Financials

v3.7.0.1
Consolidated Balance Sheets
Feb. 28, 2017
USD ($)
May 31, 2016
USD ($)
Current assets:    
Cash $ 7,795,806 $ 9,641,776
Prepaid expenses 221,830 141,714
Prepaid service fees 4,716,418 1,710,852
Total current assets 12,734,054 11,494,342
Furniture and equipment, net 18,783 24,550
Intangibles, net 2,004,739 2,267,239
Total assets 14,757,576 13,786,131
Current liabilities:    
Accounts payable 5,233,522 2,467,973
Accrued liabilities and salaries 57,896 242,708
Accrued license fee 66,800 870,000
Total current liabilities 5,358,218 3,580,681
Long-term liabilities    
Derivative liability 3,982,400  
Total long-term liabilities 3,982,400  
Total liabilities 9,340,618 3,580,681
Commitments and Contingencies
Stockholders' equity    
Series B convertible preferred stock, $0.001 par value; 400,000 shares authorized, 92,100 and 95,100 shares issued and outstanding at February 28, 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 February 28, 2017 and May 31, 2016, respectively 149,468 123,336
Additional paid-in capital 121,427,465 107,307,933
Accumulated (deficit) (116,160,067) (97,225,914)
Total stockholders' equity 5,416,958 10,205,450
Total liabilities and stockholders' equity $ 14,757,576 $ 13,786,131
v3.7.0.1
Consolidated Statements of Operations - USD ($)
3 Months Ended 9 Months Ended
Feb. 28, 2017
Feb. 29, 2016
Feb. 28, 2017
Feb. 29, 2016
Operating expenses:        
General and administrative $ 1,391,463 $ 2,217,795 $ 4,651,451 $ 4,618,363
Research and development 6,534,423 2,741,051 14,603,532 9,711,360
Amortization and depreciation 91,031 90,191 276,171 270,573
Total operating expenses 8,016,917 5,049,037 19,531,154 14,600,296
Operating loss (8,016,917) (5,049,037) (19,531,154) (14,600,296)
Interest income 3,588 2,202 12,971 2,771
Loss on extinguishment of convertible notes       (584,177)
Change in fair value of derivative liability (26,666)   1,196,800 646,505
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     (540,333)  
Interest related to warrant extensions (72,437)   (72,437)  
Inducement interest       (2,061,600)
Interest on notes payable       (118,709)
Total interest expense (72,437)   (612,770) (4,671,245)
Loss before income taxes (8,112,432) (5,046,835) (18,934,153) (19,206,442)
Provision for taxes on income 0 0 0 0
Net loss $ (8,112,432) $ (5,046,835) $ (18,934,153) $ (19,206,442)
Basic and diluted loss per share $ (0.06) $ (0.05) $ (0.14) $ (0.22)
Basic and diluted weighted average common shares outstanding 142,175,678 104,844,162 134,138,391 86,916,655
v3.7.0.1
Consolidated Statement of Cash Flows - USD ($)
9 Months Ended
Feb. 28, 2017
Feb. 29, 2016
Cash flows from operating activities:    
Net loss $ (18,934,153) $ (19,206,442)
Adjustments to reconcile net loss to net cash used by operating activities:    
Amortization and depreciation 276,171 270,573
Amortization of debt issuance costs   604,625
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 (1,196,800) (646,505)
Loss on extinguishment of convertible notes   584,177
Interest expense associated with debt conversion and exercise inducement   757,611
Interest expense associated with extension of warrant expirations 72,437 866,713
Stock-based compensation 984,772 1,546,383
Changes in current assets and liabilities:    
(Increase) decrease in prepaid expenses (3,085,682) (1,024,967)
(Decrease) increase in accounts payable and accrued expenses 1,777,535 (5,540,840)
Net cash used in operating activities (19,565,387) (19,572,837)
Cash flows from investing activities:    
Furniture and equipment purchases (7,904)  
Net cash used in investing activities (7,904)  
Cash flows from financing activities:    
Proceeds from sale of common stock and warrants 19,133,755 33,268,466
Proceeds from warrant exercises 397,880 94,283
Payment of principal and interest on convertible notes payable   (789,140)
Payment of offering costs (1,804,314) (3,848,664)
Net cash provided by financing activities 17,727,321 28,724,945
Net change in cash (1,845,970) 9,152,108
Cash, beginning of period 9,641,776 1,050,060
Cash, end of period 7,795,806 10,202,168
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