Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statement of Cash Flows

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