Protalex (PRTX) 10-K 15 Jul 16 2016 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($) $ in Millions	12 Months Ended
	May 31, 2016	Jul. 15, 2016	Nov. 30, 2015
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	May 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
Entity Registrant Name	PROTALEX INC
Entity Central Index Key	1,099,215
Current Fiscal Year End Date	--05-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float			$ 32.3
Trading Symbol	PRTX
Entity Common Stock, Shares Outstanding		28,767,582

BALANCE SHEETS

BALANCE SHEETS - USD ($)	May 31, 2016	May 31, 2015
CURRENT ASSETS:
Cash and cash equivalents	$ 444,179	$ 928,279
Prepaid expenses	55,687	56,431
Total current assets	499,866	984,710
OTHER ASSETS:
Intellectual technology property, net of accumulated amortization of $16,128 and $15,108 as of May 31, 2016 and May 31, 2015, respectively	3,407	4,427
Total other assets	3,407	4,427
Total Assets	503,273	989,137
CURRENT LIABILITIES:
Accounts payable	561,683	494,954
Accrued expenses	45,572	59,701
Total current liabilities	607,255	554,655
LONG TERM LIABILITIES:
Senior Secured Note - related party	16,319,366	12,524,366
Senior Secured Note Accrued Interest - related party	932,882	498,570
Total liabilities	17,859,503	13,577,591
STOCKHOLDERS' (DEFICIT)
Preferred stock, par value $0.00001, 1,000,000 shares authorized; none issued and outstanding	0	0
Common stock, par value $0.00001, 100,000,000 shares authorized; 28,767,582 and 28,767,582 shares issued and outstanding, respectively	288	288
Additional paid in capital	77,266,010	72,618,336
Accumulated deficit	(94,622,528)	(85,207,078)
Total stockholders’ (deficit)	(17,356,230)	(12,588,454)
Total liabilities and stockholders’ (deficit)	$ 503,273	$ 989,137

BALANCE SHEETS (Parenthetical)

BALANCE SHEETS (Parenthetical) - USD ($)	May 31, 2016	May 31, 2015
Intellectual technology property, accumulated amortization	$ 16,128	$ 15,108
Preferred stock, par value	$ 0.00001	$ 0.00001
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.00001	$ 0.00001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	28,767,582	28,767,582
Common stock, shares outstanding	28,767,582	28,767,582

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	May 31, 2016	May 31, 2015
Revenues	$ 0	$ 0
Operating Expenses
Research and development	3,136,800	2,989,311
Administrative	5,160,468	7,785,086
Professional fees	682,853	523,613
Depreciation and amortization	1,020	1,020
Operating loss	(8,981,141)	(11,299,030)
Other income (expense)
Interest income	3	3
Interest expense	(434,312)	(320,769)
Loss before income taxes	(9,415,450)	(11,619,796)
Provision for income taxes	0	0
Net loss	$ (9,415,450)	$ (11,619,796)
Weighted average number of common shares outstanding - basic and diluted (in shares)	28,767,582	28,767,582
Loss per common share - basic and diluted (in dollars per share)	$ (0.33)	$ (0.4)

STATEMENT OF CHANGES IN STOCKHO

STATEMENT OF CHANGES IN STOCKHOLDERS' (DEFICIT) - USD ($)	Total	Common Stock	Additional Paid in Capital	Accumulated Deficit
Beginning Balance at May. 31, 2014	$ (8,184,489)	$ 288	$ 65,402,505	$ (73,587,282)
Beginning Balance (in shares) at May. 31, 2014		28,767,582
Stock based compensation (in shares)		0
Stock based compensation	7,215,831	$ 0	7,215,831	0
Net loss	(11,619,796)	0	0	(11,619,796)
Ending balance at May. 31, 2015	(12,588,454)	$ 288	72,618,336	(85,207,078)
Ending balance (in shares) at May. 31, 2015		28,767,582
Stock based compensation	4,647,674	$ 0	4,647,674	0
Net loss	(9,415,450)	0	0	(9,415,450)
Ending balance at May. 31, 2016	$ (17,356,230)	$ 288	$ 77,266,010	$ (94,622,528)
Ending balance (in shares) at May. 31, 2016		28,767,582

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	May 31, 2016	May 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (9,415,450)	$ (11,619,796)
Adjustments to reconcile net loss to net cash and cash equivalents used in operating activities
Depreciation and amortization	1,020	1,020
Stock based compensation	4,647,674	7,215,831
(Increase)/decrease in:
Prepaid expenses and deposits	744	(11,104)
Increase in:
Accounts payable and accrued expenses	52,600	101,801
Accrued interest payable	434,312	320,769
Net cash and cash equivalents used in operating activities	(4,279,100)	(3,991,479)
CASH FLOWS FROM INVESTING ACTIVITIES:	0	0
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of note payable to related party	3,795,000	3,305,000
Net cash and cash equivalents provided by financing activities	3,795,000	3,305,000
NET (DECREASE) IN CASH AND CASH EQUIVALENTS	(484,100)	(686,479)
Cash and cash equivalents, beginning of year	928,279	1,614,758
Cash and cash equivalents, end of year	444,179	928,279
SUPPLEMENTAL SCHEDULE OF CASH FLOW INFORMATION:
Interest paid	0	0
Taxes paid	$ 0	$ 0

ORGANIZATION AND BUSINESS ACTIV

ORGANIZATION AND BUSINESS ACTIVITIES	12 Months Ended
	May 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BUSINESS ACTIVITIES	1. ORGANIZATION AND BUSINESS ACTIVITIES The Company is focused on the development of a class of biopharmaceutical drugs for treating autoimmune and inflammatory diseases including rheumatoid arthritis (RA) and Immune Thrombocytopenia (ITP). Its lead product candidate, PRTX-100, is a formulation of highly-purified form of staphylococcal protein A, which is an immune modulating protein produced by bacteria. The Company maintains an administrative office in Florham Park, New Jersey and currently outsources all of its product development and regulatory activities, including clinical trial activities, manufacturing and laboratory operations to third-party contract research organizations and facilities. In April 2009, the Company ceased all operations and terminated all employees in light of insufficient funds to continue its clinical trials and related product development. The Company’s business was dormant until new management took control of its operations in November 2009. Since then the Company has been actively pursuing the commercial development of PRTX-100 for the treatment of RA. On December 8, 2010, the Company effected a reverse stock split of the outstanding shares of its common stock, with par value of $ 0.00001 PRTX-100 has demonstrated effectiveness in animal models of autoimmune diseases as well as demonstrated activity on cultured human immune cells at very low concentrations, although the effectiveness of PRTX-100 shown in pre-clinical studies using animal models may not be predictive of the results that the Company would see in future human clinical trials. The safety, tolerability and pharmakinetics have been characterized in five clinical studies. The Company does not anticipate generating operating revenue for the foreseeable future and does not currently have any products that are marketable. The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern. The ability of the Company to continue as a going concern is dependent upon developing products that are regulatory approved and market accepted. There is no assurance that these plans will be realized in whole or in part. The financial statements do not include any adjustments that might result from the outcome of these uncertainties.

