Quarterly report pursuant to sections 13 or 15(d)

Consolidated Statements Of Cash Flows

v2.3.0.15
Consolidated Statements Of Cash Flows (USD $)
 3 Months Ended 95 Months Ended
Aug. 31, 2011
Aug. 31, 2010
Aug. 31, 2011
Cash flows from operating activities      
Net loss $ (1,166,789) $ (547,950) $ (16,525,171)
Adjustments to reconcile net loss to net cash used by operating activities:      
Amortization / depreciation 838 549 181,687
Loss on disposal furniture & equipment 3,436   3,436
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 241,517 262,841 5,961,642
Changes in current assets and liabilities:      
Accrued legal settlement      
Increase in prepaid expenses (1,454) (5,014) (60,729)
Increase in other assets (23,815) 1,875 (39,563)
Increase in accounts payable, accrued interest and accrued liabilities 398,955 (17,670) 2,693,859
Net cash used in operating activities (545,249) (305,369) (7,128,517)
Cash flows from investing activities:      
Furniture and equipment purchases   (3,480) (21,083)
Net cash used in investing activities   (3,480) (21,083)
Cash flows from financing activities:      
Capital contributions by president     14,412
Proceeds from notes payable to related parties     705,649
Payments on notes payable to related parties     (165,498)
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   66,000 4,545,048
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   (45,800) (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     28,350
Net cash provided by financing activities   20,200 7,638,931
Net change in cash (545,249) (288,649) 489,331
Cash, beginning of period 1,037,818 700,497 3,238
Cash, end of period 492,569 411,848 492,569
Supplemental disclosure of cash flow information:      
Income taxes      
Interest 6,102 15,400 30,266
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     719,265
Common stock issued for preferred stock   73,255 167,500
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 3,000 31,000 4,848,000
Accrued stock incentive and deferred offering costs     1,717,000
Common stock issued for Series B preferred stock     442,984
Series B preferred stock dividends     8,550
Accrued salaries related party contributed as capital   229,500 229,500
Reversal of accrued stock incentive and deferred offering costs     1,717,000
Constructive dividend     $ 6,000,000