Investors

Financials

v3.8.0.1
Consolidated Balance Sheets - USD ($)
Aug. 31, 2017
Feb. 28, 2017
CURRENT ASSETS    
Cash and cash equivalents $ 1,734,297 $ 782,707
Prepaid expenses 40,504 20,856
Total Current Assets 1,774,801 803,563
Equipment (net of accumulated depreciation of $309,537 and $265,234, respectively) 398,782 414,635
Refundable deposits 43,600 43,600
TOTAL ASSETS 2,217,183 1,261,798
Current liabilities    
Accounts payable 531,749 572,195
Accrued expense 201,365 179,680
Deferred research and development reimbursement 204,974 177,517
Convertible note payable (net of discount $1,576 and $10,914, respectively) 998,424 989,086
Accrued interest payable 66,300 15,890
Accrued dividends on Series B Preferred Stock 16,270 15,638
Total Current Liabilities 2,019,082 1,950,006
Warrant liability 96,038 2,106,972
TOTAL LIABILITIES 2,115,120 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 August 31, 2017 and February 28, 2017, respectively) 568 471
Additional Paid-in-capital 27,459,472 23,523,140
Accumulated deficit (27,358,007) (26,318,885)
Total stockholders' deficit 102,063 (2,795,180)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) 2,217,183 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 6 Months Ended
Aug. 31, 2017
Aug. 31, 2016
Aug. 31, 2017
Aug. 31, 2016
Income Statement [Abstract]        
Research collaboration revenue $ 0 $ 0 $ 23,300 $ 0
Total revenue 0 0 23,300 0
OPERATING EXPENSES        
General & administrative 459,628 615,849 1,030,233 1,171,530
Research & development 322,907 356,168 512,351 627,291
Total Operating Expenses 782,535 972,017 1,542,584 1,798,821
OTHER EXPENSES (INCOME)        
Interest expense 30,039 401,990 59,843 706,636
Other income, net (267) (102) (333) (50)
Change in fair value of warrant liability (49,292) (96,241) (539,672) (61,749)
Change in fair value of put option embedded in notes payable 0 (510,867) 0 (456,868)
Loss on sale of notes receivable 0 112,500 0 112,500
Total Other Expenses (Income) (19,520) (92,516) (480,162) 300,469
NET LOSS (763,015) (879,501) (1,039,122) (2,099,290)
Net loss (763,015) (879,501) (1,039,122) (2,099,290)
Deemed dividend on Series B Preferred Stock issuance 0 0 0 (708,303)
Accrued dividends on Series B Preferred Stock (24,557) (73,452) (48,014) (146,894)
Deemed Dividend to Series B Preferred Stockholders for exchange of warrants 0 (29,311) 0 (29,311)
Deemed dividend related to warrants exercise price modification (31,139) 0 (31,139) 0
Loss attributable to common shareholders $ (818,711) $ (981,982) $ (1,118,275) $ (2,983,517)
Net loss per share, basic and diluted $ (.16) $ (0.46) $ (0.22) $ (1.50)
Weighted average of shares outstanding 5,245,819 2,127,833 5,002,635 1,987,487
v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Aug. 31, 2017
Aug. 31, 2016
Cash Flows from Operating Activities    
Net loss $ (1,039,122) $ (2,099,290)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation 44,303 47,532
Share-based compensation 133,896 362,326
Amortization of debt discount 9,338 652,879
Loss on sale of notes receivable 0 112,500
Change in fair value of warrant liability (539,672) (61,749)
Change in fair value of put embedded in note payable 0 (456,868)
Net changes in assets and liabilities    
Prepaid expenses (19,648) 87,538
Deferred research and development reimbursement 27,457 0
Accounts payable and accrued expenses 4,896 507,022
Interest payable 50,410 52,000
Net cash (used in) provided by investing activities (1,328,142) (796,110)
Cash Flows from Investing Activities    
Purchase of equipment (28,450) 0
Proceeds received from sale of notes receivable 0 12,500
Net cash (used in) provided by investing activities (28,450) 12,500
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 2,308,182 462,565
Payment of short-term debt 0 (79,295)
Net Cash provided by Financing Activities 2,308,182 506,060
Net increase (decrease) in cash and cash equivalents 951,590 (277,550)
Cash at the beginning of the period 782,707 363,783
Cash at the end of the period 1,734,297 86,233
Supplemental Disclosure of Non-Cash Financing Activities    
Warrant liability associated with note payable 0 15,225
Series B Preferred PIK dividend 47,382 146,399
Series B Preferred Stock accrued dividends 48,014 146,894
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 32,000
Warrants issued to placement agents 185,063 35,859
Deemed dividend related to Series B Preferred Stock BCF adjustment for conversion price adjustment 0 708,303
Deemed dividend to Series B Preferred stock holders upon exercising Most Favored Nation option 0 29,311
Deemed dividend related to warrants exercise price modification 31,139 0
Issuance of warrants in connection with OID Notes amendment 0 44,095
Financing of insurance premium through notes payable $ 0 $ 158,400