Investors

Financials

v3.7.0.1
Consolidated Balance Sheets - USD ($)
May 31, 2017
Feb. 28, 2017
CURRENT ASSETS    
Cash and cash equivalents $ 152,211 $ 782,707
Account receivable 23,300 0
Prepaid expenses 40,535 20,856
Total Current Assets 216,046 803,563
Equipment (net of accumulated depreciation of $287,900 and $265,234, respectively) 391,969 414,635
Refundable deposits 43,600 43,600
TOTAL ASSETS 651,615 1,261,798
Current liabilities    
Accounts payable 668,866 572,195
Accrued expense 251,567 179,680
Deferred research and development reimbursement 64,989 177,517
Convertible note payable (net of debt discount of $6,315 and $10,914, respectively) 993,685 989,086
Accrued interest payable 41,095 15,890
Accrued dividends on Series B Preferred Stock 15,638 15,638
Total Current Liabilities 2,035,840 1,950,006
Warrant liability 145,330 2,106,972
TOTAL LIABILITIES 2,181,170 4,056,978
STOCKHOLDERS' (DEFICIT) EQUITY    
Common stock ($0.0001 par value; 150,000,000 shares authorized; 4,807,942 and 4,707,942 shares issued and outstanding as of May 31, 2017 and February 28, 2017, respectively) 481 471
Additional Paid-in-capital 25,064,862 23,523,140
Accumulated deficit (26,594,992) (26,318,885)
Total stockholders' deficit (1,529,555) (2,795,180)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT 651,615 1,261,798
Series A Preferred Stock [Member]    
STOCKHOLDERS' (DEFICIT) EQUITY    
Preferred Stock 87 87
Series A-2 Preferred Stock [Member]    
STOCKHOLDERS' (DEFICIT) EQUITY    
Preferred Stock 7 7
Series B Preferred Stock [Member]    
STOCKHOLDERS' (DEFICIT) EQUITY    
Preferred Stock $ 0 $ 0
v3.7.0.1
Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended
May 31, 2017
May 31, 2016
Income Statement [Abstract]    
Research collaboration revenue $ 23,300 $ 0
Total revenue 23,300 0
OPERATING EXPENSES    
General & administrative 570,605 555,681
Research & development 189,444 271,123
Total Operating Expenses 760,049 826,804
OTHER EXPENSES (INCOME)    
Interest expense 29,804 304,646
Other income, net (66) (267)
Change in fair value of warrant liability (490,380) 34,492
Change in fair value of put option embedded in notes payable 0 53,999
Settlement expense 0 115
Total Other Expenses (Income) (460,642) 392,985
NET LOSS (276,107) (1,219,789)
Net loss (276,107) (1,219,789)
Deemed dividend on Series B Preferred Stock issuance 0 (708,303)
Accrued dividends on Series B Preferred Stock (23,457) (73,442)
Loss attributable to common shareholders $ (299,564) $ (2,001,534)
Net loss per share, basic and diluted $ (0.06) $ (1.08)
Weighted average of shares outstanding 4,774,669 1,847,140
v3.7.0.1
Consolidated Statements of Cash Flows - USD ($)
3 Months Ended
May 31, 2017
May 31, 2016
Cash Flows from Operating Activities    
Net loss $ (276,107) $ (1,219,789)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation 22,666 23,766
Share-based compensation 70,470 119,086
Accretion of debt discount included in interest expense 4,599 279,593
Change in fair value of warrant liability (490,380) 34,492
Change in fair value of put embedded in note payable 0 53,999
Net changes in assets and liabilities    
Prepaid expenses (19,679) (971)
Accounts receivable (23,300) 0
Accounts payable and accrued expenses 168,558 266,299
Deferred research and development reimbursement (112,528) 0
Interest payable 25,205 24,000
Net Cash used in Operating Activities (630,496) (419,525)
Cash Flows from Financing Activities    
Proceeds from issuance of notes, net 0 122,790
Proceeds from issuance of common stock and warrants, net 0 126,487
Payment of short-term debt 0 (39,241)
Net Cash provided by Financing Activities 0 210,036
Net decrease in cash and cash equivalents (630,496) (209,489)
Cash at the beginning of the period 782,707 363,783
Cash at the end of the period 152,211 154,294
Supplemental Disclosure of Non-Cash Financing Activities    
Warrant liability associated with note payable 0 15,225
Deemed dividend related to Series B Preferred Stock BCF adjustment for conversion price adjustment 0 708,303
Series B Preferred PIK dividend 23,457 72,476
Series B Preferred Stock accrued dividends 23,457 73,442
Issuance of common stock as payment of accounts payable 0 32,000
Financing of insurance premium through notes payable 0 158,400
Reclassification of equipment to assets held for sale 1,471,262 0
Warrants issued to placement agents 0 15,400
Deemed dividend related to Series B Preferred Stock BCF adjustment for conversion price adjustment $ 0 $ 708,303