General form of registration statement for all companies including face-amount certificate companies

Consolidated Balance Sheets

v2.4.0.8
Consolidated Balance Sheets (USD $)
Nov. 30, 2013
May 31, 2013
May 31, 2012
Current assets:      
Cash $ 10,132,520 $ 603,681 $ 284,991
Prepaid expenses 257,507 139,849 65,982
Deferred debt issuance cost 3,332    
Deferred offering costs 96,929 96,930 677,327
Total current assets 10,490,288 840,460 1,028,300
Intangible assets, net 3,142,239 3,317,239 38,610
Furniture and equipment, net 10,598   800
Other assets     3,125
Total Assets 13,643,125 4,157,699 1,070,835
Current liabilities:      
Accounts payable 814,751 1,111,285 831,336
Accrued liabilities 46,341 321,884 150,573
Accrued salaries and severance 276,112 364,698 189,249
Indebtedness to related parties 500,000 509,000 83,493
Accrued interest payable 49,189 56,884 40,618
Convertible notes payable, net 294,094 328,347  
Stock rescission liability 536,500 536,500 3,749,000
Total current liabilities 2,516,987 3,228,598 5,044,269
Long-term liabilities      
Convertible notes payable, net 1,634,670 1,153,017  
Total liabilities 4,151,657 4,381,615 5,044,269
Shareholders' (deficit):      
Series B Convertible Preferred Stock, value 274,091 274,091 451,993
Common stock, value 30,311,420 16,244,673 15,150,261
Common stock payable 47,880 117,778 388,000
Additional paid-in capital 19,403,477 17,523,796 8,020,533
Common and preferred stock subject to rescission (536,500) (536,500) (3,749,000)
Treasury stock (100,000) (100,000) (100,000)
Additional paid-in capital - treasury stock 255,065 255,065 299,297
Accumulated deficit on unrelated dormant operations (1,601,912) (1,601,912) (1,601,912)
Accumulated deficit during development stage (38,562,054) (32,400,907) (22,832,606)
Total shareholders' (deficit) 9,491,467 (223,916) (3,973,434)
Total liabilities and shareholders' (deficit) $ 13,643,125 $ 4,157,699 $ 1,070,835