Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations

v2.4.0.8
Consolidated Statements of Operations (USD $)
 12 Months Ended
May 31, 2014
May 31, 2013
Operating expenses:    
General and administrative $ 3,106,678 $ 6,204,865
Legal fees 672,153 946,030
Research and development 3,981,468 619,838
Amortization and depreciation 352,429 222,684
Total operating expenses 8,112,728 7,993,417
Operating loss (8,112,728) (7,993,417)
Interest income 7,767 1,167
Gain on settlement of accounts payable 183,944 372,759
Interest expense:    
Amortization of discount on convertible debt (3,807,320) (1,703,616)
Amortization of debt issuance costs (120,000)  
Interest on debt (583,076) (245,194)
Total interest expense (4,510,396) (1,948,810)
Loss before income taxes (12,431,413) (9,568,301)
Provision for taxes on income      
Net loss (12,431,413) (9,568,301)
Constructive preferred stock dividends      
Convertible preferred stock dividends   (2,190)
Net loss applicable to common shareholders $ (12,431,413) $ (9,570,491)
Basic and diluted loss per share $ (0.27) $ (0.32)
Basic and diluted weighted average common shares outstanding 46,900,643 29,942,393