Annual report pursuant to Section 13 and 15(d)

Consolidated Statement of Operations

v3.7.0.1
Consolidated Statement of Operations - USD ($)
12 Months Ended
May 31, 2017
May 31, 2016
Operating expenses:    
General and administrative $ 6,758,606 $ 7,082,475
Research and development 20,205,743 13,731,426
Amortization and depreciation 366,385 361,610
Total operating expenses 27,330,734 21,175,511
Operating loss (27,330,734) (21,175,511)
Interest income 15,167 7,918
Gain on settlement of accounts payable   72,898
Loss on extinguishment of convertible notes   (584,177)
Change in fair value of derivative liability 2,164,533 646,505
Interest expense:    
Amortization of discount on convertible notes   (1,791,967)
Amortization of debt issuance costs   (604,625)
Amortization of discount on related party convertible notes   (94,344)
Interest related to derivative liability (540,330)  
Interest related to warrant extensions (72,437) (866,713)
Inducement interest   (1,194,887)
Interest on notes payable   (118,709)
Total interest expense (612,767) (4,671,245)
Loss before income taxes (25,763,801) (25,703,612)
Provision for taxes on income 0 0
Net loss $ (25,763,801) $ (25,703,612)
Basic and diluted loss per share $ (0.19) $ (0.27)
Basic and diluted weighted average common shares outstanding 138,004,461 95,437,594