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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Aug. 31, 2024
May 31, 2024
Current assets:    
Cash and cash equivalents $ 58,215 $ 3,339
Restricted cash 21,342 21,349
Accounts receivable 2,298 3,847
Prepaid expenses and other current assets 2,063 1,343
Current assets held for sale 192 384
Total current assets 84,110 30,262
Property and equipment, net 478,249 340,381
Operating lease right of use assets, net 147,148 153,611
Finance lease right of use assets, net 200,649 218,683
Other assets 27,576 19,930
TOTAL ASSETS 937,732 762,867
Current liabilities:    
Accounts payable 140,264 116,117
Accrued liabilities 26,723 26,282
Current portion of operating lease liability 22,393 21,705
Current portion of finance lease liability 112,079 107,683
Current portion of debt 6,892 10,082
Current portion of debt, at fair value 30,464 35,836
Due to customer 17,211 13,002
Other current liabilities 96 96
Total current liabilities 386,665 385,537
Long-term portion of operating lease liability 103,871 109,740
Long-term portion of finance lease liability 43,841 63,288
Total liabilities 640,604 638,037
Commitments and contingencies (Note 11)
Stockholders' equity:    
Common stock, $0.001 par value, 300,000,000 shares authorized, 162,471,048 shares issued and 157,438,246 shares outstanding at August 31, 2024, and 144,083,944 shares issued and 139,051,142 shares outstanding at May 31, 2024 162 144
Treasury stock, 5,032,802 shares at August 31, 2024 and 5,032,802 shares at May 31, 2024, at cost (62) (62)
Additional paid in capital 496,027 374,738
Accumulated deficit (254,281) (249,990)
Total stockholders’ equity attributable to Applied Digital Corporation 241,846 124,830
TOTAL LIABILITIES, TEMPORARY EQUITY AND SHAREHOLDERS' EQUITY 937,732 762,867
Series E Preferred Stock    
Current liabilities:    
Preferred stock 6,932 0
Series F Preferred Stock    
Current liabilities:    
Preferred stock 48,350 0
Nonrelated Party    
Current liabilities:    
Customer deposits 13,676 13,819
Deferred revenue 16,867 37,674
Long-term debt 106,227 79,472
Related Party    
Current liabilities:    
Customer deposits 0 1,549
Deferred revenue $ 0 $ 1,692