Financials

v3.8.0.1
Consolidated Balance Sheets
Nov. 30, 2017
USD ($)
May 31, 2017
USD ($)
Current assets:    
Cash $ 1,296,839 $ 1,775,583
Prepaid expenses 294,364 207,314
Prepaid service fees 3,143,385 4,138,041
Total current assets 4,734,588 6,120,938
Furniture and equipment, net 14,036 17,281
Intangibles, net 1,742,181 1,917,219
Total assets 6,490,805 8,055,438
Current liabilities:    
Accounts payable 9,716,970 4,281,204
Accrued compensation 926,542 637,190
Accrued license fees 517,400 167,000
Accrued interest on convertible notes 180,673  
Convertible notes payable, net 5,391,998 1,058,611
Total current liabilities 16,733,583 6,144,005
Long-term liabilities:    
Derivative liability 2,547,733 3,014,667
Total long-term liabilities 2,547,733 3,014,667
Total liabilities 19,281,316 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 November 30, 2017 and May 31, 2017, respectively 92 92
Common stock, $0.001 par value; 375,000,000 and 350,000,000 shares authorized, 165,135,154 and 149,468,244 issued and outstanding at November 30, 2017 and May 31, 2017, respectively 165,135 149,468
Additional paid-in capital 132,609,936 121,736,921
Accumulated (deficit) (145,565,674) (122,989,715)
Total stockholders' (deficit) (12,790,511) (1,103,234)
Total liabilities and stockholders' (deficit) equity $ 6,490,805 $ 8,055,438
v3.8.0.1
Consolidated Statements of Operations - USD ($)
3 Months Ended 6 Months Ended
Nov. 30, 2017
Nov. 30, 2016
Nov. 30, 2017
Nov. 30, 2016
Operating expenses:        
General and administrative $ 1,608,743 $ 1,679,925 $ 3,178,420 $ 3,259,988
Research and development 9,077,172 4,383,636 17,225,348 8,069,109
Amortization and depreciation 89,136 92,556 178,282 185,140
Total operating expenses 10,775,051 6,156,117 20,582,050 11,514,237
Operating loss (10,775,051) (6,156,117) (20,582,050) (11,514,237)
Interest income 422 5,648 1,206 9,383
Change in fair value of derivative liability 829,600 1,223,466 466,934 1,223,466
Interest expense:        
Amortization of discount on convertible notes (728,843)   (1,172,995)  
Amortization of debt issuance costs (168,429)   (282,129)  
Interest related to derivative liability   (540,333)   (540,333)
Inducement interest related to warrant exercise     (826,252)  
Interest on convertible notes payable (105,384)   (180,673)  
Total interest expense (1,002,656) (540,333) (2,462,049) (540,333)
Loss before income taxes (10,947,685) (5,467,336) (22,575,959) (10,821,721)
Provision for taxes on income 0 0 0 0
Net loss $ (10,947,685) $ (5,467,336) $ (22,575,959) $ (10,821,721)
Basic and diluted loss per share $ (0.07) $ (0.04) $ (0.15) $ (0.08)
Basic and diluted weighted average common shares outstanding 157,843,773 136,023,544 154,774,327 130,185,627
v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Nov. 30, 2017
Nov. 30, 2016
Cash flows from operating activities:    
Net loss $ (22,575,959) $ (10,821,721)
Adjustments to reconcile net loss to net cash used by operating activities:    
Amortization and depreciation 178,282 185,140
Amortization of debt issuance costs 282,129  
Amortization of discount on convertible notes 1,172,995  
Inducement interest related to warrant exercise 826,252  
Interest expense associated with derivative liability   540,333
Change in fair value of derivative liability (466,934) (1,223,466)
Stock-based compensation 529,617 687,634
Changes in current assets and liabilities:    
(Increase) decrease in prepaid expenses 907,606 (2,899,658)
(Decrease) increase in accounts payable and accrued expenses 6,256,192 2,760,563
Net cash used in operating activities (12,889,820) (10,771,175)
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 7,050,651 10,729,500
Proceeds from warrant exercises 1,647,500 397,880
Proceeds from convertible notes payable 4,888,500  
Payment of offering costs (1,175,575) (1,183,264)
Net cash provided by financing activities 12,411,076 9,944,116
Net change in cash (478,744) (830,539)
Cash, beginning of period 1,775,583 9,641,776
Cash, end of period 1,296,839 8,811,237
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  
Derivative liability associated with warrants   $ 5,179,200