Annual report pursuant to Section 13 and 15(d)

Consolidated Statement of Changes in Shareholders' (Deficit) Equity

v3.2.0.727
Consolidated Statement of Changes in Shareholders' (Deficit) Equity - USD ($)
Total
Accrued Unpaid Interest
Bonus Share
Conversion Features Six
Conversion Features Seven
Conversion Features Eight
Exercise Price 1
Exercise Price 2
Conversion Features one
Conversion Features two
Conversion Features three
Conversion Features Four
Conversion Features Five
Preferred Stock
Common Stock
Common Stock
Accrued Unpaid Interest
Common Stock
Bonus Share
Common Stock
Conversion Features Six
Common Stock
Conversion Features Seven
Common Stock
Conversion Features Eight
Common Stock
Exercise Price 1
Common Stock
Exercise Price 2
Common Stock
Conversion Features one
Common Stock
Conversion Features two
Common Stock
Conversion Features three
Common Stock
Conversion Features Four
Common Stock
Conversion Features Five
Common Stock Payable
Common Stock Payable
Accrued Unpaid Interest
Common Stock Payable
Bonus Share
Additional Paid-in Capital
Rescission Amount
Accumulated Deficit
Beginning balance at May. 31, 2013 $ (223,916)                         $ 274,091 $ 16,144,673                         $ 117,778     $ 17,778,861 $ (536,500) $ (34,002,819)
Beginning balance, shares at May. 31, 2013                           95,100 30,908,292                                    
Rescission expirations and exclusions 158,500                                                             158,500  
Amortization of deferred offering costs related to rescission liability (28,636)                         $ (7,840) $ (20,796)                                    
Proceeds from unit offering, shares                             20,989,494                                    
Common shares issued to extinguish promissory notes payable, convertible debt and related interest, shares                                             2,046,148 1,493,333 24,363 16,117 21,963            
Proceeds from unit offering, value 13,642,667                           $ 13,642,667                                    
Common shares issued to extinguish promissory notes payable, convertible debt and related interest, value 2,459,000               $ 1,330,000 $ 1,120,000 $ 15,837 $ 12,088 $ 10,012                   $ 1,330,000 $ 1,120,000 $ 15,837 $ 12,088 $ 10,012            
Deferred offering costs (2,084,063)                           $ (2,084,063)                                    
Inducement interest on reissued warrants 193,160                                                           193,160    
Exercise of common stock warrants, shares                             50,000                                    
Common stock issuable, share                               150,000 53,601                                
Exercise of common stock warrants, Value 50,000                           $ 50,000                                    
Common stock issuable, value   $ 64,722 $ 35,139                         $ 75,000 $ 72,361                       $ (10,278) $ (107,500)      
Stock-based compensation 928,413                                                           928,413    
Debt discount related to warrants and beneficial conversion feature associated with convertible debt 1,200,000                                                           1,200,000    
Net loss at year ended (12,431,413)                                                               (12,431,413)
Ending Balance at May. 31, 2014 3,922,232                         $ 266,251 $ 30,367,779                               20,100,434 (378,000) (46,434,232)
Ending balance, shares at May. 31, 2014                           95,100 55,753,311                                    
Rescission expirations and exclusions 378,000                                                             $ 378,000  
Amortization of deferred offering costs related to rescission liability (68,292)                         $ (18,695) $ (49,597)                                    
Common shares issued to extinguish promissory notes payable, convertible debt and related interest, shares                                   104,153 5,628,330 119,580                          
Common shares issued to extinguish promissory notes payable, convertible debt and related interest, value 4,221,250     $ 52,077 $ 4,221,250 $ 86,296                       $ 52,077 $ 4,221,250 $ 86,296                          
OID, intrinsic value related to warrants 2,505,261                                                           2,505,261    
Inducement interest on reissued warrants 970,367                                                           970,367    
Exercise of common stock warrants, shares                                         1,938,974 100,000                      
Exercise of common stock warrants, Value             $ 1,066,435 $ 75,000                         $ 1,066,435 $ 75,000                      
Stock-based compensation 631,302                                                           631,302    
Inducement interest on note conversions and warrant exercises 555,626                                                           555,626    
Net loss at year ended (25,088,070)                                                               (25,088,070)
Ending Balance at May. 31, 2015 $ (10,692,516)                         $ 247,556 $ 35,819,240                               $ 24,762,990   $ (71,522,302)
Ending balance, shares at May. 31, 2015                           95,100 63,644,348