v3.20.1
Consolidated Balance Sheets
Feb. 29, 2020
USD ($)
May 31, 2019
USD ($)
Current assets:    
Cash $ 7,057,366 $ 2,612,910
Restricted cash 0 853,599
Inventories 15,895,589 0
Miscellaneous receivables 1,814 90,824
Prepaid expenses 551,107 107,211
Prepaid service fees 1,096,160 1,704,876
Total current assets 24,602,036 5,369,420
Operating lease right-of-use assets 205,428 0
Property, plant and equipment 57,517 29,251
Intangibles, net 13,952,955 15,475,454
Total assets 38,817,936 20,874,125
Current liabilities:    
Accounts payable 34,179,451 16,239,434
Accrued liabilities and compensation 1,576,385 1,588,552
Accrued license fees 491,963 208,600
Accrued interest on convertible notes 155,915 212,777
Convertible notes payable, net 3,916,479 3,586,035
Current portion of operating leases payable 119,072 0
Current portion of long-term convertible notes payable 0 4,200,000
Warrant tender offer proceeds held in trust 0 853,599
Total current liabilities 41,004,046 26,926,348
Long-term liabilities:    
Convertible notes payable, net 0 454,568
Operating lease liability 88,603 0
Derivative liability 2,108,398 2,407,269
Total long-term liabilities 2,197,001 2,861,837
Total liabilities 43,201,047 29,788,185
Commitments and Contingencies
Stockholders' (Deficit) Equity    
Common stock, $0.001 par value; 700,000,000 shares authorized, 471,092,106 and 329,554,763 issued and 470,806,098 and 329,395,752 outstanding at February 29, 2020 and May 31, 2019, respectively 471,092 329,555
Additional paid-in capital 291,829,006 220,119,856
Accumulated (deficit) (296,683,031) (229,363,407)
Less: treasury stock, $.001 par value (286,008 and 159,011 shares at February 29, 2020 and May 31, 2019, respectively) (286) (159)
Total stockholders' (deficit) (4,383,111) (8,914,060)
Total liabilities and stockholders' (deficit) equity 38,817,936 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 convertible preferred stock 564,781 37,351
Stockholders' (Deficit) Equity    
Preferred Stock Value 8 3
Series D Convertible Preferred Stock    
Stockholders' (Deficit) Equity    
Preferred Stock Value $ 8 $ 0

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