Quarterly report pursuant to sections 13 or 15(d)

Consolidated Statements of Operations

v2.4.0.6
Consolidated Statements of Operations (USD $)
3 Months Ended 9 Months Ended 112 Months Ended
Feb. 28, 2013
Feb. 29, 2012
Feb. 28, 2013
Feb. 29, 2012
Feb. 28, 2013
Operating expenses:          
General and administrative $ 1,352,515 $ 1,073,431 $ 5,120,807 $ 2,725,617 $ 21,582,699
Amortization & depreciation 3,109 391 3,934 1,621 186,796
Research and development 33,370 71,500 254,825 414,139 3,014,320
Legal fees 233,744 269,603 698,974 923,968 3,589,605
Total operating expenses 1,622,738 1,414,925 6,078,540 4,065,345 28,373,420
Operating loss (1,622,738) (1,414,925) (6,078,540) (4,065,345) (28,373,420)
Interest income 697   1,015   2,642
Gain on settlement of accounts payable 322,333   372,759   710,101
Interest expense:          
Amortization of debt discount (977,258)   (1,234,571)   (1,234,571)
Interest on debt (82,141) (2,922) (143,422) (16,692) (1,020,117)
Loss before income taxes (2,359,107) (1,417,847) (7,082,759) (4,082,037) (29,915,365)
Provision for taxes on income               
Net loss (2,359,107) (1,417,847) (7,082,759) (4,082,037) (29,915,365)
Constructive preferred stock dividends         (6,000,000)
Convertible preferred stock dividends (790) (67,293) (2,190) (67,293) (99,483)
Net loss applicable to common shareholders $ (2,359,897) $ (1,485,140) $ (7,084,949) $ (4,149,330) $ (36,014,848)
Basic and diluted loss per share $ (0.08) $ (0.06) $ (0.24) $ (0.18) $ (2.33)
Basic and diluted weighted average common shares outstanding 30,229,176 25,448,777 29,670,735 23,331,326 15,441,958