Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
Feb. 29, 2016
May. 31, 2015
Current assets:    
Cash $ 10,202,168 $ 1,050,060
Prepaid expenses 223,876 253,833
Prepaid clinical service fees 1,788,840 733,916
Total current assets 12,214,884 2,037,809
Furniture and equipment, net 16,137 24,213
Intangibles, net 2,354,739 2,617,239
Total assets 14,585,760 4,679,261
Current liabilities:    
Accounts payable 2,388,840 5,016,261
Accrued milestone payments   2,500,000
Accrued liabilities, salaries and interest payable 60,484 644,533
Accrued license fees 930,000 930,000
Convertible notes payable, net   1,634,458
Total current liabilities 3,379,324 10,725,252
Long-term liabilities:    
Related party, convertible notes payable, net   2,637,618
Related party, derivative liability   2,008,907
Total liabilities 3,379,324 15,371,777
Shareholders' equity (deficit):    
Series B convertible preferred stock, $.001 par value; 400,000 shares authorized, 95,100 shares issued and outstanding at February 29, 2016 and May 31, 2015, respectively 95 95
Common stock, $.001 par value; 200,000,000 shares authorized, 118,372,275 and 63,644,348 issued and outstanding at February 29, 2016 and May 31, 2015, respectively 118,372 63,644
Additional paid-in capital 101,816,713 60,766,047
Accumulated (deficit) (90,728,744) (71,522,302)
Total shareholders' equity (deficit) 11,206,436 (10,692,516)
Total liabilities and shareholders' equity $ 14,585,760 $ 4,679,261