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Warrants (Tables) | 12 Months Ended
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May 31, 2025
Warrants and Rights Note Disclosure [Abstract] |
Summary of Warrant Activity | A summary of warrant activity for the year ended May 31, 2025 is presented below:
|  | Warrants |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contractual Life (Years)
Outstanding at June 1, 2024 |  | 3,000,000 |  |  | $ | 8.75 |  |  | 4.90
Granted |  | 24,363,084 |  |  | 6.41 |  | 7.40
Forfeited |  | — |  |  | — |  |  | — |
Exercised |  | (9,265,366) |  |  | 4.80 |  | — |
Outstanding at May 31, 2025 |  | 18,097,718 |  |  | $ | 7.63 |  |  | 8.52
Schedule of Estimated Fair Value of Significant Inputs | The estimated fair value of the CIM Warrants was based on the following significant inputs:
| Initial Warrants |  | Additional Warrants
Warrant issue date | June 17, 2024 |  | August 11, 2024
Contractual term | 5 years |  | 5 years
Volatility | 105 | % |  | 110 | %
Risk-free rate | 4.25 | % |  | 3.76 | %
Dividend yield | — | % |  | — | %
The estimated fair value of the Macquarie Warrants was based on the following significant inputs:
| Macquarie Warrants
Contractual term | 5.5 years
Volatility | 95 | %
Risk-free rate | 4.08 | %
Dividend yield | — | %
The estimated fair value of the STB Warrant was based on the following significant inputs:
| STB Warrant
Contractual term | 7 years
Volatility | 95 | %
Risk-free rate | 4.15 | %
Dividend yield | — | %
The estimated fair value of the CoreWeave Warrant was based on the following significant inputs:
| CoreWeave Warrant
Contractual term | 10 years
Volatility | 98 | %
Risk-free rate | 4.42 | %
Dividend yield | — | %

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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-3 + Details
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