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

Consolidated Statements of Operations

v3.3.1.900
Consolidated Statements of Operations - USD ($)
3 Months Ended 6 Months Ended 12 Months Ended
Nov. 30, 2015
Nov. 30, 2014
Nov. 30, 2015
Nov. 30, 2014
May. 31, 2015
May. 31, 2014
Operating expenses:            
General and administrative $ 880,697 $ 660,367 $ 1,737,357 $ 1,324,873 $ 3,282,908 $ 3,106,678
Amortization and depreciation 90,191 90,127 180,382 180,040 360,582 352,429
Research and development 1,661,069 2,087,323 6,970,309 4,150,467 15,156,365 3,981,468
Legal fees 261,822 153,863 663,211 290,884 796,671 672,153
Total operating expenses 2,893,779 2,991,680 9,551,259 5,946,264 19,596,526 8,112,728
Operating loss (2,893,779) (2,991,680) (9,551,259) (5,946,264) (19,596,526) (8,112,728)
Interest income 211 556 569 1,688 2,199 7,767
Gain on settlement of accounts payable           183,944
(Loss) on extinguishment of convertible notes     (584,177)      
Change in fair value of derivative liability   (805,575) 646,505 (805,575) (838,643)  
Interest expense:            
Amortization of discount on convertible notes (1,114,901) (688,465) (2,121,491) (1,044,340) (2,145,010) (3,807,320)
Amortization of discount on related party convertible notes   (60,699) (94,344) (60,699) (523,614)  
Amortization of debt issuance costs (362,038)   (712,377)   (103,598) (120,000)
Inducement interest (866,713) (353,333) (1,624,324) (353,333) (1,526,254) (193,160)
Interest on notes payable (27,373) (84,718) (118,709) (154,911) (356,624) (583,076)
Total interest expense (2,371,025) (1,187,215) (4,671,245) (1,613,283) (4,655,100) (4,510,396)
(Loss) before income taxes (5,264,593) (4,983,914) (14,159,607) (8,363,434) (25,088,070) (12,431,413)
Provision for taxes on income 0 0 0 0 0 0
Net (loss) $ (5,264,593) $ (4,983,914) $ (14,159,607) $ (8,363,434) $ (25,088,070) $ (12,431,413)
Basic and diluted (loss) per share $ (0.06) $ (0.09) $ (0.18) $ (0.15) $ (0.43) $ (0.27)
Basic and diluted weighted average common shares outstanding 84,089,964 56,276,630 78,003,528 56,013,134 58,375,637 46,900,643