Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.20.1
Consolidated Statements of Cash Flows - USD ($)
 9 Months Ended
Feb. 29, 2020
Feb. 28, 2019
Cash flows from operating activities:    
Net loss $ (66,792,196) $ (41,292,761)
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization and depreciation 1,532,114 747,693
Amortization of debt issuance costs 404,340 175,024
Amortization of discount on convertible notes 1,469,625 676,917
Inducement interest related to warrant exercise and debt conversion 7,876,124 0
Interest expense associated with accretion of convertible notes payable 6,615,146 283,442
Change in fair value of derivative liabilities 2,105,227 (881,495)
Stock-based compensation 4,345,508 2,891,548
Loss on extinguishment of convertible note 0 1,519,603
Deferred income tax benefit 0 (2,826,919)
Changes in current assets and liabilities:    
(Increase) in inventories (15,895,589)  
Decrease in miscellaneous receivables 89,010 0
Decrease (increase) in prepaid expenses 164,820 (1,525,956)
Increase (decrease) in accounts payable and accrued expenses 18,593,672 (720,889)
Net cash used in operating activities (39,492,199) (40,953,793)
Cash flows from investing activities:    
Furniture and equipment purchases (37,881) (3,182)
Net cash used in investing activities (37,881) (3,182)
Cash flows from financing activities:    
Proceeds from sale of common stock and warrants 12,665,799 29,836,826
Proceeds from sale of preferred stock 12,527,000 0
Proceeds from stock option excercises 53,875  
Proceeds from warrant exercises 23,313,040 0
Principal paid on maturity of short term convertible notes (460,000)
Convertible note redemptions paid in cash (1,725,000)
Exercise of option to repurchase shares held in escrow (8,342)
Payment of bonuses and payroll taxes related to tender of common stock for income tax withholding (88,568)  
Release of funds held in trust for warrant tender offer (853,599) 0
Proceeds from convertible note payable, net 0 15,460,000
Payment of debt issuance costs   (583,200)
Payment of offering costs (2,303,268) (3,394,467)
Net cash provided by financing activities 43,120,937 41,319,159
Net change in cash 3,590,857 362,184
Cash, beginning of period 3,466,509 1,231,445
Cash, end of period 7,057,366 1,593,629
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest 8,689  
Non-cash investing and financing transactions:    
Derivative liability associated with warrants 2,404,098  
Common stock issued for accrued bonus compensation 154,552  
Accrued dividends on Series D Convertible Preferred stock 62,219  
Common stock issued for services 2,620  
Accrued dividends on Series C Convertible Preferred stock 465,209  
Issuance of stock for note payable redemptions and conversions 10,822,188 455.000
Accrued interest converted into note payable $ 153,876 225,245
Common stock issued for acquisition of ProstaGene, LLC   11,558,000
Beneficial conversion feature and fair value of warrant issued with note payable   3,534,992
Debt discount associated with convertible notes payable   3,059,159
Derivative liability associated with a convertible note payable   2,750,006
Financing costs associated with placement agent warrants   260,635
Common stock issued in connection with an employment agreeement   $ 8,342