Quarterly report pursuant to sections 13 or 15(d)

Consolidated Statements Of Cash Flows

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Consolidated Statements Of Cash Flows (USD $)
 9 Months Ended 100 Months Ended
Feb. 29, 2012
Feb. 28, 2011
Feb. 29, 2012
Cash flows from operating activities      
Net loss $ (4,082,037) $ (2,613,334) $ (19,440,419)
Adjustments to reconcile net loss to net cash used by operating activities:      
Amortization / depreciation 1,621 2,172 182,470
Loss on disposal furniture & equipment 2,853   2,853
Amortization of original issue discount 2,063   719,265
Extinguishment of debt     (337,342)
Purchased in process research and development     274,399
Stock-based compensation 1,362,665 941,463 7,082,790
Changes in current assets and liabilities:      
Decrease in prepaid expenses 22,649 2,323 (36,626)
(Increase) decrease in other assets (28,153) 9,375 (43,901)
Decrease in accounts payable, accrued interest and accrued liabilities (166,498) 310,486 1,093,406
Net cash used in operating activities (2,884,837) (1,347,515) (10,503,105)
Cash flows from investing activities:      
Furniture and equipment purchases   (4,704) (21,083)
Net cash used in investing activities   (4,704) (21,083)
Cash flows from financing activities:      
Preferred stock dividends (1,500)   (1,500)
Capital contributions by president     14,412
Proceeds from notes payable to related parties     705,649
Payments on notes payable to related parties (74,492) (5,000) (239,990)
Proceeds from notes payable issued to individuals     145,000
Payments on notes payable issued to individuals     (34,500)
Proceeds from convertible notes payable     686,000
Proceeds from the sale of common stock 3,386,024 1,365,988 8,966,072
Proceeds from Series B preferred stock     2,009,000
Purchase of treasury stock     (436,000)
Proceeds from sale of treasury stock     559,210
Deferred offering costs   (232,544) (1,029,940)
Proceeds from issuance of stock of AITI acquisition     512,200
Proceeds from issuance of stock of AGTI acquisition     100,000
Proceeds from exercise of warrants and options 316,900   345,250
Net cash provided by financing activities 3,626,932 1,128,444 12,300,863
Net change in cash 742,095 (223,775) 1,776,675
Cash, beginning of period 1,037,818 700,497 3,238
Cash, end of period 1,779,913 476,722 1,779,913
Supplemental disclosure of cash flow information:      
Income taxes         
Interest 4,026 18,880 30,437
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     662,000
Common stock issued for debt     245,582
Common stock issued for accrued interest payable     20,956
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     719,266
Common stock issued for preferred stock     167,500
Treasury stock issued for prepaid services     118,291
Common stock issued on payment of accounts payable     49,000
Preferred and common stock subject to rescission 717,000 1,176,000 4,134,000
Deferred offering costs related to rescission liability 182,198   182,198
Common stock issued for Series B preferred stock 835,000 407,827 1,277,984
Series B preferred stock dividends 67,293 8,550 75,843
Accrued salaries related party contributed as capital   229,500 229,500
Constructive dividend     $ 6,000,000