Financials

v3.10.0.1
CONDENSED BALANCE SHEETS - USD ($)
Aug. 31, 2018
May 31, 2018
CURRENT ASSETS:    
Cash and cash equivalents $ 114,876 $ 555,411
Prepaid expenses 40,082 74,386
Total current assets 154,958 629,797
OTHER ASSETS:    
Intellectual technology property, net of accumulated amortization of $18,423 and $18,168 as of August 31, 2018 and May 31, 2018, respectively 1,112 1,367
Total other assets 1,112 1,367
Total Assets 156,070 631,164
CURRENT LIABILITIES:    
Accounts payable 468,467 428,383
Accrued expenses 146,577 200,752
Total current liabilities 615,044 629,135
LONG TERM LIABILITIES:    
Note Payable – related party 2,004,408 1,989,322
Senior Convertible Debt - net of discount ($1,475,000 face value less Senior Convertible Debt Discount of $1,324,382 at August 31, 2018 and $1,399,873 at May 31, 2018) 150,618 75,127
Senior Secured Convertible Note – Accrued Interest 75,747 37,514
Total liabilities 2,845,817 2,731,098
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 47,325,387 shares issued and outstanding, respectively 473 473
Additional paid in capital 102,308,325 102,122,025
Accumulated deficit (104,998,545) (104,222,432)
Total stockholders' (deficit) (2,689,747) (2,099,934)
Total liabilities and stockholders' (deficit) $ 156,070 $ 631,164

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v3.10.0.1
CONDENSED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended
Aug. 31, 2018
Aug. 31, 2017
Revenues $ 0 $ 0
Operating Expenses    
Research and development 248,933 681,829
Administrative 297,730 142,390
Professional fees 100,386 182,943
Depreciation and amortization 255 255
Operating loss (647,304) (1,007,417)
Other income (expense)    
Interest income 1 1
Interest expense (128,810) (157,561)
Loss before income taxes (776,113) (1,164,977)
Provision for income taxes 0 0
Net loss $ (776,113) $ (1,164,977)
Weighted average number of common shares outstanding 47,325,387 28,767,582
Loss per common share – basic and diluted $ (0.02) $ (0.04)

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v3.10.0.1
CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Aug. 31, 2018
Aug. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (776,113) $ (1,164,977)
Adjustments to reconcile net loss to net cash and cash equivalents used in operating activities:    
Amortization of debt discount 75,491 0
Depreciation and amortization 255 255
Equity based expense 186,300 0
(Increase)/decrease in:    
Prepaid expenses and deposits 34,304 49,076
Increase/(decrease) in:    
Accounts payable and accrued expenses (14,091) 77,960
Accrued interest payable 53,319 157,561
Net cash and cash equivalents used in operating activities (440,535) (880,125)
CASH FLOWS FROM INVESTING ACTIVITIES: 0 0
CASH FLOWS FROM FINANCING ACTIVITIES:    
Issuance of note payable to individuals 0 870,000
 Net cash and cash equivalents provided by financing activities 0 870,000
NET DECREASE IN CASH AND CASH EQUIVALENTS (440,535) (10,125)
Cash and cash equivalents, beginning of period 555,411 487,383
Cash and cash equivalents, ending of period 114,876 477,258
SUPPLEMENTAL SCHEDULE OF CASH FLOW INFORMATION:    
Interest paid 0 0
Taxes paid $ 0 $ 0

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