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Income Taxes (Tables)

12 Months Ended

May 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense for the fiscal years ended May 31, 2024 and 2023 consisted of the following (in thousands):

			May 31, 2024						May 31, 2023
Current expense (benefit)
Federal			$	—					$	—
Foreign			—						—
State			96						18
Total current expense			96						18
Deferred expense (benefit)
Federal			—						(540)
Foreign			—						—
State			—						—
Total deferred (benefit) expense			—						(540)
Total income tax (benefit) expense			$	96					$	(523)

Schedule of Effective Income Tax Rate Reconciliation

The following table reconciles the statutory rate to our effective tax rate for the fiscal years ended May 31, 2024 and 2023:

			May 31, 2024						May 31, 2023
Expected income tax rate at the U.S. statutory rate			21.0		%				21.0		%
Stock-based compensation			2.0		%				(6.0)		%
State income taxes, net of federal tax benefit			(0.1)		%				—		%
Convertible debt instruments			(2.1)		%				—		%
Change in valuation allowance			(19.8)		%				(13.0)		%
Other, net			(1.1)		%				(0.8)		%
Effective income tax rate			(0.1)		%				1.2		%

Schedule of Deferred Tax Assets and Liabilities

The primary components of the temporary differences that gave rise to the Company's deferred tax assets and liabilities for the fiscal years ended May 31, 2024 and 2023 are as follows (in thousands):

			May 31, 2024						May 31, 2023
Deferred tax assets:
Net operating loss			$	42,810					$	15,137
Stock-based compensation			2,758						3,068
Capitalized research and development			4,039						897
Interest expense			4,854						—
Convertible debt instruments			3,101						—
Lease liability			29,508						1,875
Other			662						360
Deferred tax assets, gross			87,732						21,337
Less: valuation allowance			(47,005)						(15,697)
Total deferred tax assets, net			40,727						5,640
Deferred tax liabilities:
Property and equipment			(6,202)						(3,712)
Right of use assets			(34,525)						(1,929)
Other			—						—
Total deferred tax liability, net			(40,727)						(5,640)
Net deferred tax asset			$	—					$	—

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
-Publisher FASB
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 2
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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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