Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statement of Cash Flows

v3.3.1.900
Consolidated Statement of Cash Flows - USD ($)
 3 Months Ended 6 Months Ended
Nov. 30, 2014
Nov. 30, 2015
Nov. 30, 2014
Cash flows from operating activities:      
Net loss $ (4,983,914) $ (14,159,607) $ (8,363,434)
Adjustments to reconcile net loss to net cash (used in)operating activities:      
Amortization and depreciation 90,127 180,382 180,040
Amortization of debt issuance costs   604,628  
Amortization of discount on convertible notes   2,121,491 1,044,340
Amortization of discount on related party notes 60,699 94,344 60,699
Change in fair value of derivative liability 805,575 (646,505) 805,575
Loss on extinguishment of convertible notes   584,177  
Interest expense associated with conversion inducement   757,611 353,333
Interest expense associated with extension of warrant expiration   866,713  
Stock-based compensation   590,661 287,847
Changes in current assets and liabilities:      
Decrease in prepaid expenses   139,857 90,039
Increase in accounts payable, accrued salaries and severance, accrued interest, accured license fees and accrued liabilities   350,119 270,701
Net cash (used in) operating activities   (8,516,129) (5,270,860)
Cash flows from investing activities:      
Furniture and equipment purchases     (16,052)
Net cash (used in) investing activities     (16,052)
Cash flows from financing activities:      
Proceeds from sale of common stock and warrants   12,941,248  
Proceeds from issuance of convertible note payable     2,000,000
Proceeds from exercise of warrants     777,333
Payment of principal and interest on convertible notes payable   (789,140)  
Payment of offering costs   (1,433,569)  
Net cash provided by financing activities   10,718,539 2,777,333
Net change in cash   2,202,410 (2,509,579)
Cash, beginning of period   1,050,060 4,886,122
Cash, end of period 2,376,543 3,252,470 2,376,543
Cash paid during the period for:      
Income taxes     2,198
Interest   26,890 142,926
Non-cash investing and financing transactions:      
Common stock issued upon conversion of convertible debt and extinguishment of derivative liability   7,947,342 1,175,000
Common stock issued or to be issued for accrued interest payable   $ 143,479 729
Original issue discount related to valuation of compound embedded derivative of convertible note payable issued with anti-dilution feature     767,038
Original issue discount related to valuation of relative fair value of warrants issued with convertible note payable $ 158,345   $ 158,345