CHANGE OF OWNERSHIP TRANSACTION

CHANGE OF OWNERSHIP TRANSACTION	12 Months Ended
	May 31, 2016
Working Capital Information [Abstract]
CHANGE OF OWNERSHIP TRANSACTION	2. CHANGE OF OWNERSHIP TRANSACTION On November 11, 2009 (the “Effective Date”), the Company consummated a financing transaction (the “Financing”) in which it raised $ 3,000,000 8,695,652 0.23 2 1 0.23 1 1 37,500 4,510,870 As contemplated by the Purchase Agreement, all of the Company’s executive officers and all of the members of its Board of Directors (the “Board”) prior to the closing of the Financing, with the exception of Frank M. Dougherty, resigned effective concurrently with the closing of the Financing. Mr. Dougherty resigned effective upon the expiration of the 10-day notice period required by Rule 14f-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). In addition, effective upon the closing of the Financing, the Board appointed Arnold P. Kling as a director and then elected him as the Company’s president and elected Kirk M. Warshaw as the Company’s chief financial officer and secretary. On February 11, 2011, for the purpose of providing the Company with additional working capital, pursuant to an existing Credit Facility Agreement dated as of December 2, 2009 (the “Facility”) with Niobe, the Company issued to Niobe a senior secured convertible promissory note in the principal amount of $ 2 2 0.23 8,695,652 3 The $ 2 2 2,155,000 9,369,565 During the period February 1, 2012 to August 27, 2013 the Company raised a total of $ 9,000,000 3 On October 11, 2013, the Company issued a Consolidated, Amended and Restated Promissory Note to Niobe in the principal amount of $ 9,219,366 9.0 3 (a) the maturity date was September 1, 2015, which is after the latest maturity date of any of the Secured Notes; and (b) it provides for partial mandatory repayment in the event that the Company receives aggregate gross proceeds in excess of $7.5 million from a single or multiple “Liquidity Events” in an amount equal to twenty-five (25%) percent of such gross proceeds. 7.5 On January 23, 2014, the Company consummated a private placement financing to accredited investors of 471,334 6.00 2,828,000 On November 4, 2014, the Company entered into a new Credit Facility Agreement (the “2014 Credit Facility Agreement”) pursuant to which it may borrow up to an additional $ 5 300,000 3 In addition, on November 4, 2014, the Company entered into a Note Modification Agreement (the “Note Modification Agreement”) with Niobe pursuant to which the Consolidated Note, as modified in October 2014, was further amended to increase the threshold amount requiring a Mandatory Prepayment from $ 7.5 10 10 In October 2015, the Company entered into an agreement with Niobe pursuant to which Niobe agreed to convert all notes outstanding into shares of Common Stock, at the offering price in a “qualified public offering” consummated by the Company. The agreement defines a “qualified public offering” to mean a public offering of Common Stock yielding gross proceeds to the Company of at least $ 7 On December 1, 2015, the 2014 Credit Facility was amended to increase the funds available for loans to the Company to $ 7.5 3 Pursuant to the terms and condition of the Amended and Restated Agreement, as of May 31, 2016, the Company borrowed an aggregate of $ 7,100,000

GOING CONCERN

GOING CONCERN	12 Months Ended
	May 31, 2016
Going Concern Disclosure [Abstract]
GOING CONCERN	GOING CONCERN There is substantial doubt about the Company’s ability to continue as a going concern. From inception through May 31, 2016, the Company has incurred an accumulated deficit of $ 94,622,528 9,415,450 11,619,796 4,279,100 3,991,479 444,179 107,389 The Company has no significant payments due on long-term obligations. However, the Company anticipates entering into significant contracts to perform product manufacturing and to conduct clinical trials in the future and that it will need to raise additional capital to fund the ongoing FDA regulatory approval process. If the Company is unable to obtain approval of its future IND applications or otherwise advance in the FDA approval process, its ability to sustain its operations would be significantly jeopardized. The most likely sources of additional financing include the private sale of the Company’s equity or debt securities. Additional capital that is required by the Company may not be available on reasonable terms, or at all.

BASIS OF ACCOUNTING AND SUMMARY

BASIS OF ACCOUNTING AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	May 31, 2016
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	4. BASIS OF ACCOUNTING AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and assumptions affecting the reported amounts of assets, liabilities, and expense, and the disclosure of contingent assets and liabilities. Estimated amounts could differ from actual results. The Financial Accounting Standards Board (FASB) has issued accounting guidance “Earnings Per Share” that provides for the calculation of “Basic” and “Diluted” earnings per share. Basic earnings per share include no dilution and is computed by dividing the loss to common stockholders by the weighted average number of common shares outstanding for the period. All potentially dilutive securities have been excluded from the computations since they would be antidilutive. However, these dilutive securities could potentially dilute earnings per share in the future. As of May 31, 2016 and 2015, the Company had a total of 3,982,543 3,524,209 Effective June 1, 2006, the Company adopted the FASB accounting guidance for fair value recognition provisions of the “Accounting for Share-Based Payment”. This standard requires the Company to measure the cost of employee services received in exchange for equity share options granted based on the grant-date fair value of the options. The cost is recognized as compensation expense over the vesting period of the options. The fair value of compensation costs attributed to equity rights issued was $ 4,647,674 7,215,831 As of May 31, 2016, there were 4,582,543 180,333 800,000 5.41 25,000 Year Ended Year Ended Dividends per year 0 0 Volatility percentage 606 % 570 % Risk free interest rate 4.00 % 1.60 % Expected life (years) 5 5 Weighted Average Fair Value $ 5.41 $ 6.74 For the purposes of reporting cash flows, the Company considers all cash accounts which are not subject to withdrawal restrictions or penalties, and highly liquid investments with original maturities of 60 days or less to be cash and cash equivalents. The cash and cash equivalent deposits are not insured by The Federal Deposit Insurance Corporation (“FDIC”). The Company’s intellectual technology property was originally licensed from a former related party. This intellectual technology property was then assigned to the Company upon the dissolution of the related party. The cost of the intellectual technology property is being amortized over a 20 1,020 1,020 1,020 Income taxes are recognized using enacted tax rates, and are composed of taxes on financial accounting income that is adjusted for the requirement of current tax law and deferred taxes. Deferred taxes are accounted for using the liability method. Under this method, deferred tax assets and liabilities are recognized based on the difference between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. The Company does not expect to have current income taxes payable or deferred tax asset balances for the foreseeable future. The FASB accounting guidance for income taxes establishes the criterion that an individual tax position has to meet for some or all of the benefits of that position to be recognized in the Company’s financial statements. On initial application, ASC 740 must be applied to all tax positions for which the statute of limitations remains open. Only tax positions that meet the more-likely-than-not recognition threshold at the adoption date will be recognized or continue to be recognized. The cumulative effect of applying this accounting guidance is to be reported as an adjustment to retained earnings at the beginning of the period in which it is adopted. Research and development costs are expensed as incurred and also include depreciation as reported above. The Company adopted FASB ASC 820-Fair Value Measurements and Disclosure or ASC 820 for assets and liabilities measured at fair value on a recurring basis. ASC 820 establishes a common definition for fair value to be applied to existing generally accepted accounting principles that require the use of fair value measurements establishes a framework for measuring fair value and expands disclosure about such fair value measurements. The adoption of ASC 820 did not have an impact on the Company’s financial position or operating results, but did expand certain disclosures. ASC 820 defines fair value as the price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, ASC 820 requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized below: Level 1: Observable inputs such as quoted market prices in active markets for identical assets or liabilities Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data Level 3: Unobservable inputs for which there is little or no market data, which require the use of the reporting entity’s own assumptions. The Company values its financial instruments as required by estimating their fair value. The estimated fair value amounts have been determined by the Company, using available market information or other appropriate valuation methodologies. However, considerable judgment is required in interpreting market data to develop estimates of fair value. Consequently, the estimates are not necessarily indicative of the amounts that could be realized or would be paid in a current market exchange. The Company’s financial instruments primarily consist of cash and cash equivalents, convertible debt, accounts payable and accruals. Cash and cash equivalents include money market securities and commercial paper that are considered to be highly liquid and easily tradable. These securities are valued using inputs observable in active markets for identical securities and are therefore classified as Level 1 within the fair value hierarchy. As of the balance sheet dates, the estimated fair values of the financial instruments were not materially different from their carrying values as presented due to the short maturities of these instruments and that the interest rates on the borrowings approximate those that would have been available for loans of similar remaining maturity and risk profile at respective year ends. Except as set forth below, management does not believe that any other recently issued, but not yet effective, accounting standards could have a material effect on the accompanying consolidated financial statements. As new accounting pronouncements are issued, the Company will adopt those that are applicable under the circumstances. On June 19, 2014, the Company adopted the amendment to (Topic 718) Stock Compensation Accounting for Share-Based Payments In August 2014, FASB issued ASU 2014-15, “Presentation of Financial Statements Going Concern (Subtopic 205-40) – Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern”. Currently, there is no guidance in U.S. GAAP about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern or to provide related footnote disclosures. The amendments in this ASU provide that guidance. In doing so, the amendments are intended to reduce diversity in the timing and content of footnote disclosures. The amendments require management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. Specifically, the amendments (1) provide a definition of the term substantial doubt, (2) require an evaluation every reporting period including interim periods, (3) provide principles for considering the mitigating effect of management’s plans, (4) require certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans, (5) require an express statement and other disclosures when substantial doubt is not alleviated, and (6) require an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). The amendments in this ASU are effective for public and nonpublic entities for annual periods ending after December 15, 2016. Early adoption is permitted. The Company does not believe the accounting standards currently adopted will have a material effect on the accompanying financial statements.

