Quarterly report pursuant to sections 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

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Consolidated Statements of Cash Flows (Unaudited) (USD $)
 3 Months Ended 106 Months Ended
Aug. 31, 2012
Aug. 31, 2011
Aug. 31, 2012
Cash flows from operating activities      
Net loss $ (2,815,166) $ (1,166,789) $ (25,647,772)
Adjustments to reconcile net loss to net cash used by operating activities:      
Amortization / depreciation 391 838 183,253
Loss on disposal furniture and equipment   3,436 3,436
Amortization of original issue discount     719,265
Extinguishment of debt     (337,342)
Purchased in process research and development     274,399
Stock-based compensation and amortization of prepaid stock services 1,777,620 241,517 10,354,728
Changes in current assets and liabilities:      
Decrease (increase) in prepaid expenses 7,387 (1,454) (58,595)
Decrease (increase) in other assets 2,167 (23,815) (39,568)
Increase in accounts payable, accrued interest, accrued salary and accrued liabilities 616,571 398,955 2,127,803
Net cash (used in) operating activities (411,030) (545,249) (12,420,393)
Cash flows from investing activities:      
Furniture and equipment purchases (291)   (21,374)
Net cash (used in) investing activities (291)   (21,374)
Cash flows from financing activities:      
Capital contributions by president     15,748
Preferred stock dividends     (1,500)
Payments on notes payable to related parties     (239,990)
Proceeds from notes payable to related parties     705,649
Proceeds from notes payable issued to individuals     145,000
Payments on notes payable issued to individuals     (34,500)
Proceeds from convertible notes payable     686,000
Proceeds from the sale of common stock     8,966,072
Proceeds from sale of Series B preferred stock     2,009,000
Purchase of treasury stock     (436,000)
Proceeds from sale of treasury stock     559,210
Deferred offering costs     (1,029,940)
Proceeds from issuance of stock of AITI acquisition     512,200
Proceeds from issuance of stock of AGTI acquisition     100,000
Proceeds from exercise of warrants 192,500   547,750
Net cash provided by financing activities 192,500   12,504,699
Net change in cash (218,821) (545,249) 62,932
Cash, beginning of period 284,991 1,037,818 3,238
Cash, end of period 66,170 492,569 66,170
Supplemental disclosure of cash flow information:      
Cash paid during the period for Income taxes         
Cash paid during the period for Interest 634 6,102 27,391
Non-cash investing and financing transactions:      
Net assets acquired in exchange for common stock in CytoDyn/ Rexray business combination     7,542
Common stock issued to former officer to repay working capital advance     5,000
Common stock issued for convertible debt     662,000
Common stock issued for debt     245,582
Common stock issued for accrued interest payable     20,956
Options to purchase common stock issued for debt     62,341
Original issue discount and intrinsic value of beneficial conversion feature related to debt issued with warrants     719,266
Common stock issued for preferred stock     167,500
Treasury stock issued for prepaid services     118,291
Common stock issued on payment of accounts payable     49,000
Preferred and common stock subject to rescission   3,000 3,749,000
Accrued stock incentive and deferred offering costs     1,717,000
Common stock issued for Series B preferred stock 14,000   1,521,484
Series B preferred stock dividends 1,400   98,693
Accrued salaries related party contributed as capital     229,500
Reversal of accrued stock incentive and deferred offering costs     1,717,000
Constructive dividend     6,000,000
Common stock issued for common stock payable 388,000   388,000
Prepaid stock services 160,800   160,800
Amortization of deferred offering costs related to rescission liability     199,097
Common shares issued from escrow liability     $ 1,425,000