Financials

v3.8.0.1
Consolidated Balance Sheets
Feb. 28, 2018
USD ($)
May 31, 2017
USD ($)
Current assets:    
Cash $ 4,946,942 $ 1,775,583
Prepaid expenses 265,729 207,314
Prepaid service fees 1,404,776 4,138,041
Total current assets 6,617,447 6,120,938
Furniture and equipment, net 12,424 17,281
Intangibles, net 1,654,662 1,917,219
Total assets 8,284,533 8,055,438
Current liabilities:    
Accounts payable 11,655,124 4,281,204
Accrued compensation 292,990 637,190
Accrued license fees 83,400 167,000
Accrued liabilities 556,896  
Convertible notes payable, net   1,058,611
Total current liabilities 12,588,410 6,144,005
Long-term liabilities:    
Derivative liability 3,288,799 3,014,667
Total long-term liabilities 3,288,799 3,014,667
Total liabilities 15,877,209 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 February 28, 2018 and May 31, 2017, respectively 92 92
Common stock, $0.001 par value; 375,000,000 and 350,000,000 shares authorized, 208,904,000 and 149,468,244 issued and outstanding at February 28, 2018 and May 31, 2017, respectively 208,904 149,468
Additional paid-in capital 155,714,101 121,736,921
Accumulated (deficit) (163,515,773) (122,989,715)
Total stockholders' (deficit) (7,592,676) (1,103,234)
Total liabilities and stockholders' (deficit) equity $ 8,284,533 $ 8,055,438
v3.8.0.1
Consolidated Statements of Operations - USD ($)
3 Months Ended 9 Months Ended
Feb. 28, 2018
Feb. 28, 2017
Feb. 28, 2018
Feb. 28, 2017
Operating expenses:        
General and administrative $ 1,974,915 $ 1,391,463 $ 5,153,336 $ 4,651,451
Research and development 12,076,460 6,534,423 29,301,808 14,603,532
Amortization and depreciation 89,132 91,031 267,414 276,171
Total operating expenses 14,140,507 8,016,917 34,722,558 19,531,154
Operating loss (14,140,507) (8,016,917) (34,722,558) (19,531,154)
Interest income 662 3,588 1,870 12,971
Change in fair value of derivative liability (741,066) (26,666) (274,132) 1,196,800
Interest expense:        
Amortization of discount on convertible notes (493,022)   (1,666,017)  
Amortization of debt issuance costs (153,480)   (435,609)  
Interest related to derivative liability       (540,333)
Inducement interest related to warrant exercise   (72,437) (826,252) (72,437)
Inducement interest related to convertible notes (2,352,045)   (2,352,045)  
Interest on convertible notes payable (70,642)   (251,315)  
Total interest expense (3,069,189) (72,437) (5,531,238) (612,770)
Loss before income taxes (17,950,100) (8,112,432) (40,526,058) (18,934,153)
Provision for taxes on income 0 0 0 0
Net loss $ (17,950,100) $ (8,112,432) $ (40,526,058) $ (18,934,153)
Basic and diluted loss per share $ (0.10) $ (0.06) $ (0.25) $ (0.14)
Basic and diluted weighted average common shares outstanding 178,088,905 142,175,678 162,460,451 134,138,391
v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Feb. 28, 2018
Feb. 28, 2017
Cash flows from operating activities:    
Net loss $ (40,526,058) $ (18,934,153)
Adjustments to reconcile net loss to net cash used by operating activities:    
Amortization and depreciation 267,414 276,171
Amortization of debt issuance costs 435,609  
Amortization of discount on convertible notes 1,666,017  
Interest expense associated with extension of warrant expirations 826,252 72,437
Interest expense associated with conversion of notes 2,352,045  
Interest expense associated with derivative liability   540,333
Change in fair value of derivative liability 274,132 (1,196,800)
Stock-based compensation 1,096,226 984,772
Changes in current assets and liabilities:    
Decrease (increase) in prepaid expenses 2,674,850 (3,085,682)
Increase (decrease) in accounts payable and accrued expenses 8,014,522 1,777,535
Net cash used in operating activities (22,918,991) (19,565,387)
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 22,903,710 19,133,755
Proceeds from warrant exercises 1,647,500 397,880
Proceeds from convertible notes payable 4,888,500  
Payment of offering costs (3,090,203) (1,804,314)
Repayment on convertible note (259,157)  
Net cash provided by financing activities 26,090,350 17,727,321
Net change in cash 3,171,359 (1,845,970)
Cash, beginning of period 1,775,583 9,641,776
Cash, end of period 4,946,942 7,795,806
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest 9,157  
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  
Common stock issued upon conversion of convertible debt 5,788,500  
Common stock issued for accrued interest payable 242,158  
Common stock issued for board compensation $ 260,190  
Derivative liability associated with warrants   $ 5,179,200