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)
6 Months Ended
Oct. 31, 2015
Restatement of Prior Year Income [Abstract]  
Restatement of previously reported information

    October 31, 2015  
    As Previously Reported     Adjustment     As Restated  
Selected Consolidated Balance Sheet Accounts                        
Prepaid expenses and other current assets   $ 74,757     $ 335,878     $ 410,635  
Total current assets   $ 2,512,187     $ 335,878     $ 2,848,065  
Total assets   $ 7,641,661     $ 335,878     $ 7,977,539  
Additional paid in capital   $ 87,685,381     $ 914,270     $ 88,599,651  
Accumulated deficit   $ (81,200,061 )   $ (578,392 )   $ (81,778,453 )
Total stockholders' equity   $ 6,561,656     $ 335,878     $ 6,897,534  
Total liabilities and stockholders' equity   $ 7,641,661     $ 335,878     $ 7,977,539  

 

    Three Months Ended October 31, 2 015  
    As Previously Reported     Adjustment     As Restated  
Consolidated Statement of Operations                        
Total revenue   $ –     $ –     $ –  
Cost of revenue     –       –       –  
Gross margin     –       –       –  
Research and development costs     439,711       –       439,711  
Compensation expense     400,507       –       400,507  
Director fee     9,000       –       9,000  
Legal and professional     57,988       –       57,988  
General and administrative     222,039       506,573       728,612  
Loss from operations     (1,129,245 )     (506,573 )     (1,635,818 )
Unrealized gain on change in derivative     29,746       (29,746 )     –  
Other expenses     430       –       430  
Interest expense, net     (194 )     –       (194 )
Total other income (expense), net     29,982       (29,746 )     236  
Net loss   $ (1,099,263 )   $ (536,319 )   $ (1,635,582 )
                         
Basic and diluted net loss per share   $ 0.00     $ –     $ 0.00  

 

    Six Months Ended October 31, 2015  
    As Previously Reported     Adjustment     As Restated  
Consolidated Statement of Operations                        
Total revenue   $ –     $ –     $ –  
Cost of revenue     –       –       –  
Gross margin     –       –       –  
Research and development costs     595,389       –       595,389  
Compensation expense     848,077       –       848,077  
Director fee     27,000       –       27,000  
Legal and professional     183,063       –       183,063  
General and administrative     483,454       1,013,146       1,496,600  
Loss from operations     (2,136,983 )     (1,013,146 )     (3,150,129 )
Unrealized gain on change in derivative     492,049       (492,049 )     –  
Other expenses     335       –       335  
Interest expense, net     (826 )     –       (826 )
Total other income (expense), net     491,558       (492,049 )     (491 )
Net loss   $ (1,645,425 )   $ (1,505,195 )   $ (3,150,620 )
                         
Basic and diluted net loss per share   $ 0.00     $ –     $ 0.00  

 

    Three Months Ended October 31, 2015  
    As Previously Reported     Adjustment     As Restated  
Consolidated Statement of Comprehensive Loss                        
Net loss   $ (1,099,263 )   $ (536,319 )   $ (1,635,582 )
Foreign currency translation adjustment     (34 )     –       (34 )
Comprehensive loss   $ (1,099,297 )   $ (536,319 )   $ (1,635,616 )

 

 

    Six Months Ended October 31, 2015  
    As Previously Reported     Adjustment     As Restated  
Consolidated Statement of Comprehensive Loss                        
Net loss   $ (1,645,425 )   $ (1,505,195 )   $ (3,150,620 )
Foreign currency translation adjustment     1,587       –       1,587
Comprehensive loss   $ (1,643,838 )   $ (1,505,195 )   $ (3,149,033 )

 

 

    Six Months Ended October 31, 2015  
    As Previously Reported     Adjustment     As Restated  
                         
Consolidated Statement of Cash Flows                        
Operating activities                        
Net loss   $ (1,645,425 )   $ (1,505,195 )   $ (3,150,620 )
Stock issued for services     –       333,216       333,216  
Stock issued for compensation     254,040       –       254,040  
Stock based compensation - options     287,928       –       287,928  
Stock based compensation - warrants     –       679,930       679,930  
Gain on derivative liability     (492,049 )     492,049       –  
Increase in prepaid expenses and current assets     (80,500 )     –       (80,500 )
Decrease in accounts payable     (69,491 )     –       (69,491 )
Increase in accrued expenses     29,130       –       29,130  
Decrease in license agreement obligation     (400,000 )     –       (400,000 )
Net cash used in operating activities     (2,116,367 )     –       (2,116,367 )
                         
Investing activities                        
Net cash from investing activities     –       –       –  
                         
Financing activities                        
Proceeds from sale of common stock     1,728,935       –       1,728,935  
Net cash provided by financing activities     1,728,935       –       1,728,935  
                         
Effect of currency rate exchange on cash     125       –       125  
                         
Net decrease in cash     (387,307 )             (387,307 )
Cash at beginning of year     2,699,737       –       2,699,737  
Cash at October 31, 2015   $ 2,312,430     $ –     $ 2,312,430