Financials

v3.8.0.1
CONDENSED BALANCE SHEETS - USD ($)
Nov. 30, 2017
May 31, 2017
CURRENT ASSETS:    
Cash and cash equivalents $ 258,215 $ 487,383
Prepaid expenses 134,125 107,209
Total current assets 392,340 594,592
OTHER ASSETS:    
Intellectual technology property, net of accumulated amortization of $17,658 and $17,148 as of November 30, 2017 and May 31, 2017, respectively 1,877 2,387
Total other assets 1,877 2,387
Total Assets 394,217 596,979
CURRENT LIABILITIES:    
Accounts payable 507,049 489,029
Accrued expenses 37,107 57,786
Senior Secured Note - related party 21,949,366 0
Senior Secured Note Accrued Interest - related party 1,809,792 0
Total current liabilities 24,303,314 546,815
LONG TERM LIABILITIES:    
Senior Secured Note - related party 0 20,299,366
Senior Secured Note Accrued Interest - related party 0 1,490,416
Total liabilities 24,303,314 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 (101,355,728) (99,186,249)
Total stockholders’ (deficit) (23,909,097) (21,739,618)
Total liabilities and stockholders’ (deficit) $ 394,217 $ 596,979

Source

v3.8.0.1
CONDENSED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 6 Months Ended
Nov. 30, 2017
Nov. 30, 2016
Nov. 30, 2017
Nov. 30, 2016
Revenues $ 0 $ 0 $ 0 $ 0
Operating Expenses        
Research and development 548,050 475,859 1,229,879 924,839
Administrative 153,288 94,479 295,678 452,416
Professional fees 141,095 214,132 324,038 546,038
Depreciation and amortization 255 255 510 510
Operating loss (842,688) (784,725) (1,850,105) (1,923,803)
Other income (expense)        
Interest income 1 1 2 2
Interest expense (161,815) (135,467) (319,376) (264,807)
Loss before income taxes (1,004,502) (920,191) (2,169,479) (2,188,608)
Provision for income taxes 0 0 0 0
Net loss $ (1,004,502) $ (920,191) $ (2,169,479) $ (2,188,608)
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) $ (0.03) $ (0.08) $ (0.08)

Source

v3.8.0.1
CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Nov. 30, 2017
Nov. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (2,169,479) $ (2,188,608)
Adjustments to reconcile net loss to net cash and cash equivalents used in operating activities:    
Depreciation and amortization 510 510
Equity based expense 0 180,333
(Increase)/decrease in:    
Prepaid expenses and deposits (26,916) (109,097)
Increase/(decrease) in:    
Accounts payable and accrued expenses 316,717 256,233
Net cash and cash equivalents used in operating activities (1,879,168) (1,860,629)
CASH FLOWS FROM INVESTING ACTIVITIES: 0 0
CASH FLOWS FROM FINANCING ACTIVITIES:    
Issuance of note payable to individuals 1,650,000 2,130,000
Net cash and cash equivalents provided by financing activities 1,650,000 2,130,000
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (229,168) 269,371
Cash and cash equivalents, beginning of period 487,383 444,179
Cash and cash equivalents, ending of period 258,215 713,550
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