General form of registration statement for all companies including face-amount certificate companies

Consolidated Balance Sheets

v3.3.1.900
Consolidated Balance Sheets - USD ($)
Nov. 30, 2015
May. 31, 2015
May. 31, 2014
Current assets:      
Cash $ 3,252,470 $ 1,050,060 $ 4,886,122
Prepaid expenses 260,059 253,833 488,821
Prepaid clinical service fees 587,833 733,916  
Deferred offering costs   0 68,292
Total current assets 4,100,362 2,037,809 5,443,235
Furniture and equipment, net 18,828 24,213 16,797
Intangibles, net 2,442,239 2,617,239 2,967,239
Total Assets 6,561,429 4,679,261 8,427,271
Current liabilities:      
Accounts payable 4,496,198 5,016,261 1,286,715
Accrued milestone payments 2,500,000 2,500,000  
Accrued liabilities, salaries and interest payable 414,084 644,533 501,640
Accrued license fees 1,860,000 930,000  
Convertible notes payable, net   1,634,458  
Stock rescission liability   0 378,000
Total current liabilities 9,270,282 10,725,252 2,166,355
Long-term liabilities      
Related party, derivative liability   2,008,907  
Convertible notes payable, net     2,338,684
Total liabilities 9,270,282 15,371,777 4,505,039
Shareholders' (deficit) equity:      
Series B convertible preferred stock 95 95  
Common stock 91,061 63,644  
Additional paid-in capital 82,881,900 60,766,047  
Accumulated (deficit) (85,681,909) (71,522,302) (46,434,232)
Total shareholders' (deficit) (2,708,853) (10,692,516) 3,922,232
Common and preferred stock subject to rescission     (378,000)
Total liabilities and shareholders' (deficit) $ 6,561,429 4,679,261 8,427,271
Previously Reported      
Shareholders' (deficit) equity:      
Series B convertible preferred stock   247,556 266,251
Common stock   35,819,240 30,367,779
Additional paid-in capital   24,762,990 $ 20,100,434
Related Party      
Long-term liabilities      
Convertible notes payable, net   $ 2,637,618