Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.20.2
Consolidated Balance Sheets
May 31, 2020
USD ($)
May 31, 2019
USD ($)
Current assets:    
Cash $ 14,281,830 $ 2,612,910
Restricted cash 10,000 853,599
Inventories 19,146,678  
Miscellaneous receivables   90,824
Prepaid expenses 498,005 107,211
Prepaid service fees 2,890,519 1,704,876
Total current assets 36,827,032 5,369,420
Operating lease right-of-use assets 175,743  
Property, plant and equipment 55,488 29,251
Intangibles, net 13,455,872 15,475,454
Total assets 50,514,135 20,874,125
Current liabilities:    
Accounts payable 29,479,313 16,239,434
Accrued liabilities and compensation 6,866,003 1,588,552
Accrued license fees 12,500 208,600
Accrued interest on convertible notes 292,178 212,777
Accrued dividends on convertible preferred stock 981,438 37,351
Convertible notes payable, net 0 3,586,035
Current portion of operating leases payable 114,790  
Current portion of long-term convertible notes payable 6,744,444 4,200,000
Warrant exercise proceeds held in trust 10,000 853,599
Total current liabilities 44,500,666 26,926,348
Long-term liabilities:    
Convertible notes payable, net 8,430,556 454,568
Operating lease liability 63,391  
Derivative liability   2,407,269
Total long-term liabilities 8,493,947 2,861,837
Total liabilities 52,994,613 29,788,185
Commitments and Contingencies (Note 10)
Stockholders' (Deficit) equity    
Common stock, $0.001 par value; 700,000,000 shares authorized, 519,261,580 and 329,554,763 issued and 518,975,572 and 329,395,752 outstanding at May 31, 2020 and May 31, 2019, respectively 519,262 329,555
Additional paid-in capital 351,711,333 220,119,856
Accumulated (deficit) (354,710,895) (229,363,407)
Less: treasury stock, $.001 par value (286,008 and 159,011 shares at May 31, 2020 and May 31, 2019, respectively) (286) (159)
Total stockholders' (deficit) (2,480,478) (8,914,060)
Total liabilities and stockholders' (deficit) equity 50,514,135 20,874,125
Series B Convertible Preferred Stock    
Stockholders' (Deficit) equity    
Preferred Stock Value 92 92
Series C Convertible Preferred Stock    
Current liabilities:    
Accrued dividends on convertible preferred stock 709,000  
Stockholders' (Deficit) equity    
Preferred Stock Value 8 $ 3
Series D Convertible Preferred Stock    
Current liabilities:    
Accrued dividends on convertible preferred stock 272,000  
Stockholders' (Deficit) equity    
Preferred Stock Value $ 8