SENIOR SECURED NOTES - RELATED

SENIOR SECURED NOTES - RELATED PARTY AND OTHER	12 Months Ended
	May 31, 2016
Debt Disclosure [Abstract]
SENIOR SECURED NOTES - RELATED PARTY	SENIOR SECURED NOTE – RELATED PARTY AND OTHER RELATED PARTY TRANSACTIONS Senior Secured Note – Related Party On November 11, 2009 (the “Effective Date”), the Company consummated a financing transaction (the “Financing”) in which it raised $ 3,000,000 8,695,652 0.23 2 1 0.23 1 1 37,500 4,510,870 On February 11, 2011, for the purpose of providing the Company with additional working capital, pursuant to an existing Credit Facility Agreement dated as of December 2, 2009 (the “Facility”) with Niobe, the Company issued to Niobe a senior secured convertible promissory note in the principal amount of $ 2 2 2 0.23 8,695,652 3 The $2 Million Secured Convertible Note was convertible at any time, by the holder, subject only to the requirement that the Company have sufficient authorized shares of Common Stock after taking into account all outstanding shares of Common Stock and the maximum number of shares issuable under all issued and outstanding convertible securities. In addition, the $2 Million Secured Convertible Note would automatically be converted if the Company undertake certain Fundamental Transactions, as defined in the $2 Million Secured Convertible Note, (such as a merger, sale of all of the Company’s assets, exchange or tender offer, or reclassification of its stock or compulsory exchange). The $2 Million Secured Convertible Note also provided for the adjustment of the conversion price in the event of stock dividends and stock splits, and provides for acceleration of maturity, at the holder’s option, upon an event of default, as defined in the $ 2 2,155,000 2 9,369,565 During the period February 1, 2012 to August 27, 2013 the Company raised a total of $ 9,000,000 3 On October 11, 2013, the Company issued a Consolidated, Amended and Restated Promissory Note to Niobe in the principal amount of $ 9,219,366 9.0 3 7.5 (a) the sale of any of the Company’s equity, or equity-linked, securities, and (b) the receipt of proceeds, directly or indirectly related to a development and/or commercialization relationship entered into with an unaffiliated third party. 7.5 On November 4, 2014, the Company entered into a new Credit Facility Agreement (the “2014 Credit Facility Agreement”) pursuant to which it may borrow up to an additional $ 5 300,000 3 In addition, on November 4, 2014, the Company entered into a Note Modification Agreement (the “Note Modification Agreement”) with Niobe pursuant to which the Consolidated Note, as modified in October 2014, was further amended to increase the threshold amount requiring a Mandatory Prepayment from $ 7.5 10 10 In October 2015, the Company entered into an agreement with Niobe pursuant to which Niobe agreed to convert all notes outstanding into shares of Common Stock, at the offering price in a “qualified public offering” consummated by the Company. The agreement defines a “qualified public offering” to mean a public offering of Common Stock yielding gross proceeds to the Company of at least $ 7 On December 1, 2015, the 2014 Credit Facility was amended to increase the funds available for loans to the Company to $ 7.5 3 Pursuant to the terms and condition of the Amended and Restated Agreement, as of May 31, 2016, the Company borrowed an aggregate of $ 7,100,000 Niobe, a majority stockholder of the Company and the holder of the Secured Notes, is controlled by the Company’s President and Director, Arnold P. Kling. Other Related Party Transactions During the fiscal year ended May 31, 2015, the Company issued an additional option for an aggregate of 100,000 6.00 625,000 625,000 During the fiscal year ended May 31, 2015, the Company issued an option for an aggregate of 100,000 6.00 625,000 625,000 During the fiscal year ended May 31, 2016, the Company issued an option for an aggregate of 250,000 5.41 per share and vested 50% on the date of issuance and 50% on the one year anniversary. 1,352,500 1,296,146

