Investors

Financials

v3.8.0.1
Consolidated Balance Sheets - USD ($)
Feb. 28, 2018
Feb. 28, 2017
CURRENT ASSETS    
Cash and cash equivalents $ 316,933 $ 782,707
Deferred offering costs 10,872 0
Prepaid expenses 4,131 20,856
Total Current Assets 331,936 803,563
Equipment (net of accumulated depreciation of $353,467 and $265,234, respectively) 354,098 414,635
Refundable deposits 43,600 43,600
TOTAL ASSETS 729,634 1,261,798
Current liabilities    
Accounts payable 571,600 572,195
Accrued expenses 342,715 179,680
Deferred research & development reimbursement 0 177,517
Convertible note payable (net of debt discount of $0 and $10,914, respectively) 1,000,000 989,086
Accrued interest payable 124,163 15,890
Accrued dividends on Series B Preferred Stock 41,819 15,638
Total Current Liabilities 2,080,297 1,950,006
Deferred rent liability 50,702 0
Warrant liability 147,577 2,106,972
Total Liabilities 2,278,576 4,056,978
STOCKHOLDERS' DEFICIT    
Common stock ($0.0001 par value; 150,000,000 shares authorized; 5,877,383 and 4,707,942 shares issued and outstanding, respectively) 588 471
Additional Paid-in-capital 27,950,351 23,523,140
Accumulated deficit (29,499,909) (26,318,885)
Total stockholders' deficit (1,548,942) (2,795,180)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT 729,634 1,261,798
Series A Preferred Stock [Member]    
STOCKHOLDERS' DEFICIT    
Convertible Preferred Stock 0 87
Series A-2 Preferred Stock [Member]    
STOCKHOLDERS' DEFICIT    
Convertible Preferred Stock 28 7
Series B Preferred Stock [Member]    
STOCKHOLDERS' DEFICIT    
Convertible Preferred Stock $ 0 $ 0
v3.8.0.1
Consolidated Statements of Operations (Unaudited) - USD ($)
12 Months Ended
Feb. 28, 2018
Feb. 28, 2017
Revenue    
Revenue - research collaboration $ 23,300 $ 0
Total Revenue 23,300 0
OPERATING EXPENSES    
General & administrative 2,317,298 2,338,818
Research & development 1,256,514 1,009,134
Total Operating Expenses 3,573,812 3,347,952
OTHER EXPENSES (INCOME)    
Interest expense 119,282 1,062,389
Other income, net (637) (965)
Change in fair value of warrant liability (488,133) (2,405,985)
Change in fair value of put option embedded in note payable 0 (614,484)
Loss on sale of notes receivable 0 112,500
Loss on extinguishment of debt 0 1,375,829
Loss on settlement of accounts payable 0 64,323
Total Other Expenses (Income) (369,488) (406,395)
Net Loss (3,181,024) (2,941,557)
Net loss (3,181,024) (2,941,557)
Deemed dividend on Series B Preferred Stock issuance 0 (708,303)
Accrued dividends on Series B Preferred Stock (97,968) (227,163)
Deemed dividend to Series B Preferred stock holders for exchange of warrants 0 (2,340,552)
Deemed dividend related to warrants exercise price modification (31,139) 0
Loss attributable to common shareholders $ (3,310,131) $ (6,217,575)
Net loss per share, basic and diluted $ (0.61) $ (2.10)
Weighted average of shares outstanding, basic and diluted 5,425,284 2,965,910
v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Feb. 28, 2018
Feb. 28, 2017
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (3,181,024) $ (2,941,557)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation 89,238 95,838
Share-based compensation 650,342 640,865
Accretion of debt discount included in interest expense 10,914 958,053
Loss on sale of notes receivable and assets 0 112,500
Loss on settlement of accounts payable 0 64,323
Loss on disposal of fixed assets 1,399 0
Loss on extinguishment of debt 0 1,375,829
Change in fair value of warrant liability (488,133) (2,405,985)
Change in fair value of put option embedded in note payable 0 (614,484)
Net changes in assets and liabilities    
Prepaid expenses 16,725 170,664
Deferred rent liability 50,702 0
Accounts payable and accrued expenses 175,225 (50,095)
Deferred research and development reimbursement (177,517) 177,517
Interest payable 108,273 101,889
Net Cash used in Operating Activities (2,743,856) (2,314,643)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of equipment (30,100) (13,421)
Proceeds from sale of note receivable 0 12,500
Net Cash used in Investing Activities (30,100) (921)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuance of debt, net 0 122,790
Proceeds from issuance of common stock and warrants, net 2,308,182 2,746,688
Payment of notes 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 (465,774) 418,924
Cash and cash equivalents at the beginning of the year 782,707 363,783
Cash and cash equivalents at the end of the year 316,933 782,707
Supplemental Disclosure of Non-Cash Financing Activities    
Warrant liability associated with note payable 0 15,225
Issuance of common stock and warrants as payment of accounts payable 0 212,278
Issuance of common stock and warrants to convert debt and accrued interest 0 2,326,321
Financing of insurance premium through notes payable 0 158,400
Warrants issued to placement agents 0 278,223
Series B Preferred PIK dividend 71,787 191,941
Series B Preferred Stock accrued dividends 97,968 227,163
Deemed dividend related to Series B Preferred Stock BCF adjustment for conversion price adjustment 0 708,303
Issuance of common stock , preferred stock and warrants in exchange for cancellation of Series B preferred stock and Series A Warrants 0 67,900
Deemed dividend to Series B preferred stock holders upon exercising Most Favorable Nation option 0 2,340,552
Exchange OID notes and note payable to convertible debt 0 986,269
Issuance of warrants in connection with OID Notes amendment 0 44,095
Deemed dividend related to warrants exercise price modification 31,139 0
Issuance of common stock to convert Series A preferred stock 87 0
Issuance of common stock to convert Series A-2 preferred stock 2 0
Issuance common stock to convert accrued expenses 23,657 0
Reclassification between warrant liability and additional paid-in-capital $ 1,471,262 $ 0