Quarterly report pursuant to sections 13 or 15(d)

Consolidated Statements of Cash Flows

v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
 6 Months Ended 121 Months Ended
Nov. 30, 2013
Nov. 30, 2012
Nov. 30, 2013
Cash flows from operating activities      
Net loss $ (6,161,144) $ (4,723,652) $ (38,562,054)
Adjustments to reconcile net loss to net cash used by operating activities:      
Amortization & depreciation 175,620 825 581,166
Loss on disposal of furniture and equipment     2,560
Amortization of discount on debt 3,047,401 257,303 5,470,282
Amortization of debt issuance costs 116,668   116,668
Gain on settlement of accounts payable (13,946) (50,426) (724,047)
Interest expense associated with conversion inducement 193,160   193,160
Purchased in-process research and development     274,399
Stock-based compensation 486,516 2,540,164 12,654,511
Changes in current assets and liabilities:      
(Increase) decrease in prepaid expenses (117,658) 31,944 (257,507)
Decrease in other assets   2,808  
(Decrease) increase in accounts payable, accrued salaries, accrued interest and accrued liabilities (625,165) 772,938 1,950,018
Net cash used in operating activities (2,898,548) (1,168,096) (18,300,844)
Cash flows from investing activities:      
Asset acquisition of intangibles   (3,500,000) (3,500,000)
Furniture and equipment purchases (11,217) (1,097) (35,435)
Net cash used in investing activities (11,217) (3,501,097) (3,535,435)
Cash flows from financing activities:      
Capital contributions by president     15,748
Proceeds from notes payable to related parties     1,205,649
Preferred stock dividends     (1,500)
Payments on indebtedness to related parties   (26,892) (314,482)
Proceeds from issuance of convertible notes payable 1,200,000 5,648,250 8,474,250
Payments on convertible notes payable (250,000)   (250,000)
Proceeds from sale of common stock 13,642,667   22,608,739
Proceeds from Series B convertible preferred stock     2,009,000
Purchase of treasury stock     (436,000)
Proceeds from sale of treasury stock     559,210
Payment of offering costs (2,204,063)   (3,234,003)
Proceeds from notes payable related to individual     145,000
Payments on notes payable issued to individuals     (34,500)
Proceeds from exercise of warrants 50,000 192,500 606,250
Net cash provided by financing activities 12,438,604 5,813,858 31,965,561
Net change in cash 9,528,839 1,144,665 10,129,282
Cash, beginning of period 603,681 284,991 3,238
Cash, end of period 10,132,520 1,429,656 10,132,520
Cash paid during the period for:      
Income taxes         
Interest 278,493 48,664 529,974
Non-cash investing and financing transactions:      
Net assets acquired in exchange for common stock in CytoDyn/RexRay business combination     7,542
Common stock issued to former officer to repay working capital advance     5,000
Common stock issued for convertible debt 2,359,000   3,588,000
Common stock issued for debt     245,582
Common stock issued or to be issued for accrued interest payable 74,338   99,499
Options to purchase common stock issued for debt     62,341
Original issue discount and intrinsic value of beneficial conversion feature related to debt issued with warrants 1,200,000 5,648,250 8,162,768
Common stock issued for Series A preferred stock     167,500
Treasury stock issued for prepaid services     118,291
Common stock issued on payment of accounts payable     129,000
Preferred and common stock subject to rescission   652,500 536,500
Amortization of deferred offering costs related to rescission liability   117,887 779,495
Accrued stock incentive and deferred offering costs     1,717,000
Common stock issued for Series B convertible preferred stock   14,000 1,526,484
Series B convertible preferred stock dividends   1,400 99,483
Accrued salaries for related party contributed as capital     229,500
Reversal of accrued stock incentive and deferred offering costs     1,717,000
Constructive dividend on Series B convertible preferred stock     6,000,000
Common stock issued for common stock payable     388,000
Prepaid stock services     160,800
Common shares issued from escrow     1,425,000
AITI Acquisition
      
Cash flows from financing activities:      
Proceeds from issuance of stock in acquisition     512,200
AGTI Acquisition
      
Cash flows from financing activities:      
Proceeds from issuance of stock in acquisition     $ 100,000