STOCK OPTIONS

STOCK OPTIONS	12 Months Ended
	May 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
STOCK OPTIONS	6 . STOCK OPTIONS Prior to January 22, 2004, all options were issued as “stand alone” options. On January 22, 2004, the Board approved the Protalex, Inc. 2003 Stock Option Plan., and on October 25, 2005, the stockholders approved an amendment to the Protalex, Inc. 2003 Stock Option Plan to increase the authorized number of shares under the Plan from 300,000 900,000 4,582,543 2,000 800 4,580,543 400 3,982,543 The 800,000 5.41 4,328,000 4,147,667 Shares Weighted Weighted Outstanding at May 31, 2014 4,317,543 $ 3.26 6.67 Granted 600,000 6.74 4.00 Exercised - - - Forfeited (1,110,000) 2.46 - Expired - - - Outstanding at May 31, 2015 3,807,543 $ 4.04 5.76 Granted 800,000 $ 5.41 4.08 Exercised - - - Expired (25,000) 14.26 - Outstanding at May 31, 2016 4,582,543 $ 4.22 4.75 Exercisable at May 31, 2016 3,982,543 The outstanding and exercisable stock options as of May 31, 2016 and 2015 had an intrinsic value of $ 19,367,636 9,043,243 The 800,000 Total Exercisable Exercise Price Number Weighted Weighted Number Weighted Weighted $0.00 – 1.00 930,543 $ 0.36 4.17 930,543 $ 0.36 4.17 $1.01 – 5.00 1,150,000 $ 1.11 5.88 1,150,000 $ 1.11 5.88 $5.01 – 10.00 2,500,000 $ 7.09 4.31 1,900,000 $ 7.09 4.31 $10.01 – 15.00 2,000 $ 10.75 0.36 2,000 $ 10.75 0.36 4,582,543 $ 4.22 4.75 3,982,543 $ 3.74 4.75 The following summarizes certain information regarding stock options at May 31, 2015: Total Exercisable Exercise Price Number Weighted Weighted Number Weighted Weighted $0.00 – 1.00 930,543 $ 0.36 5.17 930,543 $ 0.36 5.17 $1.01 – 5.00 1,150,000 $ 1.11 6.88 1,150,000 $ 1.11 6.88 $5.01 – 10.00 1,700,000 $ 7.89 5.40 1,416,667 $ 7.89 6.05 $10.01 – 15.00 27,000 $ 14.19 0.89 27,000 $ 14.19 0.89 3,807,543 $ 4.04 5.76 3,524,209 $ 3.74 4.75

STOCKHOLDERS DEFICIT

STOCKHOLDERS DEFICIT	12 Months Ended
	May 31, 2016
Stockholders Equity Note [Abstract]
STOCKHOLDERS DEFICIT	7. STOCKHOLDERS DEFICIT On December 8, 2010, the Company effected a reverse stock split of the outstanding shares of its Common Stock on the basis of one share of Common Stock for each five shares of Common Stock outstanding. All references in these financial statements and notes to financial statements to number of shares, price per share and weighted average number of shares outstanding of Common Stock prior to this reverse stock split have been adjusted to reflect the reverse stock split on a retroactive basis unless otherwise noted, On December 8, 2010, the Company authorized one million shares of a “blank check” class of preferred stock.

INCOME TAXES

INCOME TAXES	12 Months Ended
	May 31, 2016
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Year Ended Year Ended Current: Federal $ 0 $ 0 State 0 0 Deferred: Federal 3,201,000 3,951,000 State 565,000 697,000 Tax credits 188,000 219,000 Permanent timing difference (2,448,000) (2,997,000) Increase in valuation allowance (1,506,000) (1,870,000) Income tax benefit $ 0 $ 0 Income tax as a percentage of income for the year ended May 31, 2016 and 2015 differ from statutory federal income tax rates due to the following: Year Ended Year Ended Statutory federal income tax rate (34) % (34) % State income taxes, net of federal income tax impact (6) % (6) % Change in valuation allowance 16 % 16 % Permanent timing differences 26 % 26 % General business credit/other (2) % (2) % 0 % 0 % May 31, 2016 May 31, 2015 Assets: Net operating losses $ 24,518,000 $ 23,200,000 General business credit 2,947,000 2,759,000 Deferred tax assets 27,465,000 25,959,000 Liability: Gross deferred tax asset 27,465,000 25,959,000 Less valuation allowance (27,465,000) (25,959,000) Deferred tax asset, net of valuation allowance $ - $ - The gross deferred tax assets have been fully offset by a valuation allowance and has no uncertain tax positions to be disclosed. Internal Revenue Code Section 382 places a limitation on the amount of taxable income that can be offset by carryforwards after a change in control. As a result of these provisions, utilization of the NOL and tax credit carryforwards may be limited. Most of the deferred tax asset of net operating loss carryforwards and tax credits are subject to a Section 382 limitation on the amount to be utilized in a given year. The years May 31, 2012 through 2016 remain subject to examination by the relevant tax authorities. The Company is subject to U.S. federal income tax as well as income taxes of state jurisdiction. The Company is not currently under examination by any Federal or state jurisdiction. The federal statute of limitations and state are opened from inception forward. Management believes that the accrual for tax liabilities is adequate for all open years. This assessment relies on estimates and assumptions and may involve a series of complex judgments about future events. On the basis of present information, it is the opinion of the Company’s management that there are no pending assessments that will result in a material adverse effect on the Company’s financial statements over the next twelve months. The Company recognizes any interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses for all periods presented. The Company has not recorded any material interest or penalties during any of the years presented.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	May 31, 2016
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES The Company leases space on a month to month basis. Rent expense for the year ended May 31, 2016 and 2015, was $ 2,400 2,200

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	May 31, 2016
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	10. SUBSEQUENT EVENTS On June 1, 2016 and July 1, 2016 the Company borrowed $ 345,000 375,000 On June 30, 2016, the 2014 Credit Facility was amended to increase the funds available for loans to the Company to $ 9.0 On July 15, 2016, the Company entered into an agreement with Niobe pursuant to which it agreed to exchange all Notes outstanding, which as of May 31, 2016 had an aggregate outstanding principal balance of $ 16,319,366 7.0 The agreement further provided that 50% of accrued but unpaid interest would also be converted into Common Stock and 50% would be paid out of the proceeds of the qualified public offering. The Company has evaluated subsequent events and has determined that there were no other subsequent events to recognize or disclose in these financial statements.

