v3.19.2
Consolidated Balance Sheets
May 31, 2019
USD ($)
May 31, 2018
USD ($)
Current assets:    
Cash $ 2,612,910 $ 1,231,445
Restricted cash 853,599 0
Miscellaneous receivables 90,824 0
Prepaid expenses 107,211 227,173
Prepaid service fees 1,704,876 1,862,009
Total current assets 5,369,420 3,320,627
Furniture and equipment, net 29,251 11,228
Intangibles, net 15,475,454 1,567,143
Total assets 20,874,125 4,898,998
Current liabilities:    
Accounts payable 16,239,434 15,841,859
Accrued liabilities and compensation 1,588,552 757,778
Accrued license fees 208,600 133,600
Accrued interest on convertible notes 212,777 0
Convertible notes payable, net 3,586,035 0
Current portion of long-term convertible notes payable 4,200,000 0
Warrant tender offer proceeds held in trust 853,599 0
Total current liabilities 26,926,348 16,733,237
Long-term liabilities:    
Convertible notes payable, net 454,568 0
Derivative liability 2,407,269 1,323,732
Total long-term liabilities 2,861,837 1,323,732
Total liabilities 29,788,185 18,056,969
Commitments and Contingencies
Stockholders' (Deficit) Equity    
Common stock, $0.001 par value; 700,000,000 and 375,000,000 shares authorized, 329,554,763 and 216,881,790 issued and 329,395,752 and 216,722,779 outstanding at May 31, 2019 and May 31, 2018, respectively 329,555 216,881
Additional paid-in capital 220,119,856 159,764,611
Accumulated (deficit) (229,363,407) (173,139,396)
Less: treasury stock, at par (159,011 shares at $0.001) (159) (159)
Total stockholders' (deficit) (8,914,060) (13,157,971)
Total liabilities and stockholders' (deficit) equity 20,874,125 4,898,998
Series B Convertible Preferred Stock    
Stockholders' (Deficit) Equity    
Preferred Stock Value 92 92
Series C Convertible Preferred Stock    
Current liabilities:    
Accrued dividends on Series C convertible preferred stock 37,351 0
Stockholders' (Deficit) Equity    
Preferred Stock Value $ 3 $ 0

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