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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Feb. 29, 2024
May 31, 2023
Current assets:    
Cash and cash equivalents $ 4,435 $ 28,999
Restricted cash 29,545 14,575
Accounts receivable 225 82
Prepaid expenses and other current assets 6,127 2,012
Current assets held for sale 65,369 0
Total current assets 105,701 45,668
Property and equipment, net 211,172 195,593
Operating lease right of use assets, net 95,429 1,290
Finance lease right of use assets, net 189,627 14,303
Other assets 41,239 7,103
TOTAL ASSETS 643,168 263,957
Current liabilities:    
Accounts payable 93,918 6,446
Accrued liabilities 27,545 9,960
Current portion of operating lease liability 13,023 320
Current portion of finance lease liability 86,438 5,722
Current portion of debt 19,329 7,950
Current liabilities held for sale 8,279 0
Total current liabilities 349,160 115,460
Long-term portion of operating lease liability 69,260 1,005
Long-term portion of finance lease liability 63,803 8,334
Other long-term related party liabilities 0 1,000
Total liabilities 524,680 194,278
Commitments and contingencies
Stockholders' equity:    
Common stock, $0.001 par value, 166,666,667 shares authorized, 127,486,937 shares issued and 122,417,839 shares outstanding at February 29, 2024, and 100,927,358 shares issued and 95,925,630 shares outstanding at May 31, 2023 127 101
Treasury stock, 5,069,098 shares at February 29, 2024 and 5,001,728 shares at May 31, 2023, at cost (62) (62)
Additional paid in capital 303,963 160,194
Accumulated deficit (185,540) (100,716)
Total stockholders’ equity attributable to Applied Digital Corporation 118,488 59,517
Noncontrolling interest 0 10,162
Total stockholders' equity including noncontrolling interest 118,488 69,679
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 643,168 263,957
Nonrelated Party    
Current liabilities:    
Customer deposits 32,410 32,560
Deferred revenue 63,121 47,168
Long-term debt 24,845 33,222
Related Party    
Current liabilities:    
Customer deposits 3,810 3,810
Deferred revenue 1,287 1,524
Long-term debt $ 17,612 $ 35,257