Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended
Nov. 30, 2017
Nov. 30, 2016
Cash flows from operating activities:    
Net loss $ (22,575,959) $ (10,821,721)
Adjustments to reconcile net loss to net cash used by operating activities:    
Amortization and depreciation 178,282 185,140
Amortization of debt issuance costs 282,129  
Amortization of discount on convertible notes 1,172,995  
Inducement interest related to warrant exercise 826,252  
Interest expense associated with derivative liability   540,333
Change in fair value of derivative liability (466,934) (1,223,466)
Stock-based compensation 529,617 687,634
Changes in current assets and liabilities:    
(Increase) decrease in prepaid expenses 907,606 (2,899,658)
(Decrease) increase in accounts payable and accrued expenses 6,256,192 2,760,563
Net cash used in operating activities (12,889,820) (10,771,175)
Cash flows from investing activities:    
Furniture and equipment purchases   (3,480)
Net cash used in investing activities   (3,480)
Cash flows from financing activities:    
Proceeds from sale of common stock and warrants 7,050,651 10,729,500
Proceeds from warrant exercises 1,647,500 397,880
Proceeds from convertible notes payable 4,888,500  
Payment of offering costs (1,175,575) (1,183,264)
Net cash provided by financing activities 12,411,076 9,944,116
Net change in cash (478,744) (830,539)
Cash, beginning of period 1,775,583 9,641,776
Cash, end of period 1,296,839 8,811,237
Non-cash investing and financing transactions:    
Financing costs associated with placement agent warrants 70,383  
Debt discount associated with convertible notes payable $ 1,574,628  
Derivative liability associated with warrants   $ 5,179,200