Quarterly report pursuant to Section 13 or 15(d)

1A. RESTATEMENT OF PREVIOUSLY REPORTED INFORMATION (Tables)

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1A. RESTATEMENT OF PREVIOUSLY REPORTED INFORMATION (Tables)
3 Months Ended
Jul. 31, 2015
Restatement of Prior Year Income [Abstract]  
Restated financial information

    July 31, 2015  
    As Previously Reported     Adjustment     As Restated  
Selected Consolidated Balance Sheet Accounts                        
Prepaid expenses and other current assets   $ 103,011     $ 842,451     $ 945,462  
Total other assets   $ 3,013,212     $ 842,451     $ 3,855,663  
Total assets   $ 8,142,686     $ 842,451     $ 8,985,137  
Derivative liability   $ 29,746     $ (29,746 )   $ –  
Total current liabilities   $ 1,186,186     $ (29,746 )   $ 1,156,441  
Total liabilities   $ 1,186,186     $ (29,746 )   $ 1,156,441  
Additional paid in capital   $ 86,981,418     $ 914,270     $ 87,895,688  
Accumulated deficit   $ (80,100,800 )   $ (42,074 )   $ (80,142,874 )
Total stockholders' equity   $ 6,956,500     $ 872,196     $ 7,828,696  
Total liabilities and stockholders' equity   $ 8,142,686       842,451     $ 8,985,137  

  

    Three Months Ended July 31, 2015  
    As Previously Reported     Adjustment     As Restated  
Condensed Consolidated Statement of Operations                        
Total revenue   $ –     $ –     $ –  
Cost of revenue     –       –       –  
Gross margin     –       –       –  
Research and development costs     155,678       –       155,678  
Compensation expense     447,570       –       447,570  
Director fee     18,000       –       18,000  
Legal and professional     125,075       –       125,075  
General and administrative     261,417       506,571       767,988  
Loss from operations     (1,007,740 )     (506,571 )     (1,514,311 )
Unrealized gain on change in derivative     462,303       (462,303 )     –  
Other expenses     (95 )     –       (95 )
Interest expense, net     (632 )     –       (632 )
Total other income (expense), net     461,576       (462,303 )     (727 )
Net loss   $ (546,164 )   $ (968,874 )   $ (1,515,038 )
                         
Basic and diluted loss per share   $ 0.00     $ –     $ 0.00  

 

    Three Months Ended July 31, 2015  
    As Previously Reported     Adjustment     As Restated  
Condensed Consolidated Statement of Comprehensive Loss                        
Net loss   $ (546,164 )   $ (968,874 )   $ (1,515,038 )
Foreign currency translation adjustment     (1,621 )     –       (1,621 )
Comprehensive loss   $ (547,785 )   $ (968,874 )   $ (1,516,659 )

 

    Three Months Ended July 31, 2015  
    As Previously Reported     Adjustment     As Restated  
Consolidated Statement of Cash Flows            
Operating activities                        
Net loss   $ (546,164 )   $ (968,874 )   $ (1,515,038 )
Stock issued for services     –       166,608       166,608  
Stock issued for compensation     147,360       –       147,360  
Stock based compensation - options     145,269       –       145,269  
Stock based compensation - warrants     –       339,963       339,963  
Gain on derivative liability     (462,303 )     462,303       –  
Decrease in prepaid expenses and current assets     16,246        –       16,246  
Decrease in accounts payable     (83,582 )      –       (83,582 )
Increase in accrued expenses     19,657        –       19,657  
Decrease in license agreement obligation     (300,000 )      –       (300,000 )
Net cash used in operating activities     (1,063,517 )     –       (1,063,517 )
                         
Investing activities                        
Net cash from investing activities     –       –       –  
                         
Financing activities                        
Proceeds from sale of common stock     1,273,822       –       1,273,822  
Net cash provided by financing activities     1,273,822       –       1,273,822  
                         
Effect of currency rate exchange on cash     159       –       159  
                         
Net decrease in cash     210,464               210,464  
Cash at beginning of year     2,699,737       –       2,699,737  
Cash at end of year   $ 2,910,201     $ –     $ 2,910,201