Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statement of Cash Flows

v3.3.1.900
Consolidated Statement of Cash Flows - USD ($)
 3 Months Ended 9 Months Ended
Feb. 28, 2015
Feb. 29, 2016
Feb. 28, 2015
Cash flows from operating activities:      
Net loss $ (2,721,653) $ (19,206,442) $ (11,085,087)
Adjustments to reconcile net loss to net cash (used in) operating activities:      
Amortization and depreciation 90,157 270,573 270,197
Amortization of debt issuance costs   604,625  
Amortization of discount on convertible notes   2,121,491 1,298,825
Amortization of discount on related party notes 143,012 94,344 203,711
Change in fair value of derivative liability (1,261,545) (646,505) (455,970)
Loss on extinguishment of convertible notes   584,177  
Interest expense associated with conversion inducement   757,611 555,628
Interest expense associated with extension of warrant expiration   866,713  
Stock-based compensation   1,546,383 450,782
Changes in current assets and liabilities:      
(Increase) decrease in prepaid expenses   (1,024,967) 257,575
(Decrease) increase in accounts payable, accrued salaries and severance, accrued interest, accrued license fees and accrued liabilities   (5,540,840) 738,224
Net cash (used in) operating activities   (19,572,837) (7,766,115)
Cash flows from investing activities:      
Furniture and equipment purchases     (16,053)
Net cash (used in) investing activities     (16,053)
Cash flows from financing activities:      
Proceeds from sale of common stock and warrants   33,268,466  
Proceeds from issuance of convertible note payable     3,500,000
Proceeds from exercise of warrants, net of offering costs   94,283 1,066,436
Payment of principal and interest on convertible notes payable   (789,140)  
Payment of offering costs   (3,848,664)  
Net cash provided by financing activities   28,724,945 4,566,436
Net change in cash   9,152,108 (3,215,732)
Cash, beginning of period   1,050,060 4,886,122
Cash, end of period 1,670,390 10,202,168 1,670,390
Cash paid during the period for:      
Income taxes     2,198
Interest   26,890 170,934
Non-cash investing and financing transactions:      
Common stock issued upon conversion of convertible debt and extinguishment of derivative liability   7,947,842 1,175,000
Common stock issued or to be issued for accrued interest payable   $ 143,479 729
Original issue discount related to valuation of compound embedded derivative of convertible note payable issued with anti-dilution feature     1,170,264
Original issue discount related to valuation of relative fair value of warrants issued with convertible note payable $ 215,732   215,732
Preferred and common stock subject to recission liability     $ 25,000