Financials

v3.8.0.1
CONDENSED BALANCE SHEETS - USD ($)
Feb. 28, 2018
May 31, 2017
CURRENT ASSETS:    
Cash and cash equivalents $ 1,440,866 $ 487,383
Prepaid expenses 107,847 107,209
Total current assets 1,548,713 594,592
OTHER ASSETS:    
Intellectual technology property, net of accumulated amortization of $17,913 and $17,148 as of February 28, 2018 and May 31, 2017, respectively 1,622 2,387
Total other assets 1,622 2,387
Total Assets 1,550,335 596,979
CURRENT LIABILITIES:    
Accounts payable 719,066 489,029
Accrued expenses 47,859 57,786
Total current liabilities 766,925 546,815
LONG TERM LIABILITIES:    
Senior Convertible Debt - net of discount ($1,425,000 face value less Senior Convertible Debt Discount of $1,425,000 at February 28, 2018 and $0 Debt and $0 Discount at May 31, 2017) 0 0
Senior Secured Note - related party 0 20,299,366
Senior Secured Note Accrued Interest - related party 1,974,349 1,490,416
Total liabilities 2,741,274 22,336,597
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; 47,325,387 and 28,767,582 shares issued and outstanding, respectively 474 288
Additional paid in capital 101,885,724 77,446,343
Accumulated deficit (103,077,137) (99,186,249)
Total stockholders’ (deficit) (1,190,939) (21,739,618)
Total liabilities and stockholders’ (deficit) $ 1,550,335 $ 596,979

Source

v3.8.0.1
CONDENSED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 9 Months Ended
Feb. 28, 2018
Feb. 28, 2017
Feb. 28, 2018
Feb. 28, 2017
Revenues $ 0 $ 0 $ 0 $ 0
Operating Expenses        
Research and development 536,815 814,002 1,766,693 1,738,842
Administrative 867,839 127,616 1,163,517 580,031
Professional fees 151,943 178,588 475,981 724,626
Depreciation and amortization 255 255 765 765
Operating loss (1,556,852) (1,120,461) (3,406,956) (3,044,264)
Other income (expense)        
Interest income 1 1 2 2
Interest expense (164,558) (141,400) (483,934) (406,207)
Loss before income taxes (1,721,409) (1,261,860) (3,890,888) (3,450,469)
Provision for income taxes 0 0 0 0
Net loss $ (1,721,409) $ (1,261,860) $ (3,890,888) $ (3,450,469)
Weighted average number of common shares outstanding 28,976,097 28,767,582 28,835,809 28,767,582
Loss per common share - basic and diluted $ (0.06) $ (0.04) $ (0.13) $ (0.12)

Source

v3.8.0.1
CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Feb. 28, 2018
Feb. 28, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (3,890,888) $ (3,450,469)
Adjustments to reconcile net loss to net cash and cash equivalents used in operating activities:    
Depreciation and amortization 765 765
Equity based expense 745,200 180,333
(Increase)/decrease in:    
Prepaid expenses and deposits (638) (85,596)
Increase/(decrease) in:    
Accounts payable and accrued expenses 704,044 381,750
Net cash and cash equivalents used in operating activities (2,441,517) (2,973,217)
CASH FLOWS FROM INVESTING ACTIVITIES: 0 0
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of Senior Convertible Notes 1,425,000 0
Proceeds from Related Party Senior Secured Notes 1,970,000 3,110,000
Net cash and cash equivalents provided by financing activities 3,395,000 3,110,000
NET INCREASE IN CASH AND CASH EQUIVALENTS 953,483 136,783
Cash and cash equivalents, beginning of period 487,383 444,179
Cash and cash equivalents, ending of period 1,440,866 580,962
SUPPLEMENTAL SCHEDULE OF CASH FLOW INFORMATION:    
Interest paid 0 0
Taxes paid 0 0
Conversion of Related Party Senior Secured Notes $ 22,269,367 $ 0

Source