Quarterly report pursuant to sections 13 or 15(d)

Consolidated Statements of Cash Flows

v2.4.0.6
Consolidated Statements of Cash Flows (USD $)
 9 Months Ended 112 Months Ended
Feb. 28, 2013
Feb. 29, 2012
Feb. 28, 2013
Cash flows from operating activities      
Net loss $ (7,082,759) $ (4,082,037) $ (29,915,365)
Adjustments to reconcile net loss to net cash used by operating activities:      
Amortization & depreciation 3,934 1,621 186,796
Loss on disposal of furniture and equipment   2,853 3,146
Amortization of original issue discount 1,234,571 2,063 1,953,836
Gain on settlement of accounts payable (372,759)   (710,101)
Purchased in-process research and development     274,399
Stock-based compensation 3,025,777 1,362,665 11,603,175
Changes in current assets and liabilities:      
(Increase) decrease in prepaid expenses (39,281) 22,649 (105,263)
(Increase) decrease in other assets 2,907 (28,153) (38,828)
Increase (decrease) in accounts payable, accrued interest and accrued liabilities 831,545 (166,498) 2,342,777
Net cash used in operating activities (2,396,065) (2,884,837) (14,405,428)
Cash flows from investing activities:      
Asset acquisition of intangibles (3,500,000)   (3,500,000)
Furniture and equipment purchases (3,135)   (24,218)
Net cash used in investing activities (3,503,135)   (3,524,218)
Cash flows from financing activities:      
Capital contributions by president     15,748
Proceeds from notes payable to related parties     705,649
Preferred stock dividends   (1,500) (1,500)
Payments on indebtedness to related parties (74,492) (74,492) (314,482)
Proceeds from notes payable issued to individuals     145,000
Payments on notes payable issued to individuals     (34,500)
Proceeds from convertible notes payable 5,908,250   6,594,250
Proceeds from the sale of common stock   3,386,024 8,966,072
Proceeds from Series B convertible 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 and stock options 192,500 316,900 547,750
Net cash provided by financing activities 6,026,258 3,626,932 18,338,457
Net change in cash 127,058 742,095 408,811
Cash, beginning of period 284,991 1,037,818 3,238
Cash, end of period 412,049 1,779,913 412,049
Supplemental disclosure of cash flow information:      
Income taxes         
Interest 55,731 4,026 28,055
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 567,000   1,229,000
Common stock issued for debt     245,582
Common stock issued for accrued interest payable 4,205   25,161
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 5,908,250   6,516,516
Common stock issued for preferred stock     167,500
Treasury stock issued for prepaid services     118,291
Common stock issued on settlement of accounts payable 80,000   129,000
Preferred and common stock subject to rescission 1,405,000 717,000 2,344,000
Amortization of deferred offering costs related to rescission liability 253,841 182,198 452,938
Common stock issued for Series B convertible preferred stock 19,000 835,000 1,526,484
Series B convertible preferred stock dividends 2,190 67,293 99,483
Accrued salaries related party contributed as capital     229,500
Stock subscription receivable for options exercised     63,600
Constructive dividend     $ 6,000,000