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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Feb. 28, 2023
May 31, 2022
Current Assets:    
Cash and cash equivalents $ 22,921 $ 46,299
Accounts receivable 82 227
Prepaid expenses and other current assets 1,387 1,336
Total current assets 24,390 47,862
Property and equipment, net 167,276 64,260
Right of use asset, net 12,911 6,408
Other Assets 3,030 1,450
TOTAL ASSETS 207,607 119,980
Current Liabilities:    
Accounts payable and accrued liabilities 14,000 13,260
Current portion of lease liability 4,193 1,004
Current portion of term loan 4,855 1,333
Customer deposits 36,370 9,524
Current deferred revenue 47,619 3,877
Sales and use tax payable 1,563 0
Total current liabilities 108,600 28,998
Deferred tax liability 260 540
Long-term portion of lease liability 8,490 5,310
Long-term term loan 18,862 5,897
Total liabilities 136,212 40,745
Commitments and contingencies
Stockholders' equity:    
Common stock, $0.001 par value, 166,666,667 shares authorized, 99,471,127 shares issued and 94,469,399 shares outstanding at February 28, 2023, and 97,837,702 shares issued and 97,801,406 shares outstanding at May 31, 2022 100 98
Treasury stock, 5,001,728 shares at February 28, 2023 and 36,296 shares at May 31, 2022, at cost (62) (62)
Additional paid in capital 155,055 128,293
Accumulated deficit (94,243) (56,070)
Total stockholders’ equity attributable to Applied Digital Corporation 60,850 72,259
Noncontrolling interest 10,545 6,976
Total Stockholders' equity including noncontrolling interest 71,395 79,235
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT $ 207,607 $ 119,980