Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.10.0.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
May 31, 2018
May 31, 2017
May 31, 2016
Cash flows from operating activities:      
Net loss $ (50,149,681) $ (25,763,801) $ (25,703,612)
Adjustments to reconcile net loss to net cash used in operating activities:      
Amortization and depreciation 356,128 366,385 361,610
Amortization of debt issuance costs 435,609   604,625
Amortization of discount on convertible notes 1,666,017   1,791,967
Amortization of discounts on related party notes     94,344
Gain on extinguishment of accounts payable     72,898
Loss on extinguishment of convertible notes     584,177
Inducement interest expense   72,437 1,954,108
Interest expense associated with warrant extension 826,252 72,437 866,713
Interest expense association with warrant tender offer 393,685    
Interest expense associated with conversion of notes 2,352,045    
Interest expense associated with derivative liability   540,330  
Change in fair value of derivative liability (1,690,935) (2,164,533) (646,505)
Stock-based compensation 1,290,777 1,204,791 2,353,194
Changes in current assets and liabilities:      
Decrease (increase) in prepaid expenses 2,256,173 (2,492,789) (864,817)
Increase (decrease) in accounts payable and accrued expenses 12,365,959 1,504,712 (5,412,640)
Net cash used in operating activities (29,897,971) (26,732,468) (24,810,651)
Cash flows from investing activities:      
Furniture and equipment purchases   (11,114) (11,949)
Net cash used in investing activities   (11,114) (11,949)
Cash flows from financing activities:      
Proceeds from sale of common stock and warrants 25,224,212 19,133,755 37,569,964
Proceeds from warrant exercises 3,161,131 397,883 548,619
Proceeds from convertible notes payable 4,888,500 1,150,000  
Payment of offering costs (3,558,789) (1,804,249) (3,915,127)
Payment of payroll taxes related to tender of common stock for income tax witholding (102,064)    
Repayment of principal and interest on convertible note (259,157)   (789,140)
Net cash provided by financing activities 29,353,833 18,877,389 33,414,316
Net change in cash (544,138) (7,866,193) 8,591,716
Cash, beginning of period 1,775,583 9,641,776 1,050,060
Cash, end of period 1,231,445 1,775,583 9,641,776
Supplemental disclosure of cash flow information:      
Cash paid during the period for interest 9,157   26,890
Non-cash investing and financing transactions:      
Debt discount associated with convertible notes payable 1,574,628 91,389  
Financing costs associated with investor warrants   819,200  
Common stock issued for accrued bonus compensation 214,263    
Common stock issued for board compensation 260,190    
Common stock issued upon conversion of convertible debt 5,788,500   7,947,342
Common stock issued for accrued interest payable 242,158   143,479
Financing costs associated with placement agent warrants $ 70,383    
Accounts payable extinguished through settlements     $ 72,898
Derivative liability associated with warrants   $ 5,179,200