Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.20.2
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
May 31, 2020
May 31, 2019
May 31, 2018
Cash flows from operating activities:      
Net loss $ (124,403,402) $ (56,186,660) $ (50,149,681)
Adjustments to reconcile net loss to net cash used by operating activities:      
Amortization and depreciation 2,034,440 1,245,167 356,128
Amortization of debt issuance costs 404,340 459,085 435,609
Amortization of discount on convertible notes 1,644,625 1,707,068 1,666,017
Legal settlement 22,500,000    
Inducement interest 7,904,353 195,927 3,571,982
Interest expense associated with warrant extension     826,252
Interest expense associated with warrant tender offer     393,685
Interest expense associated with conversion of notes     2,352,045
Interest expense associated with accretion of convertible notes payable 6,615,146 512,594  
Change in fair value of derivative liabilities 9,541,704 (1,666,469) (1,690,935)
Stock-based compensation 6,547,803 3,388,095 1,290,777
Loss on extinguishment of convertible note   1,519,603  
Deferred income tax benefit   (2,826,919)  
Changes in current assets and liabilities:      
(Increase) in inventories (19,146,678)    
Decrease in miscellaneous receivables 90,824 (90,824)  
Decrease (increase) in prepaid expenses (1,576,437) (464,201) 2,256,173
Increase (decrease) in accounts payable and accrued expenses 19,039,667 1,741,370 12,365,959
Net cash used in operating activities (68,803,615) (50,466,164) (29,897,971)
Cash flows from investing activities:      
Intangibles   (19,553)  
Furniture and equipment purchases (41,095) (25,731)  
Net cash used in investing activities (41,095) (45,284)  
Cash flows from financing activities:      
Proceeds from sale of common stock and warrants 12,665,799 38,268,839 25,224,212
Proceeds from sale of preferred stock 13,409,000 3,083,700  
Proceeds from stock option excercises 5,602,541    
Proceeds from warrant exercises 38,421,468   3,161,131
Principal paid on maturity of short-term convertible notes (460,000)    
Convertible note redemptions paid in cash (1,725,000)    
Exercise of option to repurchase shares held in escrow (8,342)    
Payment of bonuses and payroll taxes related to tender of common stock for income tax withholding (88,568)   (102,064)
(Release) proceeds of funds held in trust for warrant tender offer (843,599) 853,599  
Proceeds from convertible note payable, net 15,000,000 15,460,000 4,888,500
Payment of debt issuance costs   (583,200)  
Repayment of principal and interest on convertible note     (259,157)
Payment of offering costs (2,303,268) (4,336,426) (3,558,789)
Net cash provided by financing activities 79,670,031 52,746,512 29,353,833
Net change in cash 10,825,321 2,235,064 (544,138)
Cash, beginning of period 3,466,509 1,231,445 1,775,583
Cash, end of period 14,291,830 3,466,509 1,231,445
Supplemental disclosure of cash flow information:      
Cash paid during the period for interest 242,817   9,157
Non-cash investing and financing transactions:      
Derivative liability associated with warrants 11,948,972    
Common stock issued for accrued bonus compensation 154,552   214,263
Accrued dividends on Series D Convertible Preferred stock 272,115    
Common stock issued for services 2,620 8,342 260,190
Accrued dividends on Series C Convertible Preferred stock 671,971 37,351  
Issuance of stock for note payable redemption and conversions 14,938,193 1,455,000 5,788,500
Accrued interest converted into note payable $ 153,876 225,245  
Beneficial conversion feature and fair value of warrant issued with note payable   3,534,992  
Debt discount associated with convertible notes payable   3,059,159 1,574,628
Derivative liability associated with a convertible note payable   2,750,006 0
Financing costs associated with placement agent warrants   260,635 70,383
Common stock issued for accrued interest payable     $ 242,158
ProstaGene, LLC      
Non-cash investing and financing transactions:      
Common stock issued for acquisition of ProstaGene, LLC   $ 11,558,000