Quarterly report pursuant to sections 13 or 15(d)

Consolidated Statements of Operations

v2.4.0.8
Consolidated Statements of Operations (USD $)
3 Months Ended 6 Months Ended 121 Months Ended
Nov. 30, 2013
Nov. 30, 2012
Nov. 30, 2013
Nov. 30, 2012
Nov. 30, 2013
Operating expenses:          
General and administrative $ 772,809 $ 1,267,669 $ 1,339,478 $ 3,768,292 $ 24,036,835
Amortization & depreciation 87,924 434 175,620 825 581,166
Research and development 542,765 161,000 731,952 221,455 4,080,685
Legal fees 197,425 214,426 354,814 465,230 4,191,475
Total operating expenses 1,600,923 1,643,529 2,601,864 4,455,802 32,890,161
Operating loss (1,600,923) (1,643,529) (2,601,864) (4,455,802) (32,890,161)
Interest income 2,209   2,394   5,188
Gain on settlement of accounts payable 5,541 50,426 13,946 50,426 724,047
Interest expense:          
Amortization of discount on convertible debt (1,595,004) (257,313) (3,047,401) (257,313) (5,487,943)
Amortization of debt issuance costs (96,668)   (116,668)   (116,668)
Interest on debt (302,748) (58,070) (411,551) (60,963) (796,517)
Loss before income taxes (3,587,593) (1,908,486) (6,161,144) (4,723,652) (38,562,054)
Provision for taxes on income               
Net loss (3,587,593) (1,908,486) (6,161,144) (4,723,652) (38,562,054)
Constructive preferred stock dividends         (6,000,000)
Convertible preferred stock dividends       (1,400) (99,483)
Net loss applicable to common shareholders $ (3,587,593) $ (1,908,486) $ (6,161,144) $ (4,725,052) $ (44,661,537)
Basic and diluted loss per share $ (0.08) $ (0.06) $ (0.16) $ (0.16) $ (2.64)
Basic and diluted weighted average common shares outstanding 44,982,452 29,866,073 38,038,949 29,396,092 16,945,879