Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.7.0.1
Consolidated Balance Sheets - USD ($)
May 31, 2017
May 31, 2016
Current assets:    
Cash $ 1,775,583 $ 9,641,776
Prepaid expenses 207,314 141,714
Prepaid service fees 4,138,041 1,710,852
Total current assets 6,120,938 11,494,342
Furniture and equipment, net 17,281 24,550
Intangibles, net 1,917,219 2,267,239
Total assets 8,055,438 13,786,131
Current liabilities:    
Accounts payable 4,281,204 2,467,973
Accrued liabilities and salaries 637,190 242,708
Accrued license fee 167,000 870,000
Convertible notes payable, net 1,058,611  
Total current liabilities 6,144,005 3,580,681
Long-term liabilities:    
Derivative liability 3,014,667  
Total long-term liabilities 3,014,667  
Total liabilities 9,158,672 3,580,681
Commitments and Contingencies
Stockholders' (Deficit) Equity    
Series B convertible preferred stock, $0.001 par value; 400,000 shares authorized, 92,100 and 95,100 shares issued and outstanding at May 31, 2017 and May 31, 2016, respectively 92 95
Common stock, $0.001 par value; 350,000,000 and 250,000,000 shares authorized, 149,468,244 and 123,335,634 issued and outstanding at May 31, 2017 and May 31, 2016, respectively 149,468 123,336
Additional paid-in capital 121,736,921 107,307,933
Accumulated (deficit) (122,989,715) (97,225,914)
Total stockholders' (deficit) equity (1,103,234) 10,205,450
Total liabilities and stockholders' (deficit) equity $ 8,055,438 $ 13,786,131