Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.10.0.1
Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended
Aug. 31, 2018
Aug. 31, 2017
Cash flows from operating activities:    
Net loss $ (14,413,569) $ (11,628,273)
Adjustments to reconcile net loss to net cash used by operating activities:    
Amortization and depreciation 88,971 89,146
Amortization of debt issuance costs 9,178 113,700
Amortization of discount on convertible notes 64,580 444,152
Inducement interest related to warrant exercise   826,252
Change in fair value of derivative liability 747,467 362,666
Stock-based compensation 283,346 254,953
Changes in current assets and liabilities:    
(Increase)decrease in prepaid expenses (701,185) 1,009,448
Increase in accounts payable and accrued expenses 4,950,552 1,527,847
Net cash used in operating activities (8,970,660) (7,000,109)
Cash flows from investing activities:    
Furniture and equipment purchases (2,262)  
Net cash used in investing activities (2,262)  
Cash flows from financing activities:    
Proceeds from sale of common stock and warrants 8,499,300  
Proceeds from warrant exercises   1,647,500
Proceeds from convertible notes payable 5,000,000 4,888,500
Payment of offering costs (1,008,410) (365,227)
Net cash provided by financing activities 12,490,890 6,170,773
Net change in cash 3,517,968 (829,336)
Cash, beginning of period 1,231,445 1,775,583
Cash, end of period 4,749,413 946,247
Non-cash investing and financing transactions:    
Financing costs associated with placement agent warrants   70,383
Debt discount and issuance costs associated with convertible notes payable $ 700,000 $ 1,574,628