BASIS OF ACCOUNTING AND SUMMA17

BASIS OF ACCOUNTING AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(Policies)	12 Months Ended
	May 31, 2016
Accounting Policies [Abstract]
Estimates	Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and assumptions affecting the reported amounts of assets, liabilities, and expense, and the disclosure of contingent assets and liabilities. Estimated amounts could differ from actual results.
Loss per Common Share	Loss per Common Share The Financial Accounting Standards Board (FASB) has issued accounting guidance “Earnings Per Share” that provides for the calculation of “Basic” and “Diluted” earnings per share. Basic earnings per share include no dilution and is computed by dividing the loss to common stockholders by the weighted average number of common shares outstanding for the period. All potentially dilutive securities have been excluded from the computations since they would be antidilutive. However, these dilutive securities could potentially dilute earnings per share in the future. As of May 31, 2016 and 2015, the Company had a total of 3,982,543 3,524,209
Share Based Compensation	Share-Based Compensation Effective June 1, 2006, the Company adopted the FASB accounting guidance for fair value recognition provisions of the “Accounting for Share-Based Payment”. This standard requires the Company to measure the cost of employee services received in exchange for equity share options granted based on the grant-date fair value of the options. The cost is recognized as compensation expense over the vesting period of the options. The fair value of compensation costs attributed to equity rights issued was $ 4,647,674 7,215,831 As of May 31, 2016, there were 4,582,543 180,333 800,000 5.41 25,000 Year Ended Year Ended Dividends per year 0 0 Volatility percentage 606 % 570 % Risk free interest rate 4.00 % 1.60 % Expected life (years) 5 5 Weighted Average Fair Value $ 5.41 $ 6.74
Cash and Cash Equivalents	Cash and Cash Equivalents For the purposes of reporting cash flows, the Company considers all cash accounts which are not subject to withdrawal restrictions or penalties, and highly liquid investments with original maturities of 60 days or less to be cash and cash equivalents. The cash and cash equivalent deposits are not insured by The Federal Deposit Insurance Corporation (“FDIC”).
Intellectual Technology Property, Amortization	Intellectual Technology Property, Amortization The Company’s intellectual technology property was originally licensed from a former related party. This intellectual technology property was then assigned to the Company upon the dissolution of the related party. The cost of the intellectual technology property is being amortized over a 20 1,020 1,020 1,020
Income Taxes	Income Taxes Income taxes are recognized using enacted tax rates, and are composed of taxes on financial accounting income that is adjusted for the requirement of current tax law and deferred taxes. Deferred taxes are accounted for using the liability method. Under this method, deferred tax assets and liabilities are recognized based on the difference between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. The Company does not expect to have current income taxes payable or deferred tax asset balances for the foreseeable future. The FASB accounting guidance for income taxes establishes the criterion that an individual tax position has to meet for some or all of the benefits of that position to be recognized in the Company’s financial statements. On initial application, ASC 740 must be applied to all tax positions for which the statute of limitations remains open. Only tax positions that meet the more-likely-than-not recognition threshold at the adoption date will be recognized or continue to be recognized. The cumulative effect of applying this accounting guidance is to be reported as an adjustment to retained earnings at the beginning of the period in which it is adopted.
Research and Development	Research and Development Research and development costs are expensed as incurred and also include depreciation as reported above.
Financial Instruments	Financial Instruments The Company adopted FASB ASC 820-Fair Value Measurements and Disclosure or ASC 820 for assets and liabilities measured at fair value on a recurring basis. ASC 820 establishes a common definition for fair value to be applied to existing generally accepted accounting principles that require the use of fair value measurements establishes a framework for measuring fair value and expands disclosure about such fair value measurements. The adoption of ASC 820 did not have an impact on the Company’s financial position or operating results, but did expand certain disclosures. ASC 820 defines fair value as the price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, ASC 820 requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized below: Level 1: Observable inputs such as quoted market prices in active markets for identical assets or liabilities Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data Level 3: Unobservable inputs for which there is little or no market data, which require the use of the reporting entity’s own assumptions. The Company values its financial instruments as required by estimating their fair value. The estimated fair value amounts have been determined by the Company, using available market information or other appropriate valuation methodologies. However, considerable judgment is required in interpreting market data to develop estimates of fair value. Consequently, the estimates are not necessarily indicative of the amounts that could be realized or would be paid in a current market exchange. The Company’s financial instruments primarily consist of cash and cash equivalents, convertible debt, accounts payable and accruals. Cash and cash equivalents include money market securities and commercial paper that are considered to be highly liquid and easily tradable. These securities are valued using inputs observable in active markets for identical securities and are therefore classified as Level 1 within the fair value hierarchy. As of the balance sheet dates, the estimated fair values of the financial instruments were not materially different from their carrying values as presented due to the short maturities of these instruments and that the interest rates on the borrowings approximate those that would have been available for loans of similar remaining maturity and risk profile at respective year ends.
New Accounting Pronouncements	New Accounting Pronouncements Except as set forth below, management does not believe that any other recently issued, but not yet effective, accounting standards could have a material effect on the accompanying consolidated financial statements. As new accounting pronouncements are issued, the Company will adopt those that are applicable under the circumstances. On June 19, 2014, the Company adopted the amendment to (Topic 718) Stock Compensation Accounting for Share-Based Payments In August 2014, FASB issued ASU 2014-15, “Presentation of Financial Statements Going Concern (Subtopic 205-40) – Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern”. Currently, there is no guidance in U.S. GAAP about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern or to provide related footnote disclosures. The amendments in this ASU provide that guidance. In doing so, the amendments are intended to reduce diversity in the timing and content of footnote disclosures. The amendments require management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. Specifically, the amendments (1) provide a definition of the term substantial doubt, (2) require an evaluation every reporting period including interim periods, (3) provide principles for considering the mitigating effect of management’s plans, (4) require certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans, (5) require an express statement and other disclosures when substantial doubt is not alleviated, and (6) require an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). The amendments in this ASU are effective for public and nonpublic entities for annual periods ending after December 15, 2016. Early adoption is permitted. The Company does not believe the accounting standards currently adopted will have a material effect on the accompanying financial statements.

BASIS OF ACCOUNTING AND SUMMA18

BASIS OF ACCOUNTING AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	May 31, 2016
Accounting Policies [Abstract]
Fair Value of Assumptions of Options Estimated On Grant Date	The accounting guidance requires the use of a valuation model to calculate the fair value of each stock-based award. The Company uses the Black-Scholes model to estimate the fair value of stock options granted based on the following assumptions: Year Ended Year Ended Dividends per year 0 0 Volatility percentage 606 % 570 % Risk free interest rate 4.00 % 1.60 % Expected life (years) 5 5 Weighted Average Fair Value $ 5.41 $ 6.74

STOCK OPTIONS (Tables)

STOCK OPTIONS (Tables)	12 Months Ended
	May 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Share-based Compensation, Stock Options, Activity	A summary of the Common Stock option activity for employees, directors, officers and consultants as of May 31, 2016 and for the two years then ended is as follows: Shares Weighted Weighted Outstanding at May 31, 2014 4,317,543 $ 3.26 6.67 Granted 600,000 6.74 4.00 Exercised - - - Forfeited (1,110,000) 2.46 - Expired - - - Outstanding at May 31, 2015 3,807,543 $ 4.04 5.76 Granted 800,000 $ 5.41 4.08 Exercised - - - Expired (25,000) 14.26 - Outstanding at May 31, 2016 4,582,543 $ 4.22 4.75 Exercisable at May 31, 2016 3,982,543
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range	Total Exercisable Exercise Price Number Weighted Weighted Number Weighted Weighted $0.00 – 1.00 930,543 $ 0.36 4.17 930,543 $ 0.36 4.17 $1.01 – 5.00 1,150,000 $ 1.11 5.88 1,150,000 $ 1.11 5.88 $5.01 – 10.00 2,500,000 $ 7.09 4.31 1,900,000 $ 7.09 4.31 $10.01 – 15.00 2,000 $ 10.75 0.36 2,000 $ 10.75 0.36 4,582,543 $ 4.22 4.75 3,982,543 $ 3.74 4.75 The following summarizes certain information regarding stock options at May 31, 2015: Total Exercisable Exercise Price Number Weighted Weighted Number Weighted Weighted $0.00 – 1.00 930,543 $ 0.36 5.17 930,543 $ 0.36 5.17 $1.01 – 5.00 1,150,000 $ 1.11 6.88 1,150,000 $ 1.11 6.88 $5.01 – 10.00 1,700,000 $ 7.89 5.40 1,416,667 $ 7.89 6.05 $10.01 – 15.00 27,000 $ 14.19 0.89 27,000 $ 14.19 0.89 3,807,543 $ 4.04 5.76 3,524,209 $ 3.74 4.75

