Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

v3.6.0.2
Consolidated Balance Sheets
Nov. 30, 2016
USD ($)
May 31, 2016
USD ($)
Current assets:    
Cash $ 8,811,237 $ 9,641,776
Prepaid expenses 338,912 141,714
Prepaid service fees 4,413,312 1,710,852
Total current assets 13,563,461 11,494,342
Furniture and equipment, net 17,892 24,550
Intangibles, net 2,092,239 2,267,239
Total assets 15,673,592 13,786,131
Current liabilities:    
Accounts payable 5,902,621 2,467,973
Accrued liabilities and salaries 58,125 242,708
Accrued license fee 380,500 870,000
Total current liabilities 6,341,246 3,580,681
Long-term liabilities    
Derivative liability 3,955,734  
Total long-term liabilities 3,955,734  
Total liabilities 10,296,980 3,580,681
Commitments and Contingencies
Stockholders' equity    
Series B convertible preferred stock, $0.001 par value; 400,000 shares authorized, 95,100 shares issued and outstanding at November 30, 2016 and May 31, 2016, respectively 95 95
Common stock, $0.001 par value; 350,000,000 and 250,000,000 shares authorized, 138,221,982 and 123,335,634 issued and outstanding at November 30, 2016 and May 31, 2016, respectively 138,222 123,336
Additional paid-in capital 113,285,930 107,307,933
Accumulated (deficit) (108,047,635) (97,225,914)
Total stockholders' equity 5,376,612 10,205,450
Total liabilities and stockholders' equity $ 15,673,592 $ 13,786,131