Quarterly report pursuant to Section 13 or 15(d)

CONDENSED BALANCE SHEETS

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CONDENSED BALANCE SHEETS - USD ($)
Feb. 28, 2017
May 31, 2016
CURRENT ASSETS:    
Cash and cash equivalents $ 580,962 $ 444,179
Prepaid expenses 141,283 55,687
Total current assets 722,245 499,866
OTHER ASSETS:    
Intellectual technology property, net of accumulated amortization of $16,893 and $16,128 as of February 28, 2017 and May 31, 2016, respectively 2,642 3,407
Total other assets 2,642 3,407
Total Assets 724,887 503,273
CURRENT LIABILITIES:    
Accounts payable 525,013 561,683
Accrued expenses 57,786 45,572
Total current liabilities 582,799 607,255
LONG TERM LIABILITIES:    
Senior Secured Note - related party 19,429,366 16,319,366
Senior Secured Note Accrued Interest - related party 1,339,088 932,882
Total liabilities 21,351,253 17,859,503
STOCKHOLDERS' (DEFICIT)    
Preferred stock, par value $0.00001, 1,000,000 shares authorized; none issued and outstanding 0 0
Common stock, par value $0.00001, 100,000,000 shares authorized; 28,767,582 and 28,767,582 shares issued and outstanding, respectively 288 288
Additional paid in capital 77,446,343 77,266,010
Accumulated deficit (98,072,997) (94,622,528)
Total stockholders’ deficit (20,626,366) (17,356,230)
Total liabilities and stockholders’ deficit $ 724,887 $ 503,273