Annual report pursuant to section 13 and 15(d)

Consolidated Statements of Cash Flows

v2.4.0.6
Consolidated Statements of Cash Flows (USD $)
 12 Months Ended 103 Months Ended
May 31, 2012
May 31, 2011
May 31, 2012
Cash flows from operating activities      
Net loss $ (7,474,224) $ (3,719,688) $ (22,832,606)
Adjustments to reconcile net loss to net cash used by operating activities:      
Amortization / depreciation 2,013 2,880 182,862
Loss on disposal furniture and equipment 2,560   2,560
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 2,857,859 1,186,104 8,577,984
Changes in current assets and liabilities:      
Increase in accrued salaries 189,249   189,249
Increase in prepaid expenses (6,707) (39,648) (65,982)
(Increase) decrease in other assets (25,987) 8,227 (41,735)
Increase in accounts payable, accrued interest and accrued liabilities 62,079 740,708 1,321,983
Net cash used in operating activities (4,391,095) (1,821,417) (12,009,363)
Cash flows from investing activities:      
Furniture and equipment purchases   (4,705) (21,083)
Net cash used in investing activities   (4,705) (21,083)
Cash flows from financing activities:      
Capital contributions by executive 1,336   15,748
Preferred stock dividends (1,500)   (1,500)
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 2,400,987 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 326,900   355,250
Net cash provided by financing activities 3,638,268 2,163,443 12,312,199
Net change in cash (752,827) 337,321 281,753
Cash, beginning of period 1,037,818 700,497 3,238
Cash, end of period 284,991 1,037,818 284,991
Supplemental disclosure of cash flow information:      
Income taxes 0    
Interest 2,593 21,128 26,757
Non-cash investing and financing transactions:      
Net assets acquired in exchange for common stock in CytoDyn/Rexray business combination 0   7,542
Common stock issued to former officer to repay working capital advance 0   5,000
Common stock issued for convertible debt 0   662,000
Common stock issued for debt 0   245,582
Common stock issued for accrued interest payable 0   20,956
Options to purchase common stock issued for debt 0   62,341
Original issue discount and intrinsic value of beneficial conversion feature related to debt issued with warrants 0   719,266
Common stock issued for preferred stock 0   167,500
Treasury stock issued for prepaid services 0   118,291
Common Stock issued on payment of accounts payable 0   49,000
Preferred and common stock subject to rescission 1,102,000 854,000 3,749,000
Accrued stock incentive and deferred offering costs   537,000 1,717,000
Common stock issued for Series B preferred stock 1,064,500 442,984 1,507,484
Series B preferred stock dividends 88,743 8,550 97,293
Accrued salaries related party contributed as capital   229,500 229,500
Reversal of accrued stock incentive and deferred offering costs   1,717,000 1,717,000
Constructive dividend     6,000,000
Amortization of deferred offering costs related to rescission liability 199,097   199,097
Common shares issued from escrow liability $ 1,425,000   $ 1,425,000