Financials

v3.19.1
Consolidated Balance Sheets
Feb. 28, 2019
USD ($)
May 31, 2018
USD ($)
Current assets:    
Cash $ 1,593,629 $ 1,231,445
Prepaid expenses 232,541 227,173
Prepaid service fees 2,641,301 1,862,009
Total current assets 4,467,471 3,320,627
Furniture and equipment, net 8,713 11,228
Intangibles, net 15,951,361 1,567,143
Total assets 20,427,545 4,898,998
Current liabilities:    
Accounts payable 14,941,523 15,841,859
Accrued liabilities and compensation 252,825 757,778
Accrued license fees 517,600 133,600
Accrued interest on convertible notes 75,154 0
Convertible notes payable, net 2,271,823 0
Current portion of long term convertible notes payable 4,200,000 0
Total current liabilities 22,258,925 16,733,237
Long-term liabilities:    
Convertible notes payable, net 1,225,416 0
Derivative liabilities 3,192,243 1,323,732
Total long-term liabilities 4,417,659 1,323,732
Total liabilities 26,676,584 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 February 28, 2019 and May 31, 2018, respectively 92 92
Common stock, $0.001 par value; 600,000,000 and 375,000,000 shares authorized, 304,679,081 and 216,881,790 issued and 304,520,070 and 216,722,779 outstanding at February 28, 2019 and May 31, 2018, respectively 304,680 216,881
Additional paid-in capital 207,878,504 159,764,611
Accumulated (deficit) (214,432,156) (173,139,396)
Less: treasury stock, at par (159,011 shares at $0.001) (159) (159)
Total stockholders' (deficit) (6,249,039) (13,157,971)
Total liabilities and stockholders' (deficit) equity $ 20,427,545 $ 4,898,998
v3.19.1
Consolidated Statements of Operations - USD ($)
3 Months Ended 9 Months Ended
Feb. 28, 2019
Feb. 28, 2018
Feb. 28, 2019
Feb. 28, 2018
Operating expenses:        
General and administrative $ 3,345,179 $ 1,974,915 $ 8,005,346 $ 5,153,336
Research and development 9,022,223 12,076,460 33,294,771 29,301,808
Amortization and depreciation 503,922 89,132 747,693 267,414
Total operating expenses 12,871,324 14,140,507 42,047,810 34,722,558
Operating loss (12,871,324) (14,140,507) (42,047,810) (34,722,558)
Interest income 19 662 2,021 1,870
Change in fair value of derivative liabilities 1,347,907 (741,066) 881,495 (274,132)
Interest expense:        
Amortization of discount on convertible notes (559,383) (493,022) (676,917) (1,666,017)
Amortization of debt issuance costs (155,435) (153,480) (175,024) (435,609)
Loss on extinguishment of convertible note 0 0 (1,519,603) 0
Inducement interest related to warrant exercise 0 0 0 (826,252)
Inducement interest related to convertible debt 0 (2,352,045) 0 (2,352,045)
Interest on convertible note payable (335,595) (70,642) (583,842) (251,315)
Total interest expense (1,050,413) (3,069,189) (2,955,386) (5,531,238)
Loss before income taxes (12,573,811) (17,950,100) (44,119,680) (40,526,058)
Income tax benefit 0 0 2,826,919 0
Net loss $ (12,573,811) $ (17,950,100) $ (41,292,761) $ (40,526,058)
Basic and diluted loss per share $ (0.04) $ (0.10) $ (0.16) $ (0.25)
Basic and diluted weighted average common shares outstanding 295,637,023 178,088,905 257,491,288 162,460,451
v3.19.1
Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Feb. 28, 2019
Feb. 28, 2018
Cash flows from operating activities:    
Net loss $ (41,292,761) $ (40,526,058)
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization and depreciation 747,693 267,414
Amortization of debt issuance costs 676,917 435,609
Amortization of discount on convertible notes 676,917 1,666,017
Interest expense associated with extension of warrant expirations 0 826,252
Interest expense associated with conversion of notes 0 2,352,045
Interest expense associated with accretion of convertible notes payable 283,442  
Change in fair value of derivative liabilities (881,495) 274,132
Stock-based compensation 2,891,548 1,096,226
Loss on extinguishment of convertible note 1,519,603 0
Deferred income tax benefit (2,826,919) 0
Changes in current assets and liabilities:    
(Increase) decrease in prepaid expenses (1,525,956) 2,674,850
(Decrease) increase in accounts payable and accrued expenses (720,889) 8,014,522
Net cash used in operating activities (40,953,793) (22,918,991)
Cash flows from investing activities:    
Furniture and equipment purchases (3,182) 0
Net cash used in investing activities (3,182) 0
Cash flows from financing activities:    
Proceeds from sale of common stock and warrants 29,836,826 22,903,710
Proceeds from warrant exercises 0 1,647,500
Proceeds from convertible notes payable, net 15,460,000 4,888,500
Repayment on convertible note 0 (259,157)
Payment of debt issuance costs (583,200)  
Payment of offering costs (3,394,467) (3,090,203)
Net cash provided by financing activities 41,319,159 26,090,350
Net change in cash 362,184 3,171,359
Cash, beginning of period 1,231,445 1,775,583
Cash, end of period 1,593,629 4,946,942
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest 0 9,157
Non-cash investing and financing transactions:    
Accrued interest converted into note payable 225,245 0
Derivative liability associated with convertible notes payable 2,750,006 0
Beneficial conversion feature and fair value of warrant issued with note payable 3,534,992 0
Common stock issued in connection with an employment agreeement 8,342 0
Common stock issued for conversion redemption 455,000 0
Financing costs associated with placement agent warrants 260,635 70,383
Debt discount associated with convertible notes payable 3,059,159 1,574,628
Common stock issued upon conversion of convertible debt 0 5,788,500
Common stock issued for accrued interest payable 0 242,158
Common stock issued for board compensation 0 260,190
ProstaGene, LLC    
Non-cash investing and financing transactions:    
Common stock issued for acquisition $ 11,558,000 $ 0