Quarterly report pursuant to sections 13 or 15(d)

Consolidated Statements of Operations

v2.4.0.8
Consolidated Statements of Operations (USD $)
 3 Months Ended 118 Months Ended
Aug. 31, 2013
Aug. 31, 2012
Aug. 31, 2013
Operating expenses:      
General and administrative $ 597,269 $ 2,500,623 $ 23,264,026
Amortization & depreciation 87,696 391 493,242
Research and development 158,587 60,455 3,537,920
Legal fees 157,389 250,804 3,994,050
Total operating expenses 1,000,941 2,812,273 31,289,238
Operating loss (1,000,941) (2,812,273) (31,289,238)
Interest income 185   2,979
Gain on settlement of accounts payable 8,405   718,506
Interest expense:      
Amortization of discount on convertible debt (1,452,397)   (3,892,939)
Amortization of debt issuance costs (20,000)   (20,000)
Interest on notes payable (108,803) (2,893) (493,766)
Loss before income taxes (2,573,551) (2,815,166) (34,974,458)
Provision for taxes on income         
Net loss (2,573,551) (2,815,166) (34,974,458)
Constructive preferred stock dividends     (6,000,000)
Convertible preferred stock dividends   (1,400) (99,483)
Net loss applicable to common shareholders $ (2,573,551) $ (2,816,566) $ (41,073,941)
Basic and diluted loss per share $ (0.08) $ (0.10) $ (2.53)
Basic and diluted weighted average common shares outstanding 31,170,919 28,931,219 16,236,191