Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

v3.7.0.1
Consolidated Balance Sheets
Feb. 28, 2017
USD ($)
May 31, 2016
USD ($)
Current assets:    
Cash $ 7,795,806 $ 9,641,776
Prepaid expenses 221,830 141,714
Prepaid service fees 4,716,418 1,710,852
Total current assets 12,734,054 11,494,342
Furniture and equipment, net 18,783 24,550
Intangibles, net 2,004,739 2,267,239
Total assets 14,757,576 13,786,131
Current liabilities:    
Accounts payable 5,233,522 2,467,973
Accrued liabilities and salaries 57,896 242,708
Accrued license fee 66,800 870,000
Total current liabilities 5,358,218 3,580,681
Long-term liabilities    
Derivative liability 3,982,400  
Total long-term liabilities 3,982,400  
Total liabilities 9,340,618 3,580,681
Commitments and Contingencies
Stockholders' equity    
Series B convertible preferred stock, $0.001 par value; 400,000 shares authorized, 92,100 and 95,100 shares issued and outstanding at February 28, 2017 and May 31, 2016, respectively. 92 95
Common stock, $0.001 par value; 350,000,000 and 250,000,000 shares authorized, 149,468,244 and 123,335,634 issued and outstanding at February 28, 2017 and May 31, 2016, respectively 149,468 123,336
Additional paid-in capital 121,427,465 107,307,933
Accumulated (deficit) (116,160,067) (97,225,914)
Total stockholders' equity 5,416,958 10,205,450
Total liabilities and stockholders' equity $ 14,757,576 $ 13,786,131