Convertible Instruments and Accrued Interest (Tables)

3 Months Ended

Aug. 31, 2024

Convertible Instruments and Accrued Interest

Schedule of information on dividends of convertible preferred stock

	August 31, 2024						May 31, 2024
(in thousands except conversion rate)	Series B		Series C		Series D		Series B		Series C		Series D
Shares of preferred stock outstanding		19		6		9		19		6		9
Common stock conversion rate		10:1		2,000:1		1,250:1		10:1		2,000:1		1,250:1
Total shares of common stock if converted		190		12,670		10,565		190		12,670		10,565
Undeclared dividends	$	21	$	—	$	—	$	19	$	—	$	—
Accrued dividends	$	—	$	3,295	$	3,868	$	—	$	3,135	$	3,656
Total shares of common stock if dividends converted		42		6,590		7,736		38		6,270		7,312

Schedule of outstanding balances of convertible notes and accrued interest

	August 31, 2024						May 31, 2024
(in thousands)	April 2, 2021 Note		April 23, 2021 Note		Total		April 2, 2021 Note		April 23, 2021 Note		Total
Convertible notes payable outstanding principal	$	2,831	$	26,369	$	29,200	$	2,831	$	27,369	$	30,200
Less: Unamortized debt discount and issuance costs		(30)		(252)		(282)		(45)		(362)		(407)
Convertible notes payable, net		2,801		26,117		28,918		2,786		27,007		29,793
Accrued interest on convertible notes		4,828		11,564		16,392		4,634		10,593		15,227
Outstanding convertible notes payable, net and accrued interest	$	7,629	$	37,681	$	45,310	$	7,420	$	37,600	$	45,020

Schedule of reconciliation of changes to outstanding balance of convertible notes, including accrued interest

(in thousands)	April 2, 2021 Note		April 23, 2021 Note		Total
Outstanding balance at May 31, 2024	$	7,420	$	37,600	$	45,020
Consideration received		—		—		—
Amortization of issuance discount and costs		15		110		125
Interest expense		194		971		1,165
Fair market value of shares and warrants exchanged for repayment		—		(1,180)		(1,180)
Difference between market value of common shares and reduction of principal		—		180		180
Outstanding balance at August 31, 2024	$	7,629	$	37,681	$	45,310

Summary of key terms of the outstanding convertible notes

	August 31, 2024
	April 2, 2021 Note			April 23, 2021 Note
Interest rate per annum		10	%		10	%
Conversion price per share upon five trading days' notice	$	10.00		$	10.00
Party that controls the conversion rights		Investor			Investor
Maturity date		April 5, 2025			April 23, 2025
Security interest		All Company assets excluding intellectual property