convertible preferred stock     $ 741 741
Warrants issued to placement agent       413
Note conversion to common stock and warrants       $ 2,295