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Fair Value Measurements (Tables)

12 Months Ended

May 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Financial Instruments on Recurring Basis

Fair value of financial instruments is determined on a recurring basis, which results are summarized as follows (in thousands):

May 31, 2024

Debt instrument

Fair Value Hierarchy

Outstanding Principal

Fair Value

Yorkville convertible debt

Level 2

$

76,132

$

80,243

Schedule of Outstanding Principal and Estimated Fair Values of Debt Instruments

Outstanding Principal as of May 31, 2024 (in thousands)			$	76,132
Conversion price			$	4.01
Number of shares to be issued			18,969,939
Stock price on May 31, 2024			$	4.23
Fair Value as of May 31, 2024 (in thousands)			$	80,243

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- References

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- Definition

Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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- Definition

Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements.

+ References

No definition available.

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