Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Operations

v3.3.1.900
Consolidated Statements of Operations - USD ($)
3 Months Ended 6 Months Ended
Nov. 30, 2015
Nov. 30, 2014
Nov. 30, 2015
Nov. 30, 2014
Operating expenses:        
General and administrative $ 880,697 $ 660,367 $ 1,737,357 $ 1,324,873
Amortization and depreciation 90,191 90,127 180,382 180,040
Research and development 1,661,069 2,087,323 6,970,309 4,150,467
Legal fees 261,822 153,863 663,211 290,884
Total operating expenses 2,893,779 2,991,680 9,551,259 5,946,264
Operating loss (2,893,779) (2,991,680) (9,551,259) (5,946,264)
Interest income 211 556 569 1,688
(Loss) on extinguishment of convertible notes     (584,177)  
Change in fair value of derivative liability   (805,575) 646,505 (805,575)
Interest expense:        
Amortization of discount on convertible notes (1,114,901) (688,465) (2,121,491) (1,044,340)
Amortization of debt issuance costs (362,038)   (712,377)  
Amortization of discount on related party convertible notes   (60,699) (94,344) (60,699)
Inducement interest (866,713) (353,333) (1,624,324) (353,333)
Interest on notes payable (27,373) (84,718) (118,709) (154,911)
Total interest expense (2,371,025) (1,187,215) (4,671,245) (1,613,283)
(Loss) before income taxes (5,264,593) (4,983,914) (14,159,607) (8,363,434)
Provision for taxes on income 0 0 0 0
Net (loss) $ (5,264,593) $ (4,983,914) $ (14,159,607) $ (8,363,434)
Basic and diluted (loss) per share $ (0.06) $ (0.09) $ (0.18) $ (0.15)
Basic and diluted weighted average common shares outstanding 84,089,964 56,276,630 78,003,528 56,013,134