Annual report pursuant to Section 13 and 15(d)

Consolidated Statement of Changes in Shareholders' Equity (Deficit)

v2.4.0.8
Consolidated Statement of Changes in Shareholders' Equity (Deficit) (USD $)
Total
Accrued Interest
Bonus Share
Conversion Features one
Conversion Features two
Conversion Features three
Conversion Features Four
Conversion Features Five
Exercise Price 1
Exercise Price 2
Exercise Price 3
Issuance During Period 1st
Issuance During Period 2nd
Issuance During Period 3rd
Issuance During Period 4th
Preferred Stock
Common Stock
Common Stock
Accrued Interest
Common Stock
Bonus Share
Common Stock
Conversion Features one
Common Stock
Conversion Features two
Common Stock
Conversion Features three
Common Stock
Conversion Features Four
Common Stock
Conversion Features Five
Common Stock
Exercise Price 1
Common Stock
Exercise Price 2
Common Stock
Exercise Price 3
Common Stock
Issuance During Period 1st
Common Stock
Issuance During Period 2nd
Common Stock
Issuance During Period 3rd
Common Stock
Issuance During Period 4th
Common Stock Payable
Common Stock Payable
Accrued Interest
Common Stock Payable
Bonus Share
Additional Paid-in Capital
Rescission Amount
Stock for Prepaid Services
Accumulated Deficit
Beginning balance at May. 31, 2012 $ (3,973,434)                             $ 451,993 $ 15,050,261                             $ 388,000     $ 8,319,830 $ (3,749,000)   $ (24,434,518)
Beginning balance, shares at May. 31, 2012                               98,900 28,746,672                                          
Rescission expirations and exclusions 3,212,500                                                                     3,212,500    
Amortization of deferred offering costs related to rescission liability (580,392)                             (158,902) (377,258)                                   (44,232)      
Common shares issued to extinguish promissory notes payable, convertible debt and related interest, shares                               (3,800) 38,000     756,000 5,604                                  
Common shares issued to extinguish promissory notes payable, convertible debt and related interest                               (19,000) 19,000                                          
Common shares issued to extinguish promissory notes payable, convertible debt and related interest, value 567,000     567,000 4,203                             567,000 4,203                                  
Series B Convertible Preferred Stock Dividends, shares                                 4,380                                          
Series B Convertible Preferred Stock Dividends, value                                 2,190                                   (2,190)      
Common Stock issued related to legal settlement                                 388,000                             (388,000)            
Exercise of Common Stock warrants, shares                                                 750,000 5,000                        
Common Stock issued related to legal settlement, shares                                 400,000                                          
Exercise of Common Stock warrants, Value                 187,500 5,000                             187,500 5,000                        
Common Stock issued for services to consultants, shares                                 60,000                                          
Common Stock issued for services to consultants, value                                 160,800                                       (160,800)  
Common stock issuable, value   10,278 107,500                                                           10,278 107,500        
Amortization of prepaid stock services 160,800                                                                       160,800  
Common Stock issued for services to directors, shares                                                       7,810 16,230 12,500 14,980              
Common Stock issued for services to directors, Value                       12,496 12,497 12,500 11,984                         12,496 12,497 12,500 11,984              
Exercise of Common Stock options, shares 780,000                                                   25,000                      
Exercise of Common Stock options, Value                     8,500                               8,500                      
Stock issued in payment of accounts payable, shares                                 66,116                                          
Issuance of common stock for accounts payable, value 80,000                               80,000                                          
Stock-based compensation 3,261,951                                                                   3,261,951      
Debt discount related to warrants and beneficial conversion feature associated with convertible debt 6,243,502                                                                   6,243,502      
Net loss at year ended (9,568,301)                                                                         (9,568,301)
Ending Balance at May. 31, 2013 (223,916)                             274,091 16,144,673                             117,778     17,778,861 (536,500)   (34,002,819)
Ending balance, shares at May. 31, 2013                               95,100 30,908,292                                          
Rescission expirations and exclusions 158,500                                                                     158,500    
Amortization of deferred offering costs related to rescission liability (28,636)                             (7,840) (20,796)                                          
Common shares issued to extinguish promissory notes payable, convertible debt and related interest, shares                                       2,046,148 1,493,333 24,363 16,117 21,963                            
Proceeds from unit offering, shares                                 20,989,494                                          
Common shares issued to extinguish promissory notes payable, convertible debt and related interest, value 2,459,000     1,330,000 1,120,000 15,837 12,088 10,012                       1,330,000 1,120,000 15,837 12,088 10,012                            
Proceeds from unit offering 13,642,667                               13,642,667                                          
Deferred offering costs (2,084,063)                               (2,084,063)                                          
Inducement warrants 193,160                                                                   193,160      
Exercise of Common Stock warrants, shares                                 50,000                                          
Exercise of Common Stock warrants, Value 50,000                               50,000                                          
Common stock issuable, share                                   150,000 53,601                                      
Common stock issuable, value   64,722 35,139                             75,000 72,361                           (10,278) (107,500)        
Exercise of Common Stock options, shares 50,000                                                                          
Stock-based compensation 928,413                                                                   928,413      
Debt discount related to warrants and beneficial conversion feature associated with convertible debt 1,200,000                                                                   1,200,000      
Net loss at year ended (12,431,413)                                                                         (12,431,413)
Ending Balance at May. 31, 2014 $ 3,922,232                             $ 266,251 $ 30,367,779                                   $ 20,100,434 $ (378,000)   $ (46,434,232)
Ending balance, shares at May. 31, 2014                               95,100 55,753,311