Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Operations

v3.6.0.2
Consolidated Statements of Operations - USD ($)
3 Months Ended 6 Months Ended
Nov. 30, 2016
Nov. 30, 2015
Nov. 30, 2016
Nov. 30, 2015
Operating expenses:        
General and administrative $ 1,679,925 $ 1,142,519 $ 3,259,988 $ 2,400,568
Research and development 4,383,636 1,661,069 8,069,109 6,970,309
Amortization and depreciation 92,556 90,191 185,140 180,382
Total operating expenses 6,156,117 2,893,779 11,514,237 9,551,259
Operating loss (6,156,117) (2,893,779) (11,514,237) (9,551,259)
Interest income 5,648 211 9,383 569
Loss on extinguishment of convertible notes       (584,177)
Change in fair value of derivative liability 1,223,466   1,223,466 646,505
Interest expense:        
Amortization of discount on convertible notes   (1,114,901)   (2,121,491)
Amortization of debt issuance costs   (362,038)   (712,377)
Amortization of discount on related party convertible notes       (94,344)
Interest related to derivative liability (540,333)   (540,333)  
Inducement interest   (866,713)   (1,624,324)
Interest on notes payable   (27,373)   (118,709)
Total interest expense (540,333) (2,371,025) (540,333) (4,671,245)
Loss before income taxes (5,467,336) (5,264,593) (10,821,721) (14,159,607)
Provision for taxes on income 0 0 0 0
Net loss $ (5,467,336) $ (5,264,593) $ (10,821,721) $ (14,159,607)
Basic and diluted loss per share $ (0.04) $ (0.06) $ (0.08) $ (0.18)
Basic and diluted weighted average common shares outstanding 136,023,544 84,089,964 130,185,627 78,003,528