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 9 Months Ended
Feb. 29, 2016
Feb. 28, 2015
Feb. 29, 2016
Feb. 28, 2015
Operating expenses:        
General and administrative $ 1,972,015 $ 750,648 $ 3,709,372 $ 2,075,521
Amortization and depreciation 90,191 90,157 270,573 270,197
Research and development 2,741,051 2,264,064 9,711,360 6,414,531
Legal fees 245,780 187,582 908,991 478,466
Total operating expenses 5,049,037 3,292,451 14,600,296 9,238,715
Operating loss (5,049,037) (3,292,451) (14,600,296) (9,238,715)
Interest income 2,202 338 2,771 2,026
(Loss) on extinguishment of convertible notes     (584,177)  
Change in fair value of derivative liability   1,261,545 646,505 455,970
Interest expense:        
Amortization of discount on convertible notes   (254,485) (1,791,967) (1,298,825)
Amortization of debt issuance costs     (604,625)  
Amortization of discount on related party convertible notes   (143,012) (94,344) (203,711)
Inducement interest   (202,295) (2,061,600) (555,628)
Interest on notes payable   (91,293) (118,709) (246,204)
Total interest expense   (691,085) (4,671,245) (2,304,368)
(Loss) before income taxes (5,046,835) (2,721,653) (19,206,442) (11,085,087)
Provision for taxes on income 0 0 0 0
Net (loss) $ (5,046,835) $ (2,721,653) $ (19,206,442) $ (11,085,087)
Basic and diluted (loss) per share $ (0.05) $ (0.05) $ (0.22) $ (0.19)
Basic and diluted weighted average common shares outstanding 104,844,162 58,961,254 86,916,655 56,985,042