Financials

v3.10.0.1
Consolidated Balance Sheets
Aug. 31, 2018
USD ($)
May 31, 2018
USD ($)
Current assets:    
Cash $ 4,749,413 $ 1,231,445
Prepaid expenses 338,384 227,173
Prepaid service fees 2,451,983 1,862,009
Total current assets 7,539,780 3,320,627
Furniture and equipment, net 12,038 11,228
Intangibles, net 1,479,624 1,567,143
Total assets 9,031,442 4,898,998
Current liabilities:    
Accounts payable 20,711,613 15,841,859
Accrued liabilities and compensation 633,746 757,778
Accrued license fees 233,800 133,600
Accrued interest payable 104,630  
Convertible note payable, net 2,455,386  
Total current liabilities 24,139,175 16,733,237
Long-term liabilities:    
Convertible note payable, net 2,618,372  
Derivative liability 2,071,199 1,323,732
Total long-term liabilities 4,689,571 1,323,732
Total liabilities 28,828,746 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 August 31, 2018 and May 31, 2018, respectively 92 92
Common stock, $0.001 par value; 450,000,000 and 375,000,000 shares authorized, 233,880,390 and 216,881,790 issued and 233,721,379 and 216,722,779 outstanding at August 31, 2018 and May 31, 2018, respectively 233,880 216,881
Additional paid-in capital 167,521,847 159,764,611
Accumulated (deficit) (187,552,964) (173,139,396)
Less: treasury stock, at par (159,011 shares at $0.001) (159) (159)
Total stockholders' (deficit) (19,797,304) (13,157,971)
Total liabilities and stockholders' (deficit) equity $ 9,031,442 $ 4,898,998
v3.10.0.1
Consolidated Statements of Operations - USD ($)
3 Months Ended
Aug. 31, 2018
Aug. 31, 2017
Operating expenses:    
General and administrative $ 1,996,428 $ 1,569,680
Research and development 11,403,294 8,148,175
Amortization and depreciation 88,971 89,146
Total operating expenses 13,488,693 9,807,001
Operating loss (13,488,693) (9,807,001)
Interest income 979 787
Change in fair value of derivative liability (747,467) (362,666)
Interest expense:    
Amortization of discount on convertible notes (64,580) (444,152)
Amortization of debt issuance costs (9,178) (113,700)
Inducement interest related to warrant exercise   (826,252)
Interest on convertible notes payable (104,630) (75,289)
Total interest expense (178,388) (1,459,393)
Loss before income taxes (14,413,569) (11,628,273)
Provision for taxes on income 0 0
Net loss $ (14,413,569) $ (11,628,273)
Basic and diluted loss per share $ (0.07) $ (0.08)
Basic and diluted weighted average common shares outstanding 218,594,628 151,738,244
v3.10.0.1
Consolidated Statements of Cash Flows - USD ($)
3 Months Ended
Aug. 31, 2018
Aug. 31, 2017
Cash flows from operating activities:    
Net loss $ (14,413,569) $ (11,628,273)
Adjustments to reconcile net loss to net cash used by operating activities:    
Amortization and depreciation 88,971 89,146
Amortization of debt issuance costs 9,178 113,700
Amortization of discount on convertible notes 64,580 444,152
Inducement interest related to warrant exercise   826,252
Change in fair value of derivative liability 747,467 362,666
Stock-based compensation 283,346 254,953
Changes in current assets and liabilities:    
(Increase)decrease in prepaid expenses (701,185) 1,009,448
Increase in accounts payable and accrued expenses 4,950,552 1,527,847
Net cash used in operating activities (8,970,660) (7,000,109)
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 8,499,300  
Proceeds from warrant exercises   1,647,500
Proceeds from convertible notes payable 5,000,000 4,888,500
Payment of offering costs (1,008,410) (365,227)
Net cash provided by financing activities 12,490,890 6,170,773
Net change in cash 3,517,968 (829,336)
Cash, beginning of period 1,231,445 1,775,583
Cash, end of period 4,749,413 946,247
Non-cash investing and financing transactions:    
Financing costs associated with placement agent warrants   70,383
Debt discount and issuance costs associated with convertible notes payable $ 700,000 $ 1,574,628