XML 13 R2.htm IDEA: XBRL DOCUMENT v3.24.2.u1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Nov. 26, 2023
May 28, 2023
Current Assets:    
Cash $ 3,221 $ 19,091
Inventories, net 41,446 40,841
Prepaid expenses and other current assets 1,845 4,919
Total Current Assets 76,714 93,875
Property and equipment, net 142,913 134,390
Operating lease right-of-use assets 4,036 4,282
Goodwill 13,881 13,881
Intangible assets 4,200 4,200
Other long-term assets 4,072 2,917
Total Assets 245,816 253,545
Current Liabilities:    
Accounts payable 19,023 22,097
Accrued compensation 3,354 4,145
Other accrued liabilities 7,657 7,142
Current portion of lease liabilities 1,193 1,270
Deferred revenues 8,300 4,100
Current portion of long-term debt, net, related party 773 580
Total Current Liabilities 40,254 39,289
Long-term debt, less current portion, net, related party 92,085 84,256
Revolving credit facility 16,878 16,809
Debt derivative liability, related party 44,000 64,900
Long-term lease liabilities, less current portion 9,334 9,709
Deferred taxes, net 416 380
Deferred revenues, less current portion, related party 321  
Other non-current liabilities 183 174
Total Liabilities 203,471 218,457
Commitments and Contingencies, see Note 1
Convertible Preferred Stock, $0.001 par value; 2,000 shares authorized; 41 and 39 shares issued and outstanding at November 26, 2023 and May 28, 2023, respectively 40,924 39,318
Stockholders’ Deficit:    
Common Stock, $0.001 par value; 50,000 shares authorized; 30,459 and 30,322 shares issued and outstanding at November 26, 2023 and May 28, 2023, respectively 30 30
Additional paid-in capital 176,463 174,276
Accumulated deficit (175,072) (178,536)
Total Stockholders’ Deficit 1,421 (4,230)
Total Liabilities, Convertible Preferred Stock, and Stockholders’ Deficit 245,816 253,545
Nonrelated Party    
Current Assets:    
Accounts receivable, less allowance for credit losses 19,431 19,907
Current Liabilities:    
Deferred revenues 973 552
Deferred revenues, less current portion, related party   2,900
Related Party    
Current Assets:    
Accounts receivable, less allowance for credit losses 10,771 9,117
Current Liabilities:    
Deferred revenues $ 7,281 3,503
Deferred revenues, less current portion, related party   $ 2,940