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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Aug. 25, 2024
May 26, 2024
Current Assets:    
Cash $ 5,520 $ 8,462
Accounts receivable, less allowance for credit losses 25,145 31,153
Inventories, net 41,642 39,979
Prepaid expenses and other current assets 1,876 1,439
Total Current Assets 74,183 81,033
Property, plant, and equipment, net 148,756 148,598
Operating lease right-of-use assets 2,373 2,442
Goodwill 13,881 13,881
Intangible assets, net 4,200 4,200
Other long-term assets 3,431 3,806
Total Assets 246,824 253,960
Current Liabilities:    
Accounts payable 18,010 16,334
Accrued compensation 5,565 5,533
Other accrued liabilities 11,380 9,986
Current portion of lease liabilities 4,141 4,133
Current portion of long-term debt, net, related party 773 773
Total Current Liabilities 40,523 38,872
Long-term debt, less current portion, net, related party 105,545 100,819
Revolving credit facility 21,605 19,691
Debt derivative liability, related party 24,500 25,400
Long-term lease liabilities, less current portion 4,800 4,944
Deferred taxes, net 443 543
Deferred revenues, less current portion, related party 4,791 4,703
Other non-current liabilities 5,114 5,086
Total Liabilities 207,321 200,058
Commitments and Contingencies, see Note 15
Convertible Preferred Stock, $0.001 par value; 2,000,000 shares authorized; 43,257 and 42,461 shares issued and outstanding at August 25, 2024 and May 26, 2024, respectively 43,441 42,587
Shareholders’ Equity:    
Common Stock, $0.001 par value; 75,000,000 and 50,000,000 shares authorized; 30,898,255 and 30,562,961 shares issued and outstanding at August 25, 2024 and May 26, 2024, respectively 31 30
Additional paid-in capital 178,784 177,808
Accumulated deficit (182,753) (166,523)
Total Shareholders’ (Deficit) Equity (3,938) 11,315
Total Liabilities, Convertible Preferred Stock, and Shareholders’ Equity $ 246,824 $ 253,960
Common stock, shares authorized (in shares) 75,000,000 50,000,000
Nonrelated party    
Current Assets:    
Accounts receivable, less allowance for credit losses $ 17,674 $ 20,343
Current Liabilities:    
Deferred revenues 339 1,088
Related party    
Current Assets:    
Accounts receivable, less allowance for credit losses 7,471 10,810
Current Liabilities:    
Deferred revenues 315 1,025
Deferred revenues, less current portion, related party $ 4,791 $ 4,703