Investors

Financials

v3.6.0.2
Consolidated Balance Sheets - USD ($)
Nov. 30, 2016
Feb. 29, 2016
Nov. 30, 2015
CURRENT ASSETS      
Cash and cash equivalents $ 1,849,590 $ 363,783 $ 264,917
Notes receivable 0 125,000  
Prepaid expenses 51,959 33,121  
Total Current Assets 1,901,549 521,904  
Equipment (net of accumulated depreciation of $240,797 and $169,396, respectively) 427,725 497,052  
Refundable deposits 43,600 43,600  
TOTAL ASSETS 2,372,874 1,062,556  
Current liabilities      
Accounts payable 813,598 746,144  
Accrued expense 219,128 214,311  
Deferred research and development reimbursement 411,855 0  
Note payable (net of discount $63,523 and $743,282, respectively) 826,877 1,533,120  
Accrued interest payable 88,000 56,000  
Accrued dividends on Series B Preferred Stock 7,665 48,317  
Total Current Liabilities 2,367,123 2,597,892  
Derivative warrant liability 3,696,182 234,461  
TOTAL LIABILITIES 6,063,305 2,832,353  
STOCKHOLDERS' (DEFICIT) EQUITY      
Common Stock, ($0.0001 par value; 150,000,000 shares authorized; 4,707,942 and 1,851,201 shares issued and outstanding as of November 30, 2016 and February 29, 2016, respectively) 471 185  
Additional Paid-in-capital 23,172,362 21,607,259  
Accumulated deficit (26,863,358) (23,377,328)  
Total stockholders' deficit (3,690,431) (1,769,797)  
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT 2,372,874 1,062,556  
Series A Preferred Stock [Member]      
STOCKHOLDERS' (DEFICIT) EQUITY      
Preferred Stock 87 87  
Series A-2 Preferred Stock [Member]      
STOCKHOLDERS' (DEFICIT) EQUITY      
Preferred Stock 7   $ 0
Series B Preferred Stock [Member]      
STOCKHOLDERS' (DEFICIT) EQUITY      
Preferred Stock $ 0 $ 0  
v3.6.0.2
Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Nov. 30, 2016
Nov. 30, 2015
Nov. 30, 2016
Nov. 30, 2015
Income Statement [Abstract]        
Revenue $ 0 $ 0 $ 0 $ 0
Total revenue 0 0 0 0
OPERATING EXPENSES        
General & administrative 535,860 656,929 1,707,390 2,681,857
Research & development 182,549 405,911 809,840 943,205
Total Operating Expenses 718,409 1,062,840 2,517,230 3,625,062
OTHER EXPENSES (INCOME)        
Interest expense 274,910 123,918 981,546 169,279
Other income, net (4,621) 7 (4,672) (140,129)
Change in fair value of warrant liability (755,026) 49,507 (816,775) (123,393)
Change in fair value of put embedded in note payable (157,617) 0 (614,484) 3,134
Loss on sale of notes receivable 0 0 112,500 0
Loss on extinguishment of debt 1,248,745 0 1,248,745 0
Loss on settlement of accounts payable 61,940 0 61,940 0
Settlement expense 0 0 0 39,097
Total Other Expenses (Income) 668,331 173,432 968,800 (52,012)
NET LOSS (1,386,740) (1,236,272) (3,486,030) (3,573,050)
Net loss (1,386,740) (1,236,272) (3,486,030) (3,573,050)
Deemed dividend on Series B Preferred Stock issuance 0 0 (708,303) 0
Accrued dividends on Series B Preferred Stock (49,300) (70,590) (196,194) (195,057)
Deemed dividend to Series B Preferred stock holders for exchange of warrants (2,311,241) 0 (2,340,552) 0
Loss attributable to common shareholders $ (3,747,281) $ (1,306,862) $ (6,731,079) $ (4,835,598)
Net loss per share, basic and diluted $ (1.16) $ (0.72) $ (2.81) $ (2.67)
Weighted average of shares outstanding 3,225,111 1,821,182 2,397,028 1,812,825
v3.6.0.2
Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Nov. 30, 2016
Nov. 30, 2015
Cash Flows from Operating Activities    
Net loss $ (3,486,030) $ (3,573,050)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation 71,401 72,422
Share-based compensation 495,024 724,526
Amortization of debt discount 899,296 129,354
Loss on sale of notes receivable and assets 112,500 10,196
Loss on settlement of capital lease 0 8,820
Loss on settlement of accounts payable 61,940 0
Loss on extinguishment of debt 1,248,745 0
Change in fair value of warrant liability (816,775) (123,393)
Change in fair value of put embedded in note payable (614,484) 3,134
Net changes in assets and liabilities    
Prepaid expenses 139,561 24,844
Refundable deposit 0 (3,600)
Accounts payable and accrued expenses 137,860 259,262
Deferred research and development reimbursement 411,855 0
Interest payable 80,000 29,649
Net Cash used in Operating Activities (1,259,107) (2,437,836)
Cash Flows from Investing Activities    
Notes receivable 0 (50,000)
Proceeds from sale of notes receivable 12,500 0
Proceeds received from settlement of capital lease 0 2,897
Purchase of equipment (2,074) (151,830)
Net Cash provided by (used in) Investing Activities 10,426 (198,933)
Cash Flows from Financing Activities    
Proceeds from issuance of notes, net 122,790 1,111,408
Proceeds from issuance of common stock and warrants, net 2,746,688 0
Re-purchase of common stock and warrants 0 (111,563)
Proceeds from issuance of Series B preferred stock and warrant, net 0 1,945,244
Payment of non-convertible debt (8,000) 0
Payment of convertible notes 8,000  
Payment of capital lease obligation 0 (42,407)
Payment of short-term debt (126,990) (107,250)
Deferred offering costs 0 (151,566)
Net Cash provided by Financing Activities 2,734,488 2,643,866
Net increase in cash and cash equivalents 1,485,807 7,097
Cash at the beginning of the period 363,783 257,820
Cash at the end of the period 1,849,590 264,917
Supplemental Disclosure of Non-Cash Financing Activities    
Warrant liability associated with note payable 15,225 150,544
Series B Preferred paid in kind dividend 168,945 164,454
Series B Preferred Stock accrued dividends 196,194 195,057
Issuance of common stock as payment of accounts payable 158,937 0
Issuance of common stock and warrants in exchange of notes payable 2,326,321 0
Financing of insurance premium through notes payable 158,400 107,250
Note receivable received for sale of assets 0 75,000
Capital lease settled against deposit 0 227,235
Warrants issued to placement agents 278,223 175,241
Deemed dividend related to Series B Preferred Stock BCF adjustment for conversion price adjustment 708,303 0
Deemed dividend to Series B Preferred stock holders upon exercising Most Favored Nation option 2,340,552 0
Placement agent warrants issued with note payable 0 16,800
Issuance of warrants in connection with OID Notes amendment $ 44,095 $ 0