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	May 31, 2016
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	For the years ended May 31, 2016 and 2015, the components of income tax benefit (expense) consist of the following: Year Ended Year Ended Current: Federal $ 0 $ 0 State 0 0 Deferred: Federal 3,201,000 3,951,000 State 565,000 697,000 Tax credits 188,000 219,000 Permanent timing difference (2,448,000) (2,997,000) Increase in valuation allowance (1,506,000) (1,870,000) Income tax benefit $ 0 $ 0
Schedule of Effective Income Tax Rate Reconciliation	Income tax as a percentage of income for the year ended May 31, 2016 and 2015 differ from statutory federal income tax rates due to the following: Year Ended Year Ended Statutory federal income tax rate (34) % (34) % State income taxes, net of federal income tax impact (6) % (6) % Change in valuation allowance 16 % 16 % Permanent timing differences 26 % 26 % General business credit/other (2) % (2) % 0 % 0 %
Schedule of Deferred Tax Assets and Liabilities	May 31, 2016 May 31, 2015 Assets: Net operating losses $ 24,518,000 $ 23,200,000 General business credit 2,947,000 2,759,000 Deferred tax assets 27,465,000 25,959,000 Liability: Gross deferred tax asset 27,465,000 25,959,000 Less valuation allowance (27,465,000) (25,959,000) Deferred tax asset, net of valuation allowance $ - $ -

ORGANIZATION AND BUSINESS ACT21

ORGANIZATION AND BUSINESS ACTIVITIES - Additional Information (Detail) - $ / shares	May 31, 2016	May 31, 2015	Dec. 08, 2010
Organization and Nature Of Operations [Line Items]
Reverse stock split, Common stock, par value	$ 0.00001	$ 0.00001	$ 0.00001

CHANGE OF OWNERSHIP TRANSACTI22

CHANGE OF OWNERSHIP TRANSACTION - Additional Information (Detail) - USD ($)	Nov. 04, 2014	Oct. 11, 2013	Feb. 11, 2011	Nov. 11, 2009	Dec. 01, 2015	Oct. 31, 2015	Jan. 23, 2014	Aug. 27, 2013	May 31, 2016	May 31, 2015	May 31, 2014	Aug. 27, 2013	Aug. 27, 2016
Class of Stock [Line Items]
Proceeds From Notes Payable									$ 3,795,000	$ 3,305,000	$ 1,000,000
Private Placement
Class of Stock [Line Items]
Restricted shares of common stock issued							471,334
Share Price							$ 6
Proceeds from Issuance of Private Placement							$ 2,828,000
Senior Secured Note
Class of Stock [Line Items]
Debt instrument, face amount		$ 9,000,000
Secured note payable, interest rate		3.00%			3.00%
Debt instrument carrying amount		$ 9,219,366
Terms of consolidated note identical to secured notes		(a) the maturity date was September 1, 2015, which is after the latest maturity date of any of the Secured Notes; and (b) it provides for partial mandatory repayment in the event that the Company receives aggregate gross proceeds in excess of $7.5 million from a single or multiple Liquidity Events in an amount equal to twenty-five (25%) percent of such gross proceeds.
Consummation of equity financing, amount		$ 7,500,000			$ 7,500,000
Line of Credit Facility, Remaining Borrowing Capacity	$ 7,500,000
Senior Secured Convertible Notes [Member]
Class of Stock [Line Items]
Proceeds From Notes Payable				$ 1,000,000
Niobe Ventures LLC
Class of Stock [Line Items]
Notes Payable	7,500,000
Niobe Ventures LLC | Note Modification Agreement [Member]
Class of Stock [Line Items]
Notes Payable	10,000,000
Proceeds From Notes Payable	$ 10,000,000
Niobe Ventures LLC | Senior Secured Note
Class of Stock [Line Items]
Senior secured convertible promissory note								$ 2,000,000	2,000,000			$ 2,000,000
Accrued interest on senior secured convertible promissory note								2,155,000				2,155,000
Debt instrument, face amount								$ 9,000,000	2,000,000			$ 9,000,000
Secured note payable, interest rate	3.00%											3.00%
Debt Conversion, Converted Instrument, Shares Issued								9,369,565					9,369,565
Line of Credit Facility, Remaining Borrowing Capacity	$ 5,000,000
Loans Payable	$ 300,000
Debt Instrument, Interest Rate, Stated Percentage	3.00%							3.00%				3.00%
Notes Payable	$ 10,000,000
Proceeds From Notes Payable	$ 10,000,000
Long-term Line of Credit									7,100,000
Niobe Ventures LLC | Senior Secured Convertible Notes [Member]
Class of Stock [Line Items]
Proceeds from Issuance of Common Stock						$ 7,000,000
Niobe Ventures LLC | Securities Purchase Agreement
Class of Stock [Line Items]
Additional working capital raised				$ 3,000,000
Restricted shares of common stock issued			8,695,652	8,695,652
Common Stock issued, per share			$ 0.23	$ 0.23
Restricted shares of common stock issued, value			$ 2,000,000	$ 2,000,000					$ 2,000,000
Niobe Ventures LLC | Securities Purchase Agreement | Senior Secured Note
Class of Stock [Line Items]
Senior secured convertible promissory note			1,000,000	$ 1,000,000
Accrued interest on senior secured convertible promissory note			$ 37,500
Senior secured convertible promissory note, conversion price per share				$ 0.23
Shares of common stock issuable upon conversion of senior secured convertible promissory note			4,510,870
Credit Facility Agreement | Niobe Ventures LLC | Senior Secured Note
Class of Stock [Line Items]
Senior secured convertible promissory note			$ 2,000,000
Debt instrument, interest rate, effective percentage			3.00%
Credit Facility Agreement | Niobe Ventures LLC | Securities Purchase Agreement
Class of Stock [Line Items]
Restricted shares of common stock issued			8,695,652
Senior secured convertible promissory note			$ 2,000,000
Senior secured convertible promissory note, conversion price per share			$ 0.23
Debt instrument, interest rate, effective percentage			3.00%

GOING CONCERN - Additional Info

GOING CONCERN - Additional Information (Detail) - USD ($)	12 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2014
Cash Flow Supplemental Disclosures [Line Items]
Deficit accumulated during the development stage	$ 94,622,528
Net loss	9,415,450	$ 11,619,796
Net Cash Provided by (Used in) Operating Activities, Continuing Operations, Total	(4,279,100)	(3,991,479)
Cash and cash equivalents	444,179	$ 928,279	$ 1,614,758
Net working capital deficit	$ 107,389

BASIS OF ACCOUNTING AND SUMMA24

BASIS OF ACCOUNTING AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Detail) - USD ($)	12 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation, number of stock options outstanding	4,582,543	3,807,543	4,317,543
Aggregate unrecognized compensation cost of unvested options	$ 180,333
Share based compensation, number of stock options granted during period	800,000	600,000
Share based compensation, number of stock options expired during period	25,000	0
Amortization period for intellectual property	20 years
Amortization expenses	$ 1,020	$ 1,020
Future amortization expenses	$ 1,020
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 5.41	$ 6.74
Operating Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost included in operating expenses	$ 4,647,674	$ 7,215,831
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation, number of stock options granted during period	800,000
Share based compensation, number of stock options expired during period	25,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 5.41
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	3,982,543	3,524,209

Fair Value of Assumptions of Op

Fair Value of Assumptions of Options Estimated on Grant Date (Detail) - $ / shares	12 Months Ended
	May 31, 2016	May 31, 2015
Assumptions used to Determine Fair Value Options [Line Items]
Dividends per year	$ 0	$ 0
Volatility percentage	606.00%	570.00%
Risk free interest rate	4.00%	1.60%
Expected life (years)	5 years	5 years
Weighted Average Fair Value	$ 5.41	$ 6.74

