Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
 9 Months Ended
Feb. 28, 2018
Feb. 28, 2017
Cash flows from operating activities:    
Net loss $ (40,526,058) $ (18,934,153)
Adjustments to reconcile net loss to net cash used by operating activities:    
Amortization and depreciation 267,414 276,171
Amortization of debt issuance costs 435,609  
Amortization of discount on convertible notes 1,666,017  
Interest expense associated with extension of warrant expirations 826,252 72,437
Interest expense associated with conversion of notes 2,352,045  
Interest expense associated with derivative liability   540,333
Change in fair value of derivative liability 274,132 (1,196,800)
Stock-based compensation 1,096,226 984,772
Changes in current assets and liabilities:    
Decrease (increase) in prepaid expenses 2,674,850 (3,085,682)
Increase (decrease) in accounts payable and accrued expenses 8,014,522 1,777,535
Net cash used in operating activities (22,918,991) (19,565,387)
Cash flows from investing activities:    
Furniture and equipment purchases   (7,904)
Net cash used in investing activities   (7,904)
Cash flows from financing activities:    
Proceeds from sale of common stock and warrants 22,903,710 19,133,755
Proceeds from warrant exercises 1,647,500 397,880
Proceeds from convertible notes payable 4,888,500  
Payment of offering costs (3,090,203) (1,804,314)
Repayment on convertible note (259,157)  
Net cash provided by financing activities 26,090,350 17,727,321
Net change in cash 3,171,359 (1,845,970)
Cash, beginning of period 1,775,583 9,641,776
Cash, end of period 4,946,942 7,795,806
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest 9,157  
Non-cash investing and financing transactions:    
Financing costs associated with placement agent warrants 70,383  
Debt discount associated with convertible notes payable 1,574,628  
Common stock issued upon conversion of convertible debt 5,788,500  
Common stock issued for accrued interest payable 242,158  
Common stock issued for board compensation $ 260,190  
Derivative liability associated with warrants   $ 5,179,200