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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Aug. 27, 2023
May 28, 2023
Current Assets:    
Cash $ 8,642 $ 19,091
Inventories, net 41,690 40,841
Prepaid expenses and other current assets 5,865 4,919
Total Current Assets 82,814 93,875
Property and equipment, net 136,259 134,390
Operating lease right-of-use assets 4,159 4,282
Goodwill 13,881 13,881
Intangible assets 4,200 4,200
Other long-term assets 4,307 2,917
Total Assets 245,620 253,545
Current Liabilities:    
Accounts payable 15,691 22,097
Accrued compensation 4,516 4,145
Other accrued liabilities 4,855 7,142
Current portion of lease liabilities 1,222 1,270
Deferred revenues 8,300 4,100
Current portion of long-term debt, net, related party 773 580
Total Current Liabilities 35,414 39,289
Long-term debt, less current portion, net, related party 88,057 84,256
Revolving credit facility 19,090 16,809
Debt derivative liability, related party 64,700 64,900
Long-term lease liabilities, less current portion 9,443 9,709
Deferred taxes, net 456 380
Deferred revenues, less current portion, related party 1,687 2,940
Other non-current liabilities 219 174
Total Liabilities 219,066 218,457
Commitments and Contingencies, see Note 1
Convertible Preferred Stock, $0.001 par value; 2,000 shares authorized; 40 and 39 shares issued and outstanding at August 27, 2023 and May 28, 2023, respectively 40,114 39,318
Stockholders’ Deficit:    
Common Stock, $0.001 par value; 50,000 shares authorized; 30,456 and 30,322 shares issued and outstanding at August 27, 2023 and May 28, 2023, respectively 30 30
Additional paid-in capital 175,700 174,276
Accumulated deficit (189,290) (178,536)
Total Stockholders’ Deficit (13,560) (4,230)
Total Liabilities, Convertible Preferred Stock, and Stockholders’ Deficit 245,620 253,545
Nonrelated Party    
Current Assets:    
Accounts receivable, less allowance for credit losses 15,852 19,907
Current Liabilities:    
Deferred revenues 101 552
Related Party    
Current Assets:    
Accounts receivable, less allowance for credit losses 10,765 9,117
Current Liabilities:    
Deferred revenues $ 8,256 $ 3,503