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Consolidated Balance Sheets - USD ($)
$ in Thousands
May 31, 2024
May 31, 2023
Current assets:    
Cash and cash equivalents $ 3,339 $ 28,999
Restricted cash 21,349 14,575
Accounts receivable 3,847 82
Prepaid expenses and other current assets 1,343 2,012
Current assets held for sale 384 0
Total current assets 30,262 45,668
Property and equipment, net 340,381 198,151
Operating lease right of use assets, net 153,611 1,290
Finance lease right of use assets, net 218,683 14,303
Other assets 19,930 4,545
TOTAL ASSETS 762,867 263,957
Current liabilities:    
Accounts payable 116,117 6,446
Accrued liabilities 26,282 9,960
Current portion of operating lease liability 21,705 320
Current portion of finance lease liability 107,683 5,722
Current portion of debt 10,082 7,950
Current portion of debt, at fair value 35,836 0
Due to customer 13,002 0
Other current liabilities 96 0
Total current liabilities 385,537 115,460
Long-term portion of operating lease liability 109,740 1,005
Long-term portion of finance lease liability 63,288 8,334
Other long-term related party liabilities 0 1,000
Total liabilities 638,037 194,278
Commitments and contingencies
Stockholders' equity:    
Common stock, $0.001 par value, 166,666,667 shares authorized, 144,083,944 shares issued and 139,051,142 shares outstanding at May 31, 2024, and 100,927,358 shares issued and 95,925,630 shares outstanding at May 31, 2023 144 101
Treasury stock, 5,032,802 shares at May 31, 2024 and 5,001,728 shares at May 31, 2023, at cost (62) (62)
Additional paid in capital 374,738 160,194
Accumulated deficit (249,990) (100,716)
Total stockholders’ equity attributable to Applied Digital Corporation 124,830 59,517
Noncontrolling interest 0 10,162
Total stockholders' equity including noncontrolling interest 124,830 69,679
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 762,867 263,957
Nonrelated Party    
Current liabilities:    
Customer deposits 13,819 32,560
Deferred revenue 37,674 47,168
Long-term debt 79,472 33,222
Related Party    
Current liabilities:    
Customer deposits 1,549 3,810
Deferred revenue 1,692 1,524
Long-term debt $ 0 $ 35,257