Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity

v3.23.3
Stockholders' Equity
 3 Months Ended
Aug. 31, 2023
Stockholders' Equity Note [Abstract]  
Equity [Text Block]

Note 19: Stockholders’ Equity

 

The Company’s authorized capital stock consists of 187,500,000 shares of common stock, par value $0.0001 per share, and 5,000,000 shares of preferred stock, par value $0.001 per share.

 

On September 15, 2022, the Company effected a reverse stock split of its issued and outstanding common stock (“the “Reverse Split”) at a ratio of 1-for-4, whereby four shares of the Company’s common stock issued and outstanding were exchanged for one share. The number of shares of common stock issued and outstanding immediately before the Reverse Split was 290,070,272; the number of shares outstanding immediately after the reverse split was 72,517,570, a decrease of 217,552,702 shares. All share and per-share information in these financial statements have been adjusted to reflect the effects of the Reverse Split. As a result of the split, an additional 576 shares were issued due to rounding.

 

Common stock transactions for the three months ended August 31, 2023

 

None.

 

Common stock transactions for the three months ended August 31, 2022

 

None.

 

The following table summarizes the significant terms of warrants outstanding at August 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

 

 

 

2.04

 

 

$

0.40

 

 

 

20,232,775

 

 

$

0.40

 

$

1.60

 

 

 

191,094

 

 

 

2.04

 

 

$

1.60

 

 

 

191,094

 

 

$

1.60

 

$

1.65

 

 

 

757,580

 

 

 

1.33

 

 

$

1.65

 

 

 

757,580

 

 

$

1.65

 

 

 

 

 

 

21,181,449

 

 

 

2.02

 

 

$

0.46

 

 

 

21,181,449

 

 

$

0.46

 

 

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, 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  

Granted

     -     $ -  

Exercised

     -     $ -  

Cancelled / Expired

     -     $ -  

Warrants outstanding at August 31, 2023

     21,181,449     $ 0.46  

 

Unit Warrants

 

In February and March 2018, in connection with the Westpark offering, the Company issued five-year warrants to purchase 51,310 of the Company’s units at an exercise price of $5.00 per unit. Each unit consists of four shares of common stock and one warrant to purchase a share of common stock for $3.00. These warrants expired in March of 2023.

 

Because the unit warrants are exercisable for Common Stock and warrants, they are not included in the warrant tables above.