Financials

v3.7.0.1
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

Source

v3.7.0.1
CONDENSED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 9 Months Ended
Feb. 28, 2017
Feb. 29, 2016
Feb. 28, 2017
Feb. 29, 2016
Revenues $ 0 $ 0 $ 0 $ 0
Operating Expenses        
Research and development 814,002 808,177 1,738,842 2,409,183
Administrative 127,616 796,624 580,031 4,395,245
Professional fees 178,588 122,962 724,626 536,716
Depreciation and amortization 255 255 765 765
Operating loss (1,120,461) (1,728,018) (3,044,264) (7,341,909)
Other income (expense)        
Interest income 1 1 2 2
Interest expense (141,400) (111,873) (406,207) (313,345)
Loss before income taxes (1,261,860) (1,839,890) (3,450,469) (7,655,252)
Provision for income taxes 0 0 0 0
Net loss $ (1,261,860) $ (1,839,890) $ (3,450,469) $ (7,655,252)
Weighted average number of common shares outstanding - basic and diluted 28,767,582 28,767,582 28,767,582 28,767,582
Loss per common share - basic and diluted $ (0.04) $ (0.06) $ (0.12) $ (0.27)

Source

v3.7.0.1
CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Feb. 28, 2017
Feb. 29, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (3,450,469) $ (7,655,252)
Adjustments to reconcile net loss to net cash and cash equivalents used in operating activities:    
Depreciation and amortization 765 765
Equity based expense 180,333 4,044,171
(Increase)/decrease in:    
Prepaid expenses and deposits (85,596) (31,405)
Accounts payable and accrued expenses 381,750 548,143
Net cash and cash equivalents used in operating activities (2,973,217) (3,093,578)
CASH FLOWS FROM INVESTING ACTIVITIES: 0 0
CASH FLOWS FROM FINANCING ACTIVITIES:    
Issuance of note payable to individuals 3,110,000 2,760,000
Net cash and cash equivalents provided by financing activities 3,110,000 2,760,000
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 136,783 (333,578)
Cash and cash equivalents, beginning of period 444,179 928,279
Cash and cash equivalents, ending of period 580,962 594,701
SUPPLEMENTAL SCHEDULE OF CASH FLOW INFORMATION:    
Interest paid 0 0
Taxes paid $ 0 $ 0

Source