Financials

v3.8.0.1
Consolidated Balance Sheets
Aug. 31, 2017
USD ($)
May 31, 2017
USD ($)
Current assets:    
Cash $ 946,247 $ 1,775,583
Prepaid expenses 181,042 207,314
Prepaid service fees 3,154,865 4,138,041
Total current assets 4,282,154 6,120,938
Furniture and equipment, net 15,653 17,281
Intangibles, net 1,829,700 1,917,219
Total assets 6,127,507 8,055,438
Current liabilities:    
Accounts payable 5,670,046 4,281,204
Accrued liabilities and compensation 675,995 637,190
Accrued license fees 267,200 167,000
Convertible notes payable, net 4,494,726 1,058,611
Total current liabilities 11,107,967 6,144,005
Long-term liabilities:    
Derivative liability 3,377,333 3,014,667
Total long-term liabilities 3,377,333 3,014,667
Total liabilities 14,485,300 9,158,672
Commitments and Contingencies
Stockholders' (Deficit) Equity    
Series B convertible preferred stock, $0.001 par value; 400,000 shares authorized, 92,100 shares issued and outstanding at August 31, 2017 and May 31, 2017, respectively 92 92
Common stock, $0.001 par value; 350,000,000 shares authorized, 152,763,243 and 149,468,244 issued and outstanding at August 31, 2017 and May 31, 2017, respectively 152,763 149,468
Additional paid-in capital 126,107,341 121,736,921
Accumulated (deficit) (134,617,989) (122,989,715)
Total stockholders' (deficit) (8,357,793) (1,103,234)
Total liabilities and stockholders' (deficit) equity $ 6,127,507 $ 8,055,438
v3.8.0.1
Consolidated Statements of Operations - USD ($)
3 Months Ended
Aug. 31, 2017
Aug. 31, 2016
Operating expenses:    
General and administrative $ 1,569,680 $ 1,580,063
Research and development 8,148,175 3,685,473
Amortization and depreciation 89,146 92,584
Total operating expenses 9,807,001 5,358,120
Operating loss (9,807,001) (5,358,120)
Interest income 787 3,735
Change in fair value of derivative liability (362,666) 0
Interest expense:    
Amortization of discount on convertible notes (444,152)  
Amortization of debt issuance costs (113,700)  
Inducement interest related to warrant exercise (826,252)  
Interest on convertible notes payable (75,289)  
Total interest expense (1,459,393)  
Loss before income taxes (11,628,273) (5,354,385)
Provision for taxes on income 0 0
Net loss $ (11,628,273) $ (5,354,385)
Basic and diluted loss per share $ (0.08) $ (0.04)
Basic and diluted weighted average common shares outstanding 151,738,244 124,411,980
v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
3 Months Ended
Aug. 31, 2017
Aug. 31, 2016
Cash flows from operating activities:    
Net loss $ (11,628,273) $ (5,354,385)
Adjustments to reconcile net loss to net cash used by operating activities:    
Amortization and depreciation 89,146 92,584
Amortization of debt issuance costs 113,700  
Amortization of discount on convertible notes 444,152  
Inducement interest related to warrant exercise 826,252  
Change in fair value of derivative liability 362,666 0
Stock-based compensation 254,953 335,349
Changes in current assets and liabilities:    
(Increase) decrease in prepaid expenses 1,009,448 (793,259)
(Decrease) increase in accounts payable and accrued expenses 1,527,847 (541,243)
Net cash used in operating activities (7,000,109) (6,260,954)
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   729,500
Proceeds from warrant exercises 1,647,500 397,880
Proceeds from convertible notes payable 4,888,500  
Payment of offering costs (365,227) (60,463)
Net cash provided by financing activities 6,170,773 1,066,917
Net change in cash (829,336) (5,197,517)
Cash, beginning of period 1,775,583 9,641,776
Cash, end of period 946,247 $ 4,444,259
Non-cash investing and financing transactions:    
Financing costs associated with placement agent warrants 70,383  
Debt discount associated with convertible notes payable $ 1,574,628