Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statement of Cash Flows

Consolidated Statement of Cash Flows - USD ($)
3 Months Ended
Aug. 31, 2016
Aug. 31, 2015
Cash flows from operating activities:    
Net loss $ (5,354,385) $ (8,895,015)
Adjustments to reconcile net loss to net cash used by operating activities:    
Amortization and depreciation 92,584 90,191
Amortization of debt issuance costs   350,339
Amortization of discount on convertible notes   1,006,590
Amortization of discount on related party notes   94,344
Change in fair value of derivative liability   (646,505)
Loss on extinguishment of convertible notes   584,177
Interest expense associated with conversion and exercise inducement   757,871
Stock-based compensation 335,349 351,564
Changes in current assets and liabilities:    
(Increase) decrease in prepaid expenses (793,259) 232,716
(Decrease) increase in accounts payable and accrued expenses (541,243) 824,875
Net cash used in operating activities (6,260,954) (5,248,853)
Cash flows from investing activities:    
Furniture and equipment purchases (3,480)  
Net cash used in investing activities (3,480)  
Cash flows from financing activities:    
Proceeds from sale of common stock and warrants 729,500 8,014,241
Exercise of common stock warrants 397,880  
Payment of offering costs (60,463) (983,101)
Net cash provided by financing activities 1,066,917 7,031,140
Net change in cash (5,197,517) 1,782,287
Cash, beginning of period 9,641,776 1,050,060
Cash, end of period $ 4,444,259 2,832,347
Non-cash investing and financing transactions:    
Common stock issued upon conversion of convertible debt and extinguishment of derivative liability   4,678,543
Common stock issued or to be issued for accrued interest payable   $ 53,972