SENIOR SECURED NOTES - RELATE26

SENIOR SECURED NOTES - RELATED PARTY AND OTHER - Additional Information (Detail) - USD ($)	Nov. 04, 2014	Oct. 11, 2013	Feb. 11, 2011	Nov. 11, 2009	Dec. 01, 2015	Oct. 31, 2015	Aug. 27, 2013	May 31, 2016	May 31, 2015	May 31, 2014	Aug. 27, 2013	Aug. 27, 2016
Related Party Transaction [Line Items]
Share-based compensation arrangement by share-based payment award, options, grants in period, gross								800,000	600,000
Weighted average exercise price of options								$ 5.41	$ 6.74
Share-based compensation arrangement by share-based payment award, award vesting rights								The options vested 50% upon issuance and the remainder vest on their one year anniversary.
Share-based Compensation								$ 4,647,674	$ 7,215,831
Proceeds From Notes Payable								3,795,000	$ 3,305,000	$ 1,000,000
Senior Secured Note
Related Party Transaction [Line Items]
Debt instrument, face amount		$ 9,000,000
Secured note payable, interest rate		3.00%			3.00%
Debt instrument carrying amount		$ 9,219,366
Proceeds from Repayments of secured debt		$ 7,500,000
Terms of consolidated note identical to secured notes		(a) the maturity date was September 1, 2015, which is after the latest maturity date of any of the Secured Notes; and (b) it provides for partial mandatory repayment in the event that the Company receives aggregate gross proceeds in excess of $7.5 million from a single or multiple Liquidity Events in an amount equal to twenty-five (25%) percent of such gross proceeds.
Consummation of equity financing, amount		$ 7,500,000			$ 7,500,000
Line of Credit Facility, Remaining Borrowing Capacity	$ 7,500,000
Description of Liquidity Event		(a) the sale of any of the Companys equity, or equity-linked, securities, and (b) the receipt of proceeds, directly or indirectly related to a development and/or commercialization relationship entered into with an unaffiliated third party.
Senior Secured Convertible Notes
Related Party Transaction [Line Items]
Proceeds From Notes Payable				$ 1,000,000
Niobe Ventures LLC
Related Party Transaction [Line Items]
Notes Payable	$ 7,500,000
Niobe Ventures LLC | Senior Secured Note
Related Party Transaction [Line Items]
Senior secured convertible promissory note							$ 2,000,000	2,000,000			$ 2,000,000
Accrued interest on senior secured convertible promissory note							2,155,000				2,155,000
Debt instrument, face amount							$ 9,000,000	2,000,000			$ 9,000,000
Secured note payable, interest rate	3.00%										3.00%
Debt Conversion, Converted Instrument, Shares Issued							9,369,565					9,369,565
Line of Credit Facility, Remaining Borrowing Capacity	$ 5,000,000
Loans Payable	300,000
Notes Payable	10,000,000
Proceeds From Notes Payable	$ 10,000,000
Long-term Line of Credit								7,100,000
Debt Instrument, Interest Rate, Stated Percentage	3.00%						3.00%				3.00%
Niobe Ventures LLC | Senior Secured Note | Credit Facility Agreement
Related Party Transaction [Line Items]
Senior secured convertible promissory note			$ 2,000,000
Debt instrument, interest rate, effective percentage			3.00%
Niobe Ventures LLC | Senior Secured Convertible Notes
Related Party Transaction [Line Items]
Proceeds from Issuance of Common Stock						$ 7,000,000
Niobe Ventures LLC | Stock Purchase Agreement
Related Party Transaction [Line Items]
Additional working capital raised				3,000,000
Restricted shares of common stock issued, value			$ 2,000,000	$ 2,000,000				$ 2,000,000
Restricted shares of common stock issued			8,695,652	8,695,652
Equity Issuance Per Shares Amount			$ 0.23	$ 0.23
Niobe Ventures LLC | Stock Purchase Agreement | Credit Facility Agreement
Related Party Transaction [Line Items]
Senior secured convertible promissory note			$ 2,000,000
Senior secured convertible promissory note, conversion price per share			$ 0.23
Debt instrument, interest rate, effective percentage			3.00%
Restricted shares of common stock issued			8,695,652
Niobe Ventures LLC | Stock Purchase Agreement | Senior Secured Note
Related Party Transaction [Line Items]
Senior secured convertible promissory note			$ 1,000,000	$ 1,000,000
Accrued interest on senior secured convertible promissory note			$ 37,500
Senior secured convertible promissory note, conversion price per share				$ 0.23
Shares of common stock issuable upon conversion of senior secured convertible promissory note			4,510,870
Mr. Elser
Related Party Transaction [Line Items]
Share-based compensation arrangement by share-based payment award, options, grants in period, gross									100,000
Weighted average exercise price of options									$ 6
Fair value of options									$ 625,000
Share-based Compensation									$ 625,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period									5 years
Kirk Warshaw [Member]
Related Party Transaction [Line Items]
Share-based compensation arrangement by share-based payment award, options, grants in period, gross								250,000	100,000
Weighted average exercise price of options								$ 5.41	$ 6
Share-based compensation arrangement by share-based payment award, award vesting rights								per share and vested 50% on the date of issuance and 50% on the one year anniversary.
Fair value of options								$ 1,352,500	$ 625,000
Share-based Compensation								$ 1,296,146	$ 625,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period								5 years	5 years

Summary of the Common Stock Opt

Summary of the Common Stock Option Activity for Employees, Directors, Officers and Consultants (Detail) - $ / shares	12 Months Ended
	May 31, 2016	May 31, 2015
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Outstanding at Beginning of Period	3,807,543	4,317,543
Shares Granted	800,000	600,000
Shares Exercised	0	0
Shares Forfeited		(1,110,000)
Shares Expired	(25,000)	0
Shares Outstanding at End of Period	4,582,543	3,807,543
Shares Exercisable at May 31, 2016	3,982,543
Weighted Average Exercise Price, Outstanding at Beginning of Period	$ 4.04	$ 3.26
Weighted Average Exercise Price, Granted	5.41	6.74
Weighted Average Exercise Price, Exercised	0	0
Weighted Average Exercise Price, Forfeited		2.46
Weighted Average Exercise Price, Expired	14.26	0
Weighted Average Exercise Price, Outstanding at End of Period	$ 4.22	$ 4.04
Weighted Average Remaining Contractual Term (Years), Outstanding at May 31, 2014		6 years 8 months 1 day
Weighted Average Remaining Contractual Term (Years), Granted	4 years 29 days	4 years
Weighted Average Remaining Contractual Term (Years), Exercised	0 years	0 years
Weighted Average Remaining Contractual Term (Years), Forfeited		0 years
Weighted Average Remaining Contractual Term (Years), Expired	0 years	0 years
Weighted Average Remaining Contractual Term (Years), Outstanding	4 years 9 months	5 years 9 months 4 days

