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Consolidated Balance Sheets - USD ($)
$ in Thousands
May 31, 2023
May 31, 2022
Current Assets:    
Cash and cash equivalents $ 28,999 $ 38,798
Accounts receivable 82 227
Prepaid expenses and other current assets 16,678 1,337
Total current assets 45,759 40,362
Property and equipment, net 195,593 64,260
Operating lease right of use asset, net 1,290 1,110
Finance lease right of use asset, net 14,303 5,298
Other Assets 7,012 8,950
TOTAL ASSETS 263,957 119,980
Current Liabilities:    
Accounts payable and accrued liabilities 14,776 13,260
Current portion of operating lease liability 320 191
Current portion of finance lease liability 5,722 813
Current portion of term loan 7,950 1,333
Customer deposits 36,370 9,524
Current deferred revenue 48,692 3,877
Sales and use tax payable 1,630 0
Total current liabilities 115,460 28,998
Deferred tax liability 0 540
Long-term portion of operating lease liability 1,005 936
Long-term portion of finance lease liability 8,334 4,374
Other long-term related party liabilities 1,000 0
Total liabilities 194,278 40,745
Commitments and contingencies
Stockholders’ deficit:    
Common stock, $0.001 par value, 166,666,667 shares authorized, 100,927,358 shares issued and 95,925,630 shares outstanding at May 31, 2023, and 97,837,703 shares issued and 97,801,407 shares outstanding at May 31, 2022 101 98
Treasury stock, 5,001,728 shares at May 31, 2023 and 36,296 shares at May 31, 2022, at cost (62) (62)
Additional paid in capital 160,194 128,293
Accumulated deficit (100,716) (56,070)
Total stockholders’ equity attributable to Applied Digital Corporation 59,517 72,259
Noncontrolling interest 10,162 6,976
Total Stockholders' equity including noncontrolling interest 69,679 79,235
Liabilities and Equity, Total 263,957 119,980
Related Party    
Current Liabilities:    
Long-term portion of term loan 35,257 0
Nonrelated Party    
Current Liabilities:    
Long-term portion of term loan $ 33,222 $ 5,897