Quarterly report pursuant to sections 13 or 15(d)

Consolidated Statements of Cash Flows

v2.4.0.6
Consolidated Statements of Cash Flows (USD $)
 6 Months Ended 109 Months Ended
Nov. 30, 2012
Nov. 30, 2011
Nov. 30, 2012
Cash flows from operating activities      
Net loss $ (4,723,652) $ (2,664,188) $ (27,556,258)
Adjustments to reconcile net loss to net cash used by operating activities:      
Amortization & depreciation 825 1,230 183,687
Loss on disposal of furniture and equipment   3,146 3,146
Amortization of original issue discount 257,303 2,063 976,568
Extinguishment of debt (50,426)   (387,768)
Purchased in-process research and development     274,399
Stock-based compensation 2,540,164 791,158 11,117,562
Changes in current assets and liabilities:      
(Increase) decrease in prepaid expenses 31,944 28,585 (34,038)
(Increase) decrease in other assets 2,808 (30,320) (38,927)
Increase in accounts payable, accrued interest and accrued liabilities 772,938 570,327 2,284,170
Net cash used in operating activities (1,168,096) (1,297,999) (13,177,459)
Cash flows from investing activities:      
Asset acquisition (3,500,000)   (3,500,000)
Furniture and equipment purchases (1,097)   (22,180)
Net cash used in investing activities (3,501,097)   (3,522,180)
Cash flows from financing activities:      
Capital contributions by president     15,748
Proceeds from notes payable to related parties     705,649
Preferred stock dividends     (1,500)
Payments on notes payable to related parties (26,892)   (266,882)
Proceeds from notes payable issued to individuals     145,000
Payments on notes payable issued to individuals     (34,500)
Proceeds from convertible notes payable 5,648,250   6,334,250
Proceeds from the sale of common stock   390,000 8,966,072
Proceeds from Series B convertible preferred stock     2,009,000
Purchase of treasury stock     (436,000)
Proceeds from sale of treasury stock     559,210
Deferred offering costs     (1,029,940)
Proceeds from issuance of stock of AITI acquisition     512,200
Proceeds from issuance of stock of AGTI acquisition     100,000
Proceeds from exercise of warrants 192,500   547,750
Net cash provided by financing activities 5,813,858 390,000 18,126,057
Net change in cash 1,144,665 (907,999) 1,426,418
Cash, beginning of period 284,991 1,037,818 3,238
Cash, end of period 1,429,656 129,819 1,429,656
Supplemental disclosure of cash flow information:      
Income taxes         
Interest 48,664 3,891 28,055
Non-cash investing and financing transactions:      
Net assets acquired in exchange for common stock in CytoDyn/RexRay business combination     7,542
Common stock issued to former officer to repay working capital advance     5,000
Common stock issued for convertible debt     662,000
Common stock issued for debt     245,582
Common stock issued for accrued interest payable     20,956
Options to purchase common stock issued for debt     62,341
Original issue discount and intrinsic value of beneficial conversion feature related to debt issued with warrants 5,648,250   6,376,516
Common stock issued for preferred stock     167,500
Treasury stock issued for prepaid services     118,291
Common stock issued on payment of accounts payable     49,000
Preferred and common stock subject to rescission 652,500 629,000 3,096,500
Amortization of deferred offering costs related to rescission liability 117,887 166,520 316,194
Common stock issued for Series B convertible preferred stock 14,000   1,521,484
Series B convertible preferred stock dividends 1,400   98,693
Accrued salaries related party contributed as capital     229,500
Stock subscription receivable for options exercised   63,600 63,600
Constructive dividend     $ 6,000,000