Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statement of Cash Flows

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Consolidated Statement of Cash Flows - USD ($)
 3 Months Ended
Aug. 31, 2015
Aug. 31, 2014
Cash flows from operating activities:    
Net loss $ (8,895,015) $ (3,379,520)
Adjustments to reconcile net loss to net cash used by operating activities:    
Amortization and depreciation 90,191 89,913
Amortization of debt issuance costs 350,339  
Amortization of discount on convertible notes 1,006,590 355,875
Amortization of discount on related party notes 94,344  
Change in fair value of derivative liability (646,505)  
Loss on extinguishment of convertible notes 584,177  
Interest expense associated with conversion and exercise inducement 757,871  
Stock-based compensation 351,564 137,463
Changes in current assets and liabilities:    
Decrease in prepaid expenses 232,716 178,072
Increase in accounts payable, accrued salaries and severance, accrued interest and accrued liabilities 824,875 44,794
Net cash used in operating activities (5,248,853) (2,573,403)
Cash flows from investing activities:    
Furniture and equipment purchases   (16,943)
Net cash used in investing activities   (16,943)
Cash flows from financing activities:    
Proceeds from sale of common stock and warrants 8,014,241  
Payment of offering costs (983,101)  
Net cash provided by financing activities 7,031,140  
Net change in cash 1,782,287 (2,590,346)
Cash, beginning of period 1,050,060 4,886,122
Cash, end of period 2,832,347 2,295,776
Cash paid during the period for:    
Income taxes   2,198
Interest   $ 3,472
Non-cash investing and financing transactions:    
Common stock issued upon conversion of convertible debt 4,678,543  
Common stock issued or to be issued for accrued interest payable $ 53,972