Financials

v3.6.0.2
CONDENSED BALANCE SHEETS - USD ($)
Nov. 30, 2016
May 31, 2016
CURRENT ASSETS:    
Cash and cash equivalents $ 713,550 $ 444,179
Prepaid expenses 164,784 55,687
Total current assets 878,334 499,866
OTHER ASSETS:    
Intellectual technology property, net of accumulated amortization of $16,638 and $16,128 as of November 30, 2016 and May 31, 2016, respectively 2,897 3,407
Total other assets 2,897 3,407
Total Assets 881,231 503,273
CURRENT LIABILITIES:    
Accounts payable 553,446 561,683
Accrued expenses 45,235 45,572
Total current liabilities 598,681 607,255
LONG TERM LIABILITIES:    
Senior Secured Note - related party 18,449,366 16,319,366
Senior Secured Note Accrued Interest - related party 1,197,689 932,882
Total liabilities 20,245,736 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 (96,811,136) (94,622,528)
Total stockholders’ deficit (19,364,505) (17,356,230)
Total liabilities and stockholders’ deficit $ 881,231 $ 503,273

Source

v3.6.0.2
CONDENSED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 6 Months Ended
Nov. 30, 2016
Nov. 30, 2015
Nov. 30, 2016
Nov. 30, 2015
Revenues $ 0 $ 0 $ 0 $ 0
Operating Expenses        
Research and development (including depreciation and amortization) 475,859 1,063,843 924,839 1,601,006
Administrative (including depreciation and amortization) 94,479 793,743 452,416 3,598,620
Professional fees 214,132 237,989 546,038 413,756
Depreciation and amortization 255 255 510 510
Operating loss (784,725) (2,095,830) (1,923,803) (5,613,892)
Other income (expense)        
Interest income 1 1 2 2
Interest expense (135,467) (103,852) (264,807) (201,473)
Loss before income taxes (920,191) (2,199,681) (2,188,608) (5,815,363)
Provision for income taxes 0 0 0 0
Net loss $ (920,191) $ (2,199,681) $ (2,188,608) $ (5,815,363)
Weighted average number of common shares outstanding 28,767,582 28,767,582 28,767,582 28,767,582
Loss per common share - basic and diluted $ (0.03) $ (0.08) $ (0.08) $ (0.20)

Source

v3.6.0.2
CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Nov. 30, 2016
Nov. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (2,188,608) $ (5,815,363)
Adjustments to reconcile net loss to net cash and cash equivalents used in operating activities:    
Depreciation and amortization 510 510
Equity based expense 180,333 3,357,336
(Increase)/decrease in:    
Prepaid expenses and deposits (109,097) (61,119)
Accounts payable and accrued expenses 256,233 551,702
Net cash and cash equivalents used in operating activities (1,860,629) (1,966,934)
CASH FLOWS FROM INVESTING ACTIVITIES: 0 0
CASH FLOWS FROM FINANCING ACTIVITIES:    
Issuance of note payable to individuals 2,130,000 1,725,000
Net cash and cash equivalents provided by financing activities 2,130,000 1,725,000
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS 269,371 (241,934)
Cash and cash equivalents, beginning of period 444,179 928,279
Cash and cash equivalents, ending of period 713,550 686,345
SUPPLEMENTAL SCHEDULE OF CASH FLOW INFORMATION:    
Interest paid 0 0
Taxes paid 0 0
NON-CASH FINANCING ACTIVITIES:    
Conversion of debt for equity $ 0 $ 0

Source