Financials

v3.7.0.1
Consolidated Balance Sheets - USD ($)
May 31, 2017
May 31, 2016
Current assets:    
Cash $ 1,775,583 $ 9,641,776
Prepaid expenses 207,314 141,714
Prepaid service fees 4,138,041 1,710,852
Total current assets 6,120,938 11,494,342
Furniture and equipment, net 17,281 24,550
Intangibles, net 1,917,219 2,267,239
Total assets 8,055,438 13,786,131
Current liabilities:    
Accounts payable 4,281,204 2,467,973
Accrued liabilities and salaries 637,190 242,708
Accrued license fee 167,000 870,000
Convertible notes payable, net 1,058,611  
Total current liabilities 6,144,005 3,580,681
Long-term liabilities:    
Derivative liability 3,014,667  
Total long-term liabilities 3,014,667  
Total liabilities 9,158,672 3,580,681
Commitments and Contingencies
Stockholders' (Deficit) Equity    
Series B convertible preferred stock, $0.001 par value; 400,000 shares authorized, 92,100 and 95,100 shares issued and outstanding at May 31, 2017 and May 31, 2016, respectively 92 95
Common stock, $0.001 par value; 350,000,000 and 250,000,000 shares authorized, 149,468,244 and 123,335,634 issued and outstanding at May 31, 2017 and May 31, 2016, respectively 149,468 123,336
Additional paid-in capital 121,736,921 107,307,933
Accumulated (deficit) (122,989,715) (97,225,914)
Total stockholders' (deficit) equity (1,103,234) 10,205,450
Total liabilities and stockholders' (deficit) equity $ 8,055,438 $ 13,786,131
v3.7.0.1
Consolidated Statement of Operations - USD ($)
12 Months Ended
May 31, 2017
May 31, 2016
Operating expenses:    
General and administrative $ 6,758,606 $ 7,082,475
Research and development 20,205,743 13,731,426
Amortization and depreciation 366,385 361,610
Total operating expenses 27,330,734 21,175,511
Operating loss (27,330,734) (21,175,511)
Interest income 15,167 7,918
Gain on settlement of accounts payable   72,898
Loss on extinguishment of convertible notes   (584,177)
Change in fair value of derivative liability 2,164,533 646,505
Interest expense:    
Amortization of discount on convertible notes   (1,791,967)
Amortization of debt issuance costs   (604,625)
Amortization of discount on related party convertible notes   (94,344)
Interest related to derivative liability (540,330)  
Interest related to warrant extensions (72,437) (866,713)
Inducement interest   (1,194,887)
Interest on notes payable   (118,709)
Total interest expense (612,767) (4,671,245)
Loss before income taxes (25,763,801) (25,703,612)
Provision for taxes on income 0 0
Net loss $ (25,763,801) $ (25,703,612)
Basic and diluted loss per share $ (0.19) $ (0.27)
Basic and diluted weighted average common shares outstanding 138,004,461 95,437,594
v3.7.0.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
May 31, 2017
May 31, 2016
Cash flows from operating activities:    
Net loss $ (25,763,801) $ (25,703,612)
Adjustments to reconcile net loss to net cash used by operating activities:    
Amortization and depreciation 366,385 361,610
Amortization of debt issuance costs   604,625
Amortization of discount on convertible notes   1,791,967
Amortization of discount on related party notes   94,344
Interest expense associated with derivative liability 540,330  
Gain on extinguishment of accounts payable   72,898
Change in fair value of derivative liability (2,164,533) (646,505)
Loss on extinguishment of convertible notes   584,177
Inducement interest expense 72,437 1,954,108
Stock-based compensation 1,204,791 2,353,194
Changes in current assets and liabilities:    
(Increase) decrease in prepaid expenses (2,492,789) (864,817)
(Decrease) increase in accounts payable and accrued expenses 1,504,712 (5,412,640)
Net cash used in operating activities (26,732,468) (24,810,651)
Cash flows from investing activities:    
Furniture and equipment purchases (11,114) (11,949)
Net cash used in investing activities (11,114) (11,949)
Cash flows from financing activities:    
Proceeds from sale of common stock and warrants 19,133,755 37,569,964
Proceeds from warrant exercises 397,883 548,619
Proceeds from convertible notes payable 1,150,000  
Payment of principal and interest on convertible notes payable   (789,140)
Payment of offering costs (1,804,249) (3,915,127)
Net cash provided by financing activities 18,877,389 33,414,316
Net change in cash (7,866,193) 8,591,716
Cash, beginning of period 9,641,776 1,050,060
Cash, end of period 1,775,583 9,641,776
Cash paid during the period for:    
Interest   26,890
Non-cash investing and financing transactions:    
Common stock issued upon conversion of convertible debt   7,947,342
Common stock issued or to be issued for accrued interest payable   143,479
Accounts payable extinguished through settlements   $ 72,898
Financing costs associated with investor warrants 819,200  
Debt discount associated with convertible notes payable 91,389  
Derivative liability associated with certain warrants $ 5,179,200