Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended
Aug. 31, 2017
Aug. 31, 2016
Cash flows from operating activities:    
Net loss $ (11,628,273) $ (5,354,385)
Adjustments to reconcile net loss to net cash used by operating activities:    
Amortization and depreciation 89,146 92,584
Amortization of debt issuance costs 113,700  
Amortization of discount on convertible notes 444,152  
Inducement interest related to warrant exercise 826,252  
Change in fair value of derivative liability 362,666 0
Stock-based compensation 254,953 335,349
Changes in current assets and liabilities:    
(Increase) decrease in prepaid expenses 1,009,448 (793,259)
(Decrease) increase in accounts payable and accrued expenses 1,527,847 (541,243)
Net cash used in operating activities (7,000,109) (6,260,954)
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
Proceeds from warrant exercises 1,647,500 397,880
Proceeds from convertible notes payable 4,888,500  
Payment of offering costs (365,227) (60,463)
Net cash provided by financing activities 6,170,773 1,066,917
Net change in cash (829,336) (5,197,517)
Cash, beginning of period 1,775,583 9,641,776
Cash, end of period 946,247 $ 4,444,259
Non-cash investing and financing transactions:    
Financing costs associated with placement agent warrants 70,383  
Debt discount associated with convertible notes payable $ 1,574,628