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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
May 26, 2024
May 28, 2023
Current Assets:    
Cash and cash equivalents $ 8,462 $ 19,091
Accounts receivable, less allowance for credit losses 31,153 29,024
Inventories, net 39,979 40,841
Prepaid expenses and other current assets 1,439 4,919
Total Current Assets 81,033 93,875
Property and equipment, net 148,598 134,390
Operating lease right-of-use assets 2,442 4,282
Goodwill 13,881 13,881
Intangible assets 4,200 4,200
Other long-term assets 3,806 2,917
Total Assets 253,960 253,545
Current Liabilities:    
Accounts payable 16,334 22,097
Accrued compensation 5,533 4,145
Other accrued liabilities 9,986 7,142
Current portion of lease liabilities 4,133 1,270
Current portion of long-term debt, net, related party 773 580
Total Current Liabilities 38,872 39,289
Long-term debt, less current portion, net, related party 100,819 84,256
Revolving credit facility 19,691 16,809
Debt derivative liability, related party 25,400 64,900
Long-term lease liabilities, less current portion 4,944 9,709
Deferred taxes, net 543 380
Deferred revenues, less current portion, related party 4,703 2,940
Other non-current liabilities 5,086 174
Total Liabilities 200,058 218,457
Commitments and Contingencies, see Note 9
Series A Convertible Preferred stock, $0.001 par value; 2,000 shares authorized; 42 and 39 shares issued and outstanding at May 26, 2024 and May 28, 2023, respectively 42,587 39,318
Stockholders’ Equity (Deficit):    
Common stock, $0.001 par value; 50,000 shares authorized; 30,563 and 30,322 shares issued and outstanding at May 26, 2024 and May 28, 2023, respectively 30 30
Additional paid-in capital 177,808 174,276
Accumulated deficit (166,523) (178,536)
Total Stockholders’ Equity (Deficit) 11,315 (4,230)
Total Liabilities, Convertible Preferred Stock and Stockholders’ Equity (Deficit) 253,960 253,545
Nonrelated Party    
Current Assets:    
Accounts receivable, less allowance for credit losses 20,343 19,907
Current Liabilities:    
Deferred revenues 1,088 552
Related Party    
Current Assets:    
Accounts receivable, less allowance for credit losses 10,810 9,117
Current Liabilities:    
Deferred revenues 1,025 3,503
Deferred revenues, less current portion, related party $ 4,700 $ 2,900