Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
Aug. 31, 2015
May. 31, 2015
Current assets:    
Cash $ 2,832,347 $ 1,050,060
Prepaid expenses 185,516 253,833
Prepaid clinical service fees 569,517 733,916
Total current assets 3,587,380 2,037,809
Furniture and equipment, net 21,519 24,213
Intangibles, net 2,529,739 2,617,239
Total Assets 6,138,638 4,679,261
Current liabilities:    
Accounts payable 4,939,808 5,016,261
Accrued milestone payments 2,500,000 2,500,000
Accrued liabilities, salaries and interest payable 561,885 644,533
Accrued license fees 1,860,000 930,000
Convertible notes payable, net 2,991,387 1,634,458
Total current liabilities 12,853,080 10,725,252
Long-term liabilities:    
Related party, derivative liability   2,008,907
Total liabilities 12,853,080 15,371,777
Shareholders' (deficit):    
Series B convertible preferred stock, $.001 par value; 400,000 shares authorized, 95,100 shares issued and outstanding at August 31, 2015 and May 31, 2015, respectively 95 95
Common stock, $.001 par value; 200,000,000 shares authorized, 79,604,624 and 63,644,348 issued and outstanding at August 31, 2015 and May 31, 2015, respectively 79,605 63,644
Additional paid-in capital 73,623,175 60,766,047
Accumulated (deficit) (80,417,317) (71,522,302)
Total shareholders' (deficit) (6,714,442) (10,692,516)
Total liabilities and shareholders' (deficit) $ 6,138,638 4,679,261
Related Party    
Long-term liabilities:    
Convertible notes payable, net   $ 2,637,618