v3.19.3
Consolidated Statements of Cash Flows - USD ($)
3 Months Ended
Aug. 31, 2019
Aug. 31, 2018
Cash flows from operating activities:    
Net loss $ (16,163,999) $ (14,413,569)
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization and depreciation 531,043 88,971
Amortization of debt issuance costs 284,060 9,178
Amortization of discount on convertible notes 1,030,151 64,580
Inducement interest expense on warrant tender offers 2,430,514 0
Interest expense associated with accretion of convertible notes payable 266,397 0
Change in fair value of derivative liabilities (625,333) 747,467
Stock-based compensation 580,727 283,346
Changes in current assets and liabilities:    
(Increase) decrease in miscellaneous receivables 85,611 0
(Increase) decrease in prepaid expenses 413,124 (701,185)
(Decrease) increase in accounts payable and accrued expenses (4,022,694) 4,950,552
Net cash used in operating activities (15,190,397) (8,970,660)
Cash flows from investing activities:    
Furniture and equipment purchases (4,739) (2,262)
Net cash used in investing activities (4,739) (2,262)
Cash flows from financing activities:    
Proceeds from sale of common stock and warrants 2,255,800 8,499,300
Proceeds from sale of preferred stock 1,754,000 0
Proceeds from warrant tender offers 11,900,260 0
Release of funds held in trust for warrant tender offer (853,599) 0
Proceeds from convertible notes payable, net 0 5,000,000
Payment of offering costs (1,532,012) (1,008,410)
Net cash provided by financing activities 13,524,449 12,490,890
Net change in cash (1,670,687) 3,517,968
Cash, beginning of period 3,466,509 1,231,445
Cash, end of period 1,795,822 4,749,413
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest 9,765 0
Non-cash investing and financing transactions:    
Common stock issued for conversion redemption 1,005,000 0
Dividends accrued on Series C convertible preferred stock 110,826 0
Debt discount associated with convertible notes payable $ 0 $ 700,000

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