General form of registration statement for all companies including face-amount certificate companies

Consolidated Statements of Cash Flows

v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
 6 Months Ended 12 Months Ended 115 Months Ended 121 Months Ended
Nov. 30, 2013
Nov. 30, 2012
May 31, 2013
May 31, 2012
May 31, 2013
Nov. 30, 2013
Cash flows from operating activities            
Net loss $ (6,161,144) $ (4,723,652) $ (9,568,301) $ (7,474,224) $ (32,400,907) $ (38,562,054)
Adjustments to reconcile net loss to net cash used by operating activities:            
Amortization & depreciation 175,620 825 222,684 2,013 405,546 581,166
Loss on disposal of furniture and equipment       2,560 2,560 2,560
Amortization of discount on debt 3,047,401 257,303 1,703,616 2,063 2,422,881 5,470,282
Amortization of debt issuance costs 116,668         116,668
Gain on settlement of accounts payable (13,946) (50,426) (372,759)   (710,101) (724,047)
Interest expense associated with conversion inducement 193,160         193,160
Purchased in-process research and development         274,399 274,399
Stock-based compensation 486,516 2,540,164 3,590,011 2,857,859 12,167,995 12,654,511
Changes in current assets and liabilities:            
Increase in accrued salaries     175,449 189,249 364,698  
(Increase) decrease in prepaid expenses (117,658) 31,944 (73,867) (6,707) (139,849) (257,507)
(Increase) decrease in other assets   2,808 5,744 (25,987)    
(Decrease) increase in accounts payable, accrued salaries, accrued interest and accrued liabilities (625,165) 772,938 924,490 62,079 2,210,482 1,950,018
Net cash used in operating activities (2,898,548) (1,168,096) (3,392,933) (4,391,095) (15,402,296) (18,300,844)
Cash flows from investing activities:            
Asset acquisition of intangibles   (3,500,000) (3,500,000)   (3,500,000) (3,500,000)
Furniture and equipment purchases (11,217) (1,097) (3,135)   (24,218) (35,435)
Net cash used in investing activities (11,217) (3,501,097) (3,503,135)   (3,524,218) (3,535,435)
Cash flows from financing activities:            
Capital contributions by president       1,336 15,748 15,748
Proceeds from notes payable to related parties     500,000   1,205,649 1,205,649
Preferred stock dividends       (1,500) (1,500) (1,500)
Payments on indebtedness to related parties   (26,892) (74,492) (74,492) (314,482) (314,482)
Proceeds from issuance of convertible notes payable 1,200,000 5,648,250 6,588,250   7,274,250 8,474,250
Payments on convertible notes payable (250,000)         (250,000)
Proceeds from sale of common stock 13,642,667     3,386,024 8,966,072 22,608,739
Proceeds from Series B convertible preferred stock         2,009,000 2,009,000
Purchase of treasury stock         (436,000) (436,000)
Proceeds from sale of treasury stock         559,210 559,210
Payment of offering costs (2,204,063)       (1,029,940) (3,234,003)
Proceeds from notes payable issued to individuals         145,000 145,000
Payments on notes payable issued to individuals         (34,500) (34,500)
Proceeds from exercise of warrants 50,000 192,500       606,250
Net cash provided by financing activities 12,438,604 5,813,858 7,214,758 3,638,268 19,526,957 31,965,561
Proceeds from exercise of warrants and options     201,000 326,900 556,250  
Net change in cash 9,528,839 1,144,665 318,690 (752,827) 600,443 10,129,282
Cash, beginning of period 603,681 284,991 284,991 1,037,818 3,238 3,238
Cash, end of period 10,132,520 1,429,656 603,681 284,991 603,681 10,132,520
Cash paid during the period for:            
Income taxes                  
Interest 278,493 48,664 224,724 2,593 251,481 529,974
Non-cash investing and financing transactions:            
Net assets acquired in exchange for common stock in CytoDyn/RexRay business combination         7,542 7,542
Common stock issued to former officer to repay working capital advance         5,000 5,000
Common stock issued for convertible debt 2,359,000   567,000   1,229,000 3,588,000
Common stock issued for debt         245,582 245,582
Common stock issued or to be issued for accrued interest payable 74,338   4,205   25,161 99,499
Options to purchase common stock issued for debt         62,341 62,341
Original issue discount and intrinsic value of beneficial conversion feature related to debt issued with warrants 1,200,000 5,648,250 6,243,502   6,962,768 8,162,768
Common stock issued for preferred stock         167,500 167,500
Treasury stock issued for prepaid services         118,291 118,291
Common stock issued on payment of accounts payable     80,000   129,000 129,000
Preferred and common stock subject to rescission   652,500 3,212,500 1,102,000 536,500 536,500
Amortization of deferred offering costs related to rescission liability   117,887 580,398 199,097 779,495 779,495
Accrued stock incentive and deferred offering costs         1,717,000 1,717,000
Common stock issued for Series B convertible preferred stock   14,000 19,000 1,064,500 1,526,484 1,526,484
Series B convertible preferred stock dividends   1,400 2,190 88,743 99,483 99,483
Accrued salaries for related party contributed as capital         229,500 229,500
Reversal of accrued stock incentive and deferred offering costs         1,717,000 1,717,000
Constructive dividend         6,000,000 6,000,000
Common stock issued for common stock payable           388,000
Prepaid stock services           160,800
Common shares issued from escrow       1,425,000 1,425,000 1,425,000
AITI Acquisition
            
Cash flows from financing activities:            
Proceeds from issuance of stock in acquisition         512,200 512,200
AGTI Acquisition
            
Cash flows from financing activities:            
Proceeds from issuance of stock in acquisition         $ 100,000 $ 100,000