XML 22 R4.htm IDEA: XBRL DOCUMENT v3.25.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Feb. 28, 2025
Feb. 29, 2024
Feb. 28, 2025
Feb. 29, 2024
Revenue:        
Total revenue $ 52,921 $ 43,348 $ 177,493 $ 121,876
Costs and expenses:        
Cost of revenues 49,141 47,061 162,562 102,051
Selling, general and administrative [1] 22,723 30,020 66,852 66,456
Loss/(gain) on classification of held for sale [2] 0 21,723 (24,616) 21,723
Loss on abandonment of assets 0 0 769 0
Loss on legal settlement 0 0 0 2,380
Total costs and expenses 71,864 98,804 205,567 192,610
Operating loss (18,943) (55,456) (28,074) (70,734)
Interest expense, net [3] 8,897 4,770 23,687 9,522
Loss on conversion of debt 0 0 33,612 0
Loss on change in fair value of debt 0 0 85,439 0
Loss on change in fair value of related party debt 0 2,612 0 2,612
Loss on change in fair value of warrants issued 6,421 0 6,421 0
Net loss before income tax expenses (35,438) (62,838) (178,410) (85,221)
Income tax expense 117 0 118 0
Net loss (35,555) (62,838) (178,528) (85,221)
Net loss attributable to noncontrolling interest 0 0 0 (397)
Preferred dividends (540) 0 (1,213) 0
Net loss attributable to common stockholders $ (36,095) $ (62,838) $ (179,741) $ (84,824)
Basic net loss per share attributable to common stockholders (in dollars per share) $ (0.16) $ (0.52) $ (0.93) $ (0.77)
Diluted net loss per share attributable to common stockholders (in dollars per share) $ (0.16) $ (0.52) $ (0.93) $ (0.77)
Basic weighted average number of shares outstanding (in shares) 222,454,578 121,426,622 193,405,721 110,500,556
Diluted weighted average number of shares outstanding (in shares) 222,454,578 121,426,622 193,405,721 110,500,556
Nonrelated Party        
Revenue:        
Total revenue $ 52,921 $ 40,284 $ 175,567 $ 110,993
Costs and expenses:        
Loss on extinguishment of debt 1,177 0 1,177 0
Related Party        
Revenue:        
Total revenue 0 3,064 1,926 10,883
Costs and expenses:        
Selling, general and administrative 100 100 200 500
Loss/(gain) on classification of held for sale   21,700   21,700
Interest expense, net 0 200 0 800
Loss on extinguishment of debt $ 0 $ 0 $ 0 $ 2,353
[1] Includes related party selling, general and administrative expense of $0.1 million and $0.1 million for the three months ended February 28, 2025 and February 29, 2024, respectively, and $0.2 million and $0.5 million for the nine months ended February 28, 2025 and February 29, 2024, respectively. See Note 5 - Related Party Transactions for further discussion of related party transactions.
[2] Includes $25 million received in connection with the sale of our Garden City facility once conditional approval requirements were met and escrowed funds were released during the nine months ended February 28, 2025. The three and nine months ended February 29, 2024 includes $21.7 million loss on classification of held for sale related to the sale of the Garden City facility.
[3] There was no related party debt outstanding during the three and nine months ended February 28, 2025 and as such, no interest expense was incurred related to related party debt. For the three and nine months ended February 29, 2024, amounts include related party interest expense of $0.2 million and $0.8 million, respectively.