Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations

v3.10.0.1
Consolidated Statements of Operations - USD ($)
12 Months Ended
May 31, 2018
May 31, 2017
May 31, 2016
Operating expenses:      
General and administrative $ 7,340,605 $ 6,758,606 $ 7,082,475
Research and development 38,222,580 20,205,743 13,731,426
Amortization and depreciation 356,128 366,385 361,610
Total operating expenses 45,919,313 27,330,734 21,175,511
Operating loss (45,919,313) (27,330,734) (21,175,511)
Other income (expense):      
Interest income 3,620 15,167 7,918
Change in fair value of derivative liability 1,690,935 2,164,533 646,505
Gain on settlement of accounts payable     72,898
Loss on extinguishment of convertible notes     (584,177)
Interest expense:      
Amortization of discount on convertible notes (1,666,017)   (1,791,967)
Amortization of discounts on related party convertible notes     (94,344)
Amortization of debt issuance costs (435,609)   (604,625)
Interest related to derivative liability   (540,330)  
Inducement interest related to warrant tender offer (393,685)    
Inducement interest related to warrant extension (826,252) (72,437) (866,713)
Inducement interest related to convertible notes (2,352,045)   (1,194,887)
Interest on convertible notes payable (251,315)   (118,709)
Total interest expense (5,924,923) (612,767) (4,671,245)
Loss before income taxes (50,149,681) (25,763,801) (25,703,612)
Provision for taxes on income 0 0 0
Net (loss) $ (50,149,681) $ (25,763,801) $ (25,703,612)
Basic and diluted loss per share $ (0.29) $ (0.19) $ (0.27)
Basic and diluted weighted average common shares outstanding 174,885,422 138,004,461 95,437,594