Financials

v3.8.0.1
CONDENSED BALANCE SHEETS - USD ($)
Aug. 31, 2017
May 31, 2017
CURRENT ASSETS:    
Cash and cash equivalents $ 477,258 $ 487,383
Prepaid expenses 58,133 107,209
Total current assets 535,391 594,592
OTHER ASSETS:    
Intellectual technology property, net of accumulated amortization of $17,403 and $17,148 as of August 31, 2017 and May 31, 2017, respectively 2,132 2,387
Total other assets 2,132 2,387
Total Assets 537,523 596,979
CURRENT LIABILITIES:    
Accounts payable 588,669 489,029
Accrued expenses 36,106 57,786
Total current liabilities 624,775 546,815
LONG TERM LIABILITIES:    
Senior Secured Note - related party 21,169,366 20,299,366
Senior Secured Note Accrued Interest - related party 1,647,977 1,490,416
Total liabilities 23,442,118 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; 28,767,582 and 28,767,582 shares issued and outstanding, respectively 288 288
Additional paid in capital 77,446,343 77,446,343
Accumulated deficit (100,351,226) (99,186,249)
Total stockholders’ (deficit) (22,904,595) (21,739,618)
Total liabilities and stockholders’ (deficit) $ 537,523 $ 596,979

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v3.8.0.1
CONDENSED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended
Aug. 31, 2017
Aug. 31, 2016
Revenues $ 0 $ 0
Operating Expenses    
Research and development 681,829 448,981
Administrative 142,390 357,936
Professional fees 182,943 331,907
Depreciation and amortization 255 255
Operating loss (1,007,417) (1,139,079)
Other income (expense)    
Interest income 1 1
Interest expense (157,561) (129,340)
Loss before income taxes (1,164,977) (1,268,418)
Provision for income taxes 0 0
Net loss $ (1,164,977) $ (1,268,418)
Weighted average number of common shares outstanding 28,767,582 28,767,582
Loss per common share - basic and diluted $ (0.04) $ (0.06)

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v3.8.0.1
CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Aug. 31, 2017
Aug. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (1,164,977) $ (1,268,418)
Adjustments to reconcile net loss to net cash and cash equivalents used in operating activities:    
Depreciation and amortization 255 255
Equity based expense 0 180,333
(Increase)/decrease in:    
Prepaid expenses and deposits 49,076 (16,137)
Increase/(decrease) in:    
Accounts payable and accrued expenses 77,960 (173,116)
Accrued interest payable 157,561 129,340
Net cash and cash equivalents used in operating activities (880,125) (1,147,743)
CASH FLOWS FROM INVESTING ACTIVITIES: 0 0
CASH FLOWS FROM FINANCING ACTIVITIES:    
Issuance of note payable to individuals 870,000 1,095,000
Net cash and cash equivalents provided by financing activities 870,000 1,095,000
NET DECREASE IN CASH AND CASH EQUIVALENTS (10,125) (52,743)
Cash and cash equivalents, beginning of period 487,383 444,179
Cash and cash equivalents, ending of period 477,258 391,436
SUPPLEMENTAL SCHEDULE OF CASH FLOW INFORMATION:    
Interest paid 0 0
Taxes paid $ 0 $ 0

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