Quarterly report pursuant to sections 13 or 15(d)

Consolidated Statements of Cash Flows

v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
 3 Months Ended 118 Months Ended
Aug. 31, 2013
Aug. 31, 2012
Aug. 31, 2013
Cash flows from operating activities      
Net loss $ (2,573,551) $ (2,815,166) $ (34,974,458)
Adjustments to reconcile net loss to net cash used by operating activities:      
Amortization & depreciation 87,696 391 493,242
Loss on disposal of furniture and equipment     2,560
Amortization of debt issuance costs 20,000   20,000
Amortization of discount on convertible debt 1,452,397   3,875,278
Gain on settlement of accounts payable (8,405)   (718,506)
Purchased in-process research and development     274,399
Stock-based compensation 225,911 1,777,620 12,393,906
Changes in current assets and liabilities:      
(Increase) decrease in prepaid expenses (1,181) 7,387 (141,030)
(Increase) decrease in other assets   2,167  
Increase (decrease) in accounts payable, accrued salaries, accrued interest and accrued liabilities (7,592) 616,571 2,567,587
Net cash used in operating activities (804,725) (411,030) (16,207,022)
Cash flows from investing activities:      
Asset acquisition of intangibles     (3,500,000)
Furniture and equipment purchases (2,347) (291) (26,565)
Net cash used in investing activities (2,347) (291) (3,526,565)
Cash flows from financing activities:      
Capital contributions by president     15,748
Proceeds from notes payable to related parties     1,205,649
Preferred stock dividends     (1,500)
Payments on indebtedness to related parties     (314,482)
Proceeds from notes payable issued to individuals     145,000
Payments on notes payable issued to individuals     (34,500)
Proceeds from convertible notes payable 1,200,000   8,474,250
Proceeds from the sale of common stock     8,966,072
Proceeds from Series B convertible preferred stock     2,009,000
Purchase of treasury stock     (436,000)
Proceeds from sale of treasury stock     559,210
Deferred offering costs (320,139)   (1,350,078)
Proceeds from exercise of warrants and stock options   192,500 556,250
Net cash provided by financing activities 879,861 192,500 20,406,819
Net change in cash 72,789 (218,821) 673,232
Cash, beginning of period 603,681 284,991 3,238
Cash, end of period 676,470 66,170 676,470
Cash paid during the period for:      
Income taxes         
Interest 26,619 634 278,100
Non-cash investing and financing transactions:      
Net assets acquired in exchange for common stock in CytoDyn/RexRay business combination     7,542
Common stock issued to former officer to repay working capital advance     5,000
Common stock issued for convertible debt 920,000   2,149,000
Common stock issued for debt     245,582
Common stock issued for accrued interest payable 31,118   56,279
Options to purchase common stock issued for debt     62,341
Original issue discount and intrinsic value of beneficial conversion feature related to debt issued with warrants 1,200,000   8,162,768
Common stock issued for preferred stock     167,500
Treasury stock issued for prepaid services     118,291
Common stock issued on settlement of accounts payable     129,000
Preferred and common stock subject to rescission     536,500
Amortization of deferred offering costs related to rescission liability     779,495
Accrued stock incentive and deferred offering costs     1,717,000
Common stock issued for Series B convertible preferred stock   14,000 1,526,484
Series B convertible preferred stock dividends   1,400 99,483
Accrued salaries for related party contributed as capital     229,500
Reversal of accrued stock incentive and deferred offering costs     1,717,000
Constructive dividend     6,000,000
Common stock issued for common stock payable   388,000 388,000
Prepaid stock services   160,800 160,800
Common shares issued from escrow liability     1,425,000
AITI Acquisition
      
Cash flows from financing activities:      
Proceeds from issuance of stock in acquisition     512,200
AGTI Acquisition
      
Cash flows from financing activities:      
Proceeds from issuance of stock in acquisition     $ 100,000