Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

v3.8.0.1
Consolidated Balance Sheets
Aug. 31, 2017
USD ($)
May 31, 2017
USD ($)
Current assets:    
Cash $ 946,247 $ 1,775,583
Prepaid expenses 181,042 207,314
Prepaid service fees 3,154,865 4,138,041
Total current assets 4,282,154 6,120,938
Furniture and equipment, net 15,653 17,281
Intangibles, net 1,829,700 1,917,219
Total assets 6,127,507 8,055,438
Current liabilities:    
Accounts payable 5,670,046 4,281,204
Accrued liabilities and compensation 675,995 637,190
Accrued license fees 267,200 167,000
Convertible notes payable, net 4,494,726 1,058,611
Total current liabilities 11,107,967 6,144,005
Long-term liabilities:    
Derivative liability 3,377,333 3,014,667
Total long-term liabilities 3,377,333 3,014,667
Total liabilities 14,485,300 9,158,672
Commitments and Contingencies
Stockholders' (Deficit) Equity    
Series B convertible preferred stock, $0.001 par value; 400,000 shares authorized, 92,100 shares issued and outstanding at August 31, 2017 and May 31, 2017, respectively 92 92
Common stock, $0.001 par value; 350,000,000 shares authorized, 152,763,243 and 149,468,244 issued and outstanding at August 31, 2017 and May 31, 2017, respectively 152,763 149,468
Additional paid-in capital 126,107,341 121,736,921
Accumulated (deficit) (134,617,989) (122,989,715)
Total stockholders' (deficit) (8,357,793) (1,103,234)
Total liabilities and stockholders' (deficit) equity $ 6,127,507 $ 8,055,438