Annual report pursuant to Section 13 and 15(d)

STOCKHOLDERS' EQUITY (Tables)

v3.23.2
STOCKHOLDERS' EQUITY (Tables)
12 Months Ended
May 31, 2023
Stockholders' Equity Note [Abstract]  
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block] The amendments to the Canaccord Debentures and the U.S. Convertible Debenture were accounted for pursuant to Statement of Financial Accounting Standard ASC 820-10-35-37, Fair Value of Financial Instruments (“FAS 820”) and Statement of Financial Accounting Standards 815,  Accounting for Derivative Instruments and Hedging Activities (“FAS 815”).  The fair values of the warrants and conversion options were determined using a lattice model based on probability-weighted scenarios and future projections.  The following assumptions were used in valuing the Canaccord Debentures and the U.S. Convertible Debentures:
   

Valuation Date

 

Volatility

   

Risk-Free Rate

   

High-Yield Cash

Rate (less RFR)

   

Stock Price

   

Term Remaining (Years)

 

Canaccord Debentures – Pre-Mod

 

9/15/2022

    164.5

%

    3.54

%

    11.03

%

  $ 0.28       0.24  

Canaccord Debentures – Post-Mod

 

9/15/2022

    125.2

%

    3.57

%

    11.03

%

  $ 0.28       2.29  

U.S. Capital Debenture – Pre-Mod

 

9/15/2022

    143.8

%

    3.54

%

    11.03

%

  $ 0.28       0.13  

U.S. Capital Debentures – Post-Mod

 

9/15/2022

    125.2

%

    3.57

%

    11.03

%

  $ 0.28       2.29  
Share-Based Payment Arrangement, Option, Exercise Price Range [Table Text Block] The following table summarizes the significant terms of warrants outstanding at May 31, 2023. This table does not include the unit warrants. See Unit Warrants section below.

Range of

exercise

Prices

 

 

Number of

warrants

Outstanding

 

 

Weighted

average

remaining

contractual

life (years)

 

 

Weighted

average

exercise

price of

outstanding

Warrants

 

 

Number of

warrants

Exercisable

 

 

Weighted

average

exercise

price of

exercisable

Warrants

 

$

0.40

 

 

 

20,232,775

 

 

 

2.30

 

 

$

0.40

 

 

 

20,232,775

 

 

$

0.40

 

 

1.60

     

191,094

     

2.30

     

1.60

     

191,094

     

1.60

 

 

1.65

 

 

 

757,580

 

 

 

1.58

 

 

 

1.65

 

 

 

757,580

 

 

 

1.65

 

 

 

 

 

 

21,181,449

 

 

 

2.27

 

 

$

0.46

 

 

 

21,181,449

 

 

$

0.46

 

Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] Transactions involving warrants are summarized as follows. This table does not include the unit warrants. See Unit Warrants section below.
   

Number of

Shares

   

Weighted

Average

Exercise

Price

 

Warrants outstanding at May 31, 2021

    13,499,411     $ 2.12  

Granted

    874,666     $ 1.65  

Exercised

    -     $ -  

Cancelled / Expired

    (12,644,153

)

  $ 2.09  

Warrants outstanding at May 31, 2022

    1,729,924     $ 1.98  

Granted

    20,232,775     $ 0.40  

Exercised

    -     $ -  

Cancelled / Expired

    (781,250

)

  $ 0.60  

Warrants outstanding at May 31, 2023

    21,181,449     $ 0.46