Summary of the Common Stock O28

Summary of the Common Stock Option, by Exercise Price Range (Detail) - $ / shares	12 Months Ended
	May 31, 2016	May 31, 2015
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Total Number	4,582,543	3,807,543
Total Weighted Average Exercise Price	$ 4.22	$ 4.04
Total Weighted Average Remaining Life (years)	4 years 9 months	5 years 9 months 4 days
Exercisable Number	3,982,543	3,524,209
Exercisable Weighted Average Exercise Price	$ 3.74	$ 3.74
Exercisable, Weighted Average Remaining Life (years)	4 years 9 months	4 years 9 months
Exercise Price Range One
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price Range, Lower Range Limit	$ 0	$ 0
Exercise Price Range, Upper Range Limit	$ 1	$ 1
Total Number	930,543	930,543
Total Weighted Average Exercise Price	$ 0.36	$ 0.36
Total Weighted Average Remaining Life (years)	4 years 2 months 1 day	5 years 2 months 1 day
Exercisable Number	930,543	930,543
Exercisable Weighted Average Exercise Price	$ 0.36	$ 0.36
Exercisable, Weighted Average Remaining Life (years)	4 years 2 months 1 day	5 years 2 months 1 day
Exercise Price Range Two
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price Range, Lower Range Limit	$ 1.01	$ 1.01
Exercise Price Range, Upper Range Limit	$ 5	$ 5
Total Number	1,150,000	1,150,000
Total Weighted Average Exercise Price	$ 1.11	$ 1.11
Total Weighted Average Remaining Life (years)	5 years 10 months 17 days	6 years 10 months 17 days
Exercisable Number	1,150,000	1,150,000
Exercisable Weighted Average Exercise Price	$ 1.11	$ 1.11
Exercisable, Weighted Average Remaining Life (years)	5 years 10 months 17 days	6 years 10 months 17 days
Exercise Price Range Three
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price Range, Lower Range Limit	$ 5.01	$ 5.01
Exercise Price Range, Upper Range Limit	$ 10	$ 10
Total Number	2,500,000	1,700,000
Total Weighted Average Exercise Price	$ 7.09	$ 7.89
Total Weighted Average Remaining Life (years)	4 years 3 months 22 days	5 years 4 months 24 days
Exercisable Number	1,900,000	1,416,667
Exercisable Weighted Average Exercise Price	$ 7.09	$ 7.89
Exercisable, Weighted Average Remaining Life (years)	4 years 3 months 22 days	6 years 18 days
Exercise Price Range Four
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price Range, Lower Range Limit	$ 10.01	$ 10.01
Exercise Price Range, Upper Range Limit	$ 15	$ 15
Total Number	2,000	27,000
Total Weighted Average Exercise Price	$ 10.75	$ 14.19
Total Weighted Average Remaining Life (years)	4 months 10 days	10 months 20 days
Exercisable Number	2,000	27,000
Exercisable Weighted Average Exercise Price	$ 10.75	$ 14.19
Exercisable, Weighted Average Remaining Life (years)	4 months 10 days	10 months 20 days

STOCK OPTIONS - Additional Info

STOCK OPTIONS - Additional Information (Detail) - USD ($)	12 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2014	Oct. 25, 2005
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, options, exercises in period	0	0
Share-based compensation arrangement by share-based payment award, options, grants in period, gross	800,000	600,000
Stock granted, value, share-based compensation, gross	$ 4,328,000
Share-based Compensation, Total	$ 4,647,674	$ 7,215,831
Share-based compensation arrangement by share-based payment award, options, outstanding, number	4,582,543	3,807,543	4,317,543
Share-based compensation arrangement by share-based payment award, options, exercisable, number	3,982,543
Share-based compensation arrangement by share-based payment award, award vesting rights	The options vested 50% upon issuance and the remainder vest on their one year anniversary.
share-based compensation arrangement by share-based payment award, options, outstanding, intrinsic value	$ 19,367,636	$ 9,043,243
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 5.41	$ 6.74
Stock Option Plan 2003
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based payment award number of shares authorized before amendment				300,000
Share based payment award number of shares authorized after amendment				900,000
Share-based payment award, shares issued in period	2,000
Share-based compensation arrangement by share-based payment award, options, exercises in period	800
Share-based compensation arrangement by share-based payment award, options, outstanding, number	4,582,543
Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based payment award, shares issued in period	4,580,543
Share-based compensation arrangement by share-based payment award, options, exercises in period	400
Share-based compensation arrangement by share-based payment award, options, grants in period, gross	800,000
Share-based Compensation, Total	$ 4,147,667
Share-based compensation arrangement by share-based payment award, options, exercisable, number	3,982,543
Stock Option | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 5.41

STOCKHOLDERS DEFICIT - Addition

STOCKHOLDERS DEFICIT - Additional Information (Detail) - shares	May 31, 2016	May 31, 2015	Dec. 08, 2010
Stockholders' Equity Note Disclosure [Line Items]
Preferred Stock Shares Authorized	1,000,000	1,000,000	1,000,000

Components of Income Tax Benefi

Components of Income Tax Benefit (Expense) (Detail) - USD ($)	12 Months Ended
	May 31, 2016	May 31, 2015
Current:
Federal	$ 0	$ 0
State	0	0
Deferred:
Federal	3,201,000	3,951,000
State	565,000	697,000
Tax credits	188,000	219,000
Permanent timing difference	(2,448,000)	(2,997,000)
Increase in valuation allowance	(1,506,000)	(1,870,000)
Income tax benefit	$ 0	$ 0

Income Tax as a Percentage of I

Income Tax as a Percentage of Income (Detail)	12 Months Ended
	May 31, 2016	May 31, 2015
Effective Income Tax Rate Reconciliation, Percent [Line Items]
Statutory federal income tax rate	(34.00%)	(34.00%)
State income taxes, net of federal income tax impact	(6.00%)	(6.00%)
Change in valuation allowance	16.00%	16.00%
Permanent timing differences	26.00%	26.00%
General business credit/other	(2.00%)	(2.00%)
Effective Income Tax Rate Reconciliation, Percent, Total	0.00%	0.00%

Components of Deferred Tax Asse

Components of Deferred Tax Assets and Liabilities (Detail) - USD ($)	May 31, 2016	May 31, 2015
Assets:
Net operating losses	$ 24,518,000	$ 23,200,000
General business credit	2,947,000	2,759,000
Deferred tax assets	27,465,000	25,959,000
Liability:
Gross deferred tax asset	27,465,000	25,959,000
Less valuation allowance	(27,465,000)	(25,959,000)
Deferred tax asset, net of valuation allowance	$ 0	$ 0

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Additional Information (Detail) - USD ($)	12 Months Ended
	May 31, 2016	May 31, 2015
Commitments And Contingencies [Line Items]
Operating Leases, Rent Expense	$ 2,400	$ 2,200

SUBSEQUENT EVENTS - Additional

SUBSEQUENT EVENTS - Additional Information (Detail) - Subsequent Event - USD ($)	Jul. 15, 2016	Jul. 01, 2016	Jun. 30, 2016	Jun. 01, 2016
Subsequent Event [Line Items]
Debt Conversion, Description	The agreement further provided that 50% of accrued but unpaid interest would also be converted into Common Stock and 50% would be paid out of the proceeds of the qualified public offering.
2014 Credit Facility
Subsequent Event [Line Items]
Debt Instrument, Face Amount		$ 375,000		$ 345,000
Long-term Line of Credit			$ 9,000,000
Niobe Ventures, LLC
Subsequent Event [Line Items]
Long-term Debt, Gross	$ 16,319,366
Proceeds from Issuance of Common Stock	$ 7,000,000