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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Nov. 30, 2022
May 31, 2022
Current Assets:    
Cash and cash equivalents $ 18,074 $ 46,299
Accounts receivable 276 227
Prepaid expenses and other current assets 2,397 1,336
Total current assets 20,747 47,862
Property and equipment, net 132,893 64,260
Right of use asset, net 12,353 6,408
Utility deposits 1,450 1,450
TOTAL ASSETS 167,443 119,980
Current Liabilities:    
Accounts payable and accrued liabilities 7,472 13,260
Current portion of lease liability 3,664 1,004
Current portion of term loan 4,122 1,333
Customer deposits 24,689 9,524
Current deferred revenue 29,394 3,877
Sales and use tax payable 865 0
Total current liabilities 70,206 28,998
Deferred tax liability 260 540
Long-term portion of lease liability 8,631 5,310
Long-term term loan 16,376 5,897
Total liabilities 95,473 40,745
Commitments and contingencies
Stockholders' equity (deficit):    
Common stock, $0.001 par value, 166,666,667 shares authorized, 93,982,650 shares issued and 93,946,353 shares outstanding at November 30, 2022, and 97,837,703 shares issued and 97,801,406 shares outstanding at May 31, 2022 94 98
Additional paid in capital 150,695 128,293
Treasury stock, 36,300 shares at November 30, 2022 and May 31, 2022, at cost (62) (62)
Accumulated deficit (87,218) (56,070)
Total stockholders’ equity attributable to Applied Digital Corporation 63,509 72,259
Noncontrolling interest 8,461 6,976
Total Stockholders' equity (deficit) including noncontrolling interest 71,970 79,235
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT $ 167,443 $ 119,980