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

Consolidated Statement of Cash Flows

v3.3.1.900
Consolidated Statement of Cash Flows - USD ($)
 3 Months Ended 6 Months Ended 12 Months Ended
Nov. 30, 2014
Nov. 30, 2015
Nov. 30, 2014
May. 31, 2015
May. 31, 2014
Cash flows from operating activities:          
Net loss $ (4,983,914) $ (14,159,607) $ (8,363,434) $ (25,088,070) $ (12,431,413)
Adjustments to reconcile net loss to net cash (used in)operating activities:          
Amortization and depreciation 90,127 180,382 180,040 360,582 352,429
Amortization of debt issuance costs   604,628   103,598 120,000
Amortization of discount on convertible notes   2,121,491 1,044,340 2,145,010 3,807,320
Amortization of discount on related party notes 60,699 94,344 60,699 523,614  
Gain on settlement of accounts payable         (183,944)
Loss on the sale of fixed asset       583  
Change in fair value of derivative liability 805,575 (646,505) 805,575 838,643  
Inducement interest expense 353,333 1,624,324 353,333 1,526,254 193,160
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   590,661 287,847 631,302 928,413
Changes in current assets and liabilities:          
Decrease (increase) in prepaid expenses   139,857 90,039 (498,928) (348,972)
Increase (decrease) in accounts payable, accrued salaries and severance, accrued license fees, accrued interest and accrued liabilities   350,119 270,701 7,440,554 176,064
Net cash (used in) operating activities   (8,516,129) (5,270,860) (12,016,858) (7,386,943)
Cash flows from investing activities:          
Furniture and equipment purchases     (16,052) (18,585) (19,220)
Net cash (used in) investing activities     (16,052) (18,585) (19,220)
Cash flows from financing activities:          
Payments on indebtedness to related parties         (500,000)
Proceeds from sale of common stock and warrants   12,941,248      
Payments on convertible notes payable         (500,000)
Payments of debt issuance costs       (423,104) (120,000)
Payment of offering costs   (1,433,569)     (2,084,063)
Proceeds from sale of common stock         13,642,667
Proceeds from issuance of convertible note payable     2,000,000 7,481,050 1,200,000
Proceeds from exercise of warrants     777,333 1,141,435 50,000
Payment of principal and interest on convertible notes payable   (789,140)      
Net cash provided by financing activities   10,718,539 2,777,333 8,199,381 11,688,604
Net change in cash   2,202,410 (2,509,579) (3,836,062) 4,282,441
Cash, beginning of period   1,050,060 4,886,122 4,886,122 603,681
Cash, end of period 2,376,543 3,252,470 2,376,543 1,050,060 4,886,122
Cash paid during the period for:          
Income taxes     2,198 3,142  
Interest   26,890 142,926 203,864 311,991
Non-cash investing and financing transactions:          
Common stock issued upon conversion of convertible debt   7,947,342 1,175,000 4,221,250 2,459,000
Common stock issued or to be issued for accrued interest payable   $ 143,479 729 138,373 58,518
Original issue discount and intrinsic value of beneficial conversion feature related to debt issued with warrants         1,200,000
Preferred and common stock subject to rescission liability       378,000 158,500
Amortization of deferred offering costs related to rescission liability       68,292 28,638
Accounts payable extinguished through settlements         $ 183,944
Original issue discount related to valuation of compound embedded derivative of convertible note payable issued with anti-dilution feature     767,038 1,170,264  
Original issue discount related to valuation of relative fair value of warrants issued with convertible note payable $ 158,345   $ 158,345 $ 2,220,143  
Warrants issued for debt discount on convertible notes payable       285,118