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