Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.2.0.727
Consolidated Balance Sheets - USD ($)
May. 31, 2015
May. 31, 2014
Current assets:    
Cash $ 1,050,060 $ 4,886,122
Prepaid expenses 253,833 488,821
Prepaid clinical service fees 733,916  
Deferred offering costs 0 68,292
Total current assets 2,037,809 5,443,235
Furniture and equipment, net 24,213 16,797
Intangibles, net 2,617,239 2,967,239
Total Assets 4,679,261 8,427,271
Current liabilities:    
Accounts payable 5,016,261 1,286,715
Accrued milestone payments 2,500,000  
Accrued liabilities, salaries and interest payable 644,533 501,640
Accrued license fees 930,000  
Convertible notes payable, net 1,634,458  
Stock rescission liability 0 378,000
Total current liabilities 10,725,252 2,166,355
Long-term liabilities    
Related party, derivative liability 2,008,907  
Convertible notes payable, net   2,338,684
Total liabilities 15,371,777 4,505,039
Shareholders' (deficit) equity:    
Series B convertible preferred stock, no par value; 400,000 shares authorized, 95,100 shares issued and outstanding at May 31, 2015 and May 31, 2014, respectively 247,556 266,251
Common stock, no par value; 200,000,000 and 100,000,000 shares authorized, 63,644,348 and 55,753,311 issued and outstanding at May 31, 2015 and May 31, 2014, respectively 35,819,240 30,367,779
Additional paid-in capital 24,762,990 20,100,434
Common and preferred stock subject to rescission   (378,000)
Accumulated (deficit) (71,522,302) (46,434,232)
Total shareholders' (deficit) equity (10,692,516) 3,922,232
Total liabilities and shareholders' (deficit) equity 4,679,261 $ 8,427,271
Related Party    
Long-term liabilities    
Convertible notes payable, net $ 2,637,618