Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.5.0.2
Consolidated Balance Sheets - USD ($)
May 31, 2016
May 31, 2015
Current assets:    
Cash $ 9,641,776 $ 1,050,060
Prepaid expenses 141,714 253,833
Prepaid clinical trial fees 1,710,852 733,916
Total current assets 11,494,342 2,037,809
Furniture and equipment, net 24,550 24,213
Intangibles, net 2,267,239 2,617,239
Total Assets 13,786,131 4,679,261
Current liabilities:    
Accounts payable 2,467,973 5,016,261
Accrued milestone payments   2,500,000
Accrued liabilities and salaries 242,708 644,533
Accrued license fee 870,000 930,000
Convertible notes payable, net   1,634,458
Total current liabilities 3,580,681 10,725,252
Long-term liabilities    
Related party, convertible note payable, net   2,637,618
Related party, derivative liability   2,008,907
Total liabilities 3,580,681 15,371,777
Shareholders' equity (deficit):    
Series B convertible preferred stock, $.001 par value; 400,000 shares authorized, 95,100 shares issued and outstanding at May 31, 2016 and May 31, 2015, respectively 95 95
Common stock, $.001 par value; 250,000,000 and 100,000,000 shares authorized, 123,335,634 and 63,644,348 issued and outstanding at May 31, 2016 and May 31, 2015, respectively 123,336 63,644
Additional paid-in capital 107,307,933 60,766,047
Accumulated (deficit) (97,225,914) (71,522,302)
Total shareholders' equity (deficit) 10,205,450 (10,692,516)
Total liabilities and shareholders' equity $ 13,786,131 $ 4,679,261