Investors

Financials

v3.8.0.1
Consolidated Balance Sheets - USD ($)
Nov. 30, 2017
Feb. 28, 2017
CURRENT ASSETS    
Cash and cash equivalents $ 781,768 $ 782,707
Prepaid expenses 71,705 20,856
Total Current Assets 853,473 803,563
Equipment (net of accumulated depreciation of $331,114 and $265,234, respectively) 377,205 414,635
Refundable deposits 43,600 43,600
TOTAL ASSETS 1,274,278 1,261,798
Current liabilities    
Accounts payable 423,314 572,195
Accrued expenses 344,776 179,680
Deferred research and development reimbursement 24,867 177,517
Convertible note payable (net of debt discount of $0 and $10,914, respectively) 1,000,000 989,086
Accrued interest payable 94,574 15,890
Accrued dividends on Series B Preferred Stock 16,595 15,638
Total Current Liabilities 1,904,126 1,950,006
Deferred rent liability 48,706
Warrant liability 83,859 2,106,972
TOTAL LIABILITIES 2,036,691 4,056,978
STOCKHOLDERS' EQUITY (DEFICIT)    
Common stock, ($0.0001 par value; 150,000,000 shares authorized; 5,677,383 and 4,707,942 shares issued and outstanding as of November 30, 2017 and February 28, 2017, respectively) 568 471
Additional Paid-in-capital 27,765,338 23,523,140
Accumulated deficit (28,528,349) (26,318,885)
Total stockholders' deficit (762,413) (2,795,180)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT 1,274,278 1,261,798
Series A Preferred Stock [Member]    
STOCKHOLDERS' EQUITY (DEFICIT)    
Preferred Stock 0 87
Series A-2 Preferred Stock [Member]    
STOCKHOLDERS' EQUITY (DEFICIT)    
Preferred Stock 30 7
Series B Preferred Stock [Member]    
STOCKHOLDERS' EQUITY (DEFICIT)    
Preferred Stock $ 0 $ 0
v3.8.0.1
Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Nov. 30, 2017
Nov. 30, 2016
Nov. 30, 2017
Nov. 30, 2016
Income Statement [Abstract]        
Revenue $ 0 $ 0 $ 23,300 $ 0
Total revenue 0 0 23,300 0
Operating Expenses        
General & administrative 752,807 535,860 1,783,040 1,707,390
Research & development 400,084 182,549 912,435 809,840
Total Operating Expenses 1,152,891 718,409 2,695,475 2,517,230
Other Expenses (Income)        
Interest expense 29,850 274,910 89,693 981,546
Other income, net (220) (4,621) (553) (4,672)
Change in fair value of warrant liability (12,179) (755,026) (551,851) (816,775)
Change in fair value of embedded put option in notes payable 0 (157,617) 0 (614,484)
Loss on sale of notes receivable 0 0 0 112,500
Loss on extinguishment of debt 0 1,248,745 0 1,248,745
Loss on settlement of accounts payable 0 61,940 0 61,940
Total Other Expenses (Income) 17,451 668,331 (462,711) 968,800
NET LOSS (1,170,342) (1,386,740) (2,209,464) (3,486,030)
Net loss (1,170,342) (1,386,740) (2,209,464) (3,486,030)
Deemed dividend on Series B Preferred Stock issuance 0 0 0 (708,303)
Accrued dividends on Series B Preferred Stock (24,730) (49,300) (72,744) (196,194)
Deemed Dividend to Series B Preferred Stockholders for exchange of warrants 0 (2,311,241) 0 (2,340,552)
Deemed dividend related to warrants exercise price modification 0 0 (31,139) 0
Loss attributable to common shareholders $ (1,195,072) $ (3,747,281) $ (2,313,347) $ (6,731,079)
Net loss per share attributable to common shareholders, basic and diluted $ (.21) $ (1.16) $ (.44) $ (2.81)
Weighted average of shares, basic and diluted 5,777,937 3,225,111 5,259,190 2,397,028
v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Nov. 30, 2017
Nov. 30, 2016
Cash Flows from Operating Activities    
Net loss $ (2,209,464) $ (3,486,030)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation 65,880 71,401
Share-based compensation 440,087 495,024
Loss on sale of note receivable 0 112,500
Loss on settlement of accounts payable 0 61,940
Amortization of debt discount 10,914 899,296
Loss on extinguishment of debt 0 1,248,745
Change in fair value of warrant liability (551,851) (816,775)
Change in fair value of embedded put option in notes payable 0 (614,484)
Net changes in assets and liabilities    
Prepaid expenses and other current assets (50,849) 139,561
Accounts payable, accrued expenses and deferred rent liability 88,578 137,860
Deferred research and development reimbursement (152,650) 411,855
Interest payable 78,684 80,000
Net cash used in operating activities (2,280,671) (1,259,107)
Cash Flows from Investing Activities    
Purchase of equipment (28,450) (2,074)
Proceeds from sale of notes receivable 0 12,500
Net cash (used in) provided by investing activities (28,450) 10,426
Cash Flows from Financing Activities    
Proceeds from issuance of debt, net of debt issuance costs 0 122,790
Proceeds from issuance of common stock, preferred stock and warrants, net of offering costs 2,308,182 2,746,688
Payment of non-convertible debt 0 (8,000)
Payment of short-term debt 0 (126,990)
Net Cash provided by Financing Activities 2,308,182 2,734,488
Net (decrease) increase in cash and cash equivalents (939) 1,485,807
Cash at the beginning of the period 782,707 363,783
Cash at the end of the period 781,768 1,849,590
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
Deemed dividend to Series B Preferred stockholders upon exercising Most Favored Nation option 0 2,340,552
Deemed dividend related to warrants exercise price modification 31,139 0
Series B Preferred PIK dividend 71,787 168,945
Series B preferred stock accrued dividends 72,744 196,194
Issuance of common stock to convert Series A preferred stock 87 0
Issuance of common stock to convert accrued expenses 23,657 0
Reclassification between warrant liability and additional paid-in-capital 1,471,262 0
Issuance of common stock as payment of accounts payable 0 158,937
Issuance of common stock and warrants in exchange of notes payable 0 2,326,321
Financing of insurance premium through notes payable 0 158,400
Issuance of common stock, preferred stock and warrants in exchange for accrued Series B preferred stock dividends 0 67,900
Issuance of warrants in connection with OID Notes amendment 0 44,095
Warrants issued to placement agents $ 185,063 $ 278,223