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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Feb. 25, 2024
May 28, 2023
Current Assets:    
Cash $ 3,073 $ 19,091
Inventories, net 39,670 40,841
Prepaid expenses and other current assets 1,969 4,919
Total Current Assets 76,157 93,875
Property and equipment, net 145,367 134,390
Operating lease right-of-use assets 2,510 4,282
Goodwill 13,881 13,881
Intangible assets 4,200 4,200
Other long-term assets 4,126 2,917
Total Assets 246,241 253,545
Current Liabilities:    
Accounts payable 15,685 22,097
Accrued compensation 4,070 4,145
Other accrued liabilities 8,892 7,142
Current portion of lease liabilities 4,159 1,270
Deferred revenues 3,200 4,100
Current portion of long-term debt, net, related party 773 580
Total Current Liabilities 36,810 39,289
Long-term debt, less current portion, net, related party 96,336 84,256
Revolving credit facility 19,913 16,809
Debt derivative liability, related party 23,000 64,900
Long-term lease liabilities, less current portion 5,088 9,709
Deferred taxes, net 607 380
Deferred revenues, less current portion, related party   2,900
Other non-current liabilities 5,053 174
Total Liabilities 186,807 218,457
Commitments and Contingencies, see Note 1
Convertible Preferred Stock, $0.001 par value; 2,000 shares authorized; 42 and 39 shares issued and outstanding at February 25, 2024 and May 28, 2023, respectively 41,748 39,318
Stockholders’ Deficit:    
Common Stock, $0.001 par value; 50,000 shares authorized; 30,547 and 30,322 shares issued and outstanding at February 25, 2024 and May 28, 2023, respectively 30 30
Additional paid-in capital 177,096 174,276
Accumulated deficit (159,440) (178,536)
Total Stockholders’ Deficit 17,686 (4,230)
Total Liabilities, Convertible Preferred Stock, and Stockholders’ Deficit 246,241 253,545
Nonrelated Party    
Current Assets:    
Accounts receivable, less allowance for credit losses 19,427 19,907
Current Liabilities:    
Deferred revenues 839 552
Related Party    
Current Assets:    
Accounts receivable, less allowance for credit losses 12,018 9,117
Current Liabilities:    
Deferred revenues 2,392 3,503
Deferred revenues, less current portion, related party $ 0 $ 2,940