Financials

v3.6.0.2
Consolidated Balance Sheets
Nov. 30, 2016
USD ($)
May 31, 2016
USD ($)
Current assets:    
Cash $ 8,811,237 $ 9,641,776
Prepaid expenses 338,912 141,714
Prepaid service fees 4,413,312 1,710,852
Total current assets 13,563,461 11,494,342
Furniture and equipment, net 17,892 24,550
Intangibles, net 2,092,239 2,267,239
Total assets 15,673,592 13,786,131
Current liabilities:    
Accounts payable 5,902,621 2,467,973
Accrued liabilities and salaries 58,125 242,708
Accrued license fee 380,500 870,000
Total current liabilities 6,341,246 3,580,681
Long-term liabilities    
Derivative liability 3,955,734  
Total long-term liabilities 3,955,734  
Total liabilities 10,296,980 3,580,681
Commitments and Contingencies
Stockholders' equity    
Series B convertible preferred stock, $0.001 par value; 400,000 shares authorized, 95,100 shares issued and outstanding at November 30, 2016 and May 31, 2016, respectively 95 95
Common stock, $0.001 par value; 350,000,000 and 250,000,000 shares authorized, 138,221,982 and 123,335,634 issued and outstanding at November 30, 2016 and May 31, 2016, respectively 138,222 123,336
Additional paid-in capital 113,285,930 107,307,933
Accumulated (deficit) (108,047,635) (97,225,914)
Total stockholders' equity 5,376,612 10,205,450
Total liabilities and stockholders' equity $ 15,673,592 $ 13,786,131
v3.6.0.2
Consolidated Statements of Operations - USD ($)
3 Months Ended 6 Months Ended
Nov. 30, 2016
Nov. 30, 2015
Nov. 30, 2016
Nov. 30, 2015
Operating expenses:        
General and administrative $ 1,679,925 $ 1,142,519 $ 3,259,988 $ 2,400,568
Research and development 4,383,636 1,661,069 8,069,109 6,970,309
Amortization and depreciation 92,556 90,191 185,140 180,382
Total operating expenses 6,156,117 2,893,779 11,514,237 9,551,259
Operating loss (6,156,117) (2,893,779) (11,514,237) (9,551,259)
Interest income 5,648 211 9,383 569
Loss on extinguishment of convertible notes       (584,177)
Change in fair value of derivative liability 1,223,466   1,223,466 646,505
Interest expense:        
Amortization of discount on convertible notes   (1,114,901)   (2,121,491)
Amortization of debt issuance costs   (362,038)   (712,377)
Amortization of discount on related party convertible notes       (94,344)
Interest related to derivative liability (540,333)   (540,333)  
Inducement interest   (866,713)   (1,624,324)
Interest on notes payable   (27,373)   (118,709)
Total interest expense (540,333) (2,371,025) (540,333) (4,671,245)
Loss before income taxes (5,467,336) (5,264,593) (10,821,721) (14,159,607)
Provision for taxes on income 0 0 0 0
Net loss $ (5,467,336) $ (5,264,593) $ (10,821,721) $ (14,159,607)
Basic and diluted loss per share $ (0.04) $ (0.06) $ (0.08) $ (0.18)
Basic and diluted weighted average common shares outstanding 136,023,544 84,089,964 130,185,627 78,003,528
v3.6.0.2
Consolidated Statement of Cash Flows - USD ($)
6 Months Ended
Nov. 30, 2016
Nov. 30, 2015
Cash flows from operating activities:    
Net loss $ (10,821,721) $ (14,159,607)
Adjustments to reconcile net loss to net cash used by operating activities:    
Amortization and depreciation 185,140 180,382
Amortization of debt issuance costs   604,628
Amortization of discount on convertible notes   2,121,491
Amortization of discount on related party notes   94,344
Interest expense associated with derivative liability 540,333  
Change in fair value of derivative liability (1,223,466) (646,505)
Loss on extinguishment of convertible notes   584,177
Interest expense associated with conversion and exercise inducement   757,611
Interest expense associated with extension of warrant expiration   866,713
Stock-based compensation 687,634 590,661
Changes in current assets and liabilities:    
(Increase) decrease in prepaid expenses (2,899,658) 139,857
(Decrease) increase in accounts payable and accrued expenses 2,760,563 350,119
Net cash used in operating activities (10,771,175) (8,516,129)
Cash flows from investing activities:    
Furniture and equipment purchases (3,480)  
Net cash used in investing activities (3,480)  
Cash flows from financing activities:    
Proceeds from sale of common stock and warrants 10,729,500 12,941,248
Proceeds from warrant exercises 397,880  
Payment of principal and interest on convertible notes payable   (789,140)
Payment of offering costs (1,183,264) (1,433,569)
Net cash provided by financing activities 9,944,116 10,718,539
Net change in cash (830,539) 2,202,410
Cash, beginning of period 9,641,776 1,050,060
Cash, end of period 8,811,237 3,252,470
Cash paid during the period for:    
Interest   26,890
Non-cash investing and financing transactions:    
Common stock issued upon conversion of convertible debt and extinguishment of derivative liability   7,947,342
Common stock issued or to be issued for accrued interest payable   $ 143,479
Derivative liability associated with warrants $ 5,179,200