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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Nov. 24, 2024
May 26, 2024
Current Assets:    
Cash and cash equivalents $ 9,455 $ 8,462
Accounts receivable, less allowance for credit losses 30,303 31,153
Inventories, net 39,214 39,979
Prepaid expenses and other current assets 2,886 1,439
Total Current Assets 81,858 81,033
Property, plant, and equipment, net 150,576 149,165
Operating lease right-of-use assets 2,304 2,442
Goodwill 13,881 13,881
Intangible assets, net 4,200 4,200
Other long-term assets 2,567 3,239
Total Assets 255,386 253,960
Current Liabilities:    
Accounts payable 14,967 16,334
Accrued compensation 4,631 6,165
Other accrued liabilities 9,866 9,354
Current portion of lease liabilities 4,116 4,133
Current portion of long-term debt, related party 773 773
Total Current Liabilities 35,290 38,872
Long-term debt, less current portion, net, related party 110,528 100,819
Revolving credit facility 8,500 19,691
Debt derivative liability, related party 23,300 25,400
Long-term lease liabilities, less current portion 7,423 4,944
Deferred taxes, net 552 543
Deferred revenues, less current portion, related party 4,880 4,703
Other non-current liabilities 5,153 5,086
Total Liabilities 195,626 200,058
Commitments and Contingencies, see Note 15
Convertible Preferred Stock, $0.001 par value; 2,000,000 shares authorized; 44,068 and 42,461 shares issued and outstanding, redemption value $44,619 and $42,991 44,311 42,587
Stockholders’ Equity:    
Common Stock, $0.001 par value; 75,000,000 and 50,000,000 shares authorized; 36,980,790 and 30,562,961 shares issued and outstanding 37 30
Additional paid-in capital 206,868 177,808
Accumulated deficit (191,456) (166,523)
Total Stockholders’ Equity 15,449 11,315
Total Liabilities, Convertible Preferred Stock, and Stockholders’ Equity 255,386 253,960
Nonrelated party    
Current Assets:    
Accounts receivable, less allowance for credit losses 20,177 20,343
Current Liabilities:    
Deferred revenues 426 1,088
Related party    
Current Assets:    
Accounts receivable, less allowance for credit losses 10,126 10,810
Current Liabilities:    
Deferred revenues 511 1,025
Deferred revenues, less current portion, related party $ 4,880 $ 4,703