Financials

v3.10.0.1
Consolidated Balance Sheets
Nov. 30, 2018
USD ($)
May 31, 2018
USD ($)
Current assets:    
Cash $ 772,361 $ 1,231,445
Prepaid expenses 200,890 227,173
Prepaid service fees 2,954,624 1,862,009
Total current assets 3,927,875 3,320,627
Furniture and equipment, net 10,127 11,228
Intangibles, net 16,452,951 1,567,143
Total assets 20,390,953 4,898,998
Current liabilities:    
Accounts payable 18,852,414 15,841,859
Accrued liabilities and compensation 560,013 757,778
Accrued license fees 347,333 133,600
Accrued interest on convertible notes 23,001  
Convertible note payable, net 4,200,000  
Total current liabilities 23,982,761 16,733,237
Long-term liabilities:    
Convertible note payable, net 1,396,974  
Derivative liabilities 3,075,142 1,323,732
Total long-term liabilities 4,472,116 1,323,732
Total liabilities 28,454,877 18,056,969
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, 2018 and May 31, 2018, respectively 92 92
Common stock, $0.001 par value; 600,000,000 and 375,000,000 shares authorized, 290,808,960 and 216,881,790 issued and 290,649,949 and 216,722,779 outstanding at November 30, 2018 and May 31, 2018, respectively 290,810 216,881
Additional paid-in capital 193,503,678 159,764,611
Accumulated (deficit) (201,858,345) (173,139,396)
Less: treasury stock, at par (159,011 shares at $0.001) (159) (159)
Total stockholders' (deficit) (8,063,924) (13,157,971)
Total liabilities and stockholders' (deficit) equity $ 20,390,953 $ 4,898,998
v3.10.0.1
Consolidated Statements of Operations - USD ($)
3 Months Ended 6 Months Ended
Nov. 30, 2018
Nov. 30, 2017
Nov. 30, 2018
Nov. 30, 2017
Operating expenses:        
General and administrative $ 2,663,745 $ 1,608,743 $ 4,594,804 $ 3,178,420
Research and development 12,869,244 9,077,172 24,337,910 17,225,348
Amortization and depreciation 154,801 89,136 243,772 178,282
Total operating expenses 15,687,790 10,775,051 29,176,486 20,582,050
Operating loss (15,687,790) (10,775,051) (29,176,486) (20,582,050)
Interest income 1,021 422 2,002 1,206
Change in fair value of derivative liabilities 281,055 829,600 (466,412) 466,934
Interest expense:        
Amortization of discount on convertible notes (52,954) (728,843) (117,534) (1,172,995)
Amortization of debt issuance costs (10,411) (168,429) (19,589) (282,129)
Loss on extinguishment of convertible note (1,519,603)   (1,519,603)  
Inducement interest related to warrant exercise       (826,252)
Interest on convertible note payable (143,617) (105,384) (248,247) (180,673)
Total interest expense (1,726,585) (1,002,656) (1,904,973) (2,462,049)
Loss before income taxes (17,132,299) (10,947,685) (31,545,869) (22,575,959)
Income tax benefit 2,826,919   2,826,919  
Net loss $ (14,305,380) $ (10,947,685) $ (28,718,950) $ (22,575,959)
Basic and diluted loss per share $ (0.06) $ (0.07) $ (0.12) $ (0.15)
Basic and diluted weighted average common shares outstanding 259,088,835 157,843,773 238,731,091 154,774,327
v3.10.0.1
Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Nov. 30, 2018
Nov. 30, 2017
Cash flows from operating activities:    
Net loss $ (28,718,950) $ (22,575,959)
Adjustments to reconcile net loss to net cash used by operating activities:    
Amortization and depreciation 243,772 178,282
Amortization of debt issuance costs 19,589 282,129
Amortization of discount on convertible notes 117,534 1,172,995
Inducement interest related to warrant exercise   826,252
Interest expense associated with derivative liabilities 0 0
Change in fair value of derivative liabilities 466,412 (466,934)
Stock-based compensation 1,510,486 529,617
Loss on extinguishment of convertible note 1,519,603  
Deferred income tax benefit (2,826,919)  
Changes in current assets and liabilities:    
(Increase) decrease in prepaid expenses (1,807,629) 907,606
Increase in accounts payable and accrued expenses 3,283,113 6,256,192
Net cash used in operating activities (26,192,989) (12,889,820)
Cash flows from investing activities:    
Furniture and equipment purchases (2,262)  
Net cash used in investing activities (2,262)  
Cash flows from financing activities:    
Proceeds from sale of common stock and warrants 23,463,585 7,050,651
Proceeds from warrant exercises   1,647,500
Proceeds from convertible note payable 5,000,000 4,888,500
Payment of offering costs (2,727,418) (1,175,575)
Net cash provided by financing activities 25,736,167 12,411,076
Net change in cash (459,084) (478,744)
Cash, beginning of period 1,231,445 1,775,583
Cash, end of period 772,361 1,296,839
Non-cash investing and financing transactions:    
Financing costs associated with placement agent warrants   70,383
Accrued interest converted into note payable 225,245  
Debt discount associated with convertible notes payable 700,000 $ 1,574,628
Derivative liability associated a convertible note payable 1,284,998  
ProstaGene, LLC    
Non-cash investing and financing transactions:    
Common stock issued for acquisition $ 11,558,000