v3.19.3
Consolidated Balance Sheets
Aug. 31, 2019
USD ($)
May 31, 2019
USD ($)
Current assets:    
Cash $ 1,795,822 $ 2,612,910
Restricted Cash 0 853,599
Miscellaneous Receivables 5,213 90,824
Prepaid expenses 272,581 107,211
Prepaid service fees 1,126,382 1,704,876
Total current assets 3,199,998 5,369,420
Operating lease right-of-use assets 208,255 0
Property, plant and equipment 31,278 29,251
Intangibles, net 14,947,122 15,475,454
Total assets 18,386,653 20,874,125
Current liabilities:    
Accounts payable 12,048,474 16,239,434
Accrued liabilities and compensation 1,444,429 1,588,552
Accrued license fees 382,700 208,600
Accrued interest on convertible notes 350,400 212,777
Convertible notes payable, net 4,900,247 3,586,035
Current portion of operating leases payable 106,827 0
Current portion of long term convertible notes payable 3,685,351 4,200,000
Warrant tender offer proceeds held in trust 0 853,599
Total current liabilities 23,066,607 26,926,348
Long-term liabilities:    
Convertible notes payable, net 230,614 454,568
Operating lease liability 102,091 0
Derivative liability 1,781,936 2,407,269
Total long-term liabilities 2,114,641 2,861,837
Total liabilities 25,181,248 29,788,185
Commitments and Contingencies 0 0
Stockholders' (Deficit) Equity    
Common stock, $0.001 par value; 700,000,000 shares authorized, 383,584,367 and 329,554,763 issued and 383,425,356 and 329,395,752 outstanding at August 31, 2019 and May 31, 2019, respectively 383,586 329,555
Additional paid-in capital 238,460,113 220,119,856
Accumulated (deficit) (245,638,232) (229,363,407)
Less: treasury stock, at par (159,011 shares at $0.001) (159) (159)
Total stockholders' (deficit) (6,794,595) (8,914,060)
Total liabilities and stockholders' (deficit) equity 18,386,653 20,874,125
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 Preferred Stock 148,179 37,351
Stockholders' (Deficit) Equity    
Preferred Stock Value $ 5 $ 3

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