Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

v3.8.0.1
Consolidated Balance Sheets
Nov. 30, 2017
USD ($)
May 31, 2017
USD ($)
Current assets:    
Cash $ 1,296,839 $ 1,775,583
Prepaid expenses 294,364 207,314
Prepaid service fees 3,143,385 4,138,041
Total current assets 4,734,588 6,120,938
Furniture and equipment, net 14,036 17,281
Intangibles, net 1,742,181 1,917,219
Total assets 6,490,805 8,055,438
Current liabilities:    
Accounts payable 9,716,970 4,281,204
Accrued compensation 926,542 637,190
Accrued license fees 517,400 167,000
Accrued interest on convertible notes 180,673  
Convertible notes payable, net 5,391,998 1,058,611
Total current liabilities 16,733,583 6,144,005
Long-term liabilities:    
Derivative liability 2,547,733 3,014,667
Total long-term liabilities 2,547,733 3,014,667
Total liabilities 19,281,316 9,158,672
Commitments and Contingencies
Stockholders' (Deficit) Equity    
Series B convertible preferred stock, $0.001 par value; 400,000 shares authorized, 92,100 shares issued and outstanding at November 30, 2017 and May 31, 2017, respectively 92 92
Common stock, $0.001 par value; 375,000,000 and 350,000,000 shares authorized, 165,135,154 and 149,468,244 issued and outstanding at November 30, 2017 and May 31, 2017, respectively 165,135 149,468
Additional paid-in capital 132,609,936 121,736,921
Accumulated (deficit) (145,565,674) (122,989,715)
Total stockholders' (deficit) (12,790,511) (1,103,234)
Total liabilities and stockholders' (deficit) equity $ 6,490,805 $ 8,055,438