Convertible Instruments and Accrued Interest (Tables)
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6 Months Ended |
Nov. 30, 2024 |
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| Convertible Instruments and Accrued Interest |
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| Schedule of information on dividends of convertible preferred stock |
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November 30, 2024 |
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May 31, 2024 |
(in thousands except conversion rate) |
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Series B |
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Series C |
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Series D |
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Series B |
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Series C |
|
Series D |
Shares of preferred stock outstanding |
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19 |
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|
6 |
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|
9 |
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|
19 |
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|
6 |
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|
9 |
Common stock conversion rate |
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10:1 |
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2,000:1 |
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1,250:1 |
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|
10:1 |
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2,000:1 |
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|
1,250:1 |
Total shares of common stock if converted |
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|
190 |
|
|
12,670 |
|
|
10,565 |
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|
190 |
|
|
12,670 |
|
|
10,565 |
Undeclared dividends |
|
$ |
22 |
|
$ |
— |
|
$ |
— |
|
$ |
19 |
|
$ |
— |
|
$ |
— |
Accrued dividends |
|
$ |
— |
|
$ |
3,453 |
|
$ |
4,079 |
|
$ |
— |
|
$ |
3,135 |
|
$ |
3,656 |
Total shares of common stock if dividends converted |
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|
44 |
|
|
6,906 |
|
|
8,158 |
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|
38 |
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|
6,270 |
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|
7,312 |
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| Schedule of outstanding balances of convertible notes and accrued interest |
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November 30, 2024 |
|
May 31, 2024 |
(in thousands) |
|
April 2, 2021 Note |
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April 23, 2021 Note |
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Total |
|
April 2, 2021 Note |
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April 23, 2021 Note |
|
Total |
Convertible notes payable outstanding principal |
|
$ |
2,831 |
|
$ |
25,869 |
|
$ |
28,700 |
|
$ |
2,831 |
|
$ |
27,369 |
|
$ |
30,200 |
Less: Unamortized debt discount and issuance costs |
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(17) |
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|
(152) |
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(169) |
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(45) |
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(362) |
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|
(407) |
Convertible notes payable, net |
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|
2,814 |
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|
25,717 |
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|
28,531 |
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|
2,786 |
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|
27,007 |
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|
29,793 |
Accrued interest on convertible notes |
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|
5,024 |
|
|
12,529 |
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|
17,553 |
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|
4,634 |
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|
10,593 |
|
|
15,227 |
Outstanding convertible notes payable, net and accrued interest |
|
$ |
7,838 |
|
$ |
38,246 |
|
$ |
46,084 |
|
$ |
7,420 |
|
$ |
37,600 |
|
$ |
45,020 |
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| Schedule of reconciliation of changes to outstanding balance of convertible notes, including accrued interest |
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(in thousands) |
|
April 2, 2021 Note |
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April 23, 2021 Note |
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Total |
Outstanding balance at May 31, 2024 |
|
$ |
7,420 |
|
$ |
37,600 |
|
$ |
45,020 |
Consideration received |
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|
— |
|
|
— |
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|
— |
Amortization of issuance discount and costs |
|
|
28 |
|
|
210 |
|
|
238 |
Interest expense |
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|
390 |
|
|
1,936 |
|
|
2,326 |
Fair market value of shares and warrants exchanged for repayment |
|
|
— |
|
|
(1,600) |
|
|
(1,600) |
Difference between market value of
common shares and reduction of principal |
|
|
— |
|
|
100 |
|
|
100 |
Outstanding balance at November 30, 2024 |
|
$ |
7,838 |
|
$ |
38,246 |
|
$ |
46,084 |
|
| Summary of key terms of the outstanding convertible notes |
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November 30, 2024 |
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April 2, 2021 Note |
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April 23, 2021 Note |
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Interest rate per annum |
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|
10 |
% |
|
|
10 |
% |
Conversion price per share upon five trading days' notice |
|
$ |
10.00 |
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$ |
10.00 |
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Party that controls the conversion rights |
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Investor |
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Investor |
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Maturity date |
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April 5, 2025 |
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April 23, 2025 |
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Security interest |
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All Company assets excluding intellectual property |
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