Annual report pursuant to section 13 and 15(d)

Consolidated Balance Sheet

v2.4.0.6
Consolidated Balance Sheet (USD $)
May 31, 2012
May 31, 2011
Current Assets:    
Cash $ 284,991 $ 1,037,818
Prepaid expenses 65,982 59,275
Deferred Offering Costs 677,327 876,423
Total current assets 1,028,300 1,973,516
Furniture and equipment, net 800 5,374
Other Assets 41,735 15,748
Total assets 1,070,835 1,994,638
Current liabilities:    
Accounts payable 831,336 932,996
Accrued liabilities 150,573 756
Accrued salaries 189,249  
Indebtedness to related parties - short-term portion 74,493 148,985
Accrued interest payable 40,618 26,696
Deposits on stock purchases   1,035,000
Stock rescission liability 3,749,000 4,851,000
Total current liabilities 5,035,269 6,995,433
Long Term Liabilities    
Convertible notes payable, net 9,000 6,937
Total Liabilities 5,044,269 7,002,370
Shareholders' (deficit):    
Series B Convertible stock preferred stock, no par value; 400,000 shares authorized, 98,900 and 311,800 shares issued and outstanding at May 31, 2012 and 2011, respectively 451,993 1,566,016
Common stock, no par value; 100,000,000 shares authorized, 28,636,530 and 22,290,982 outstanding at May 31, 2012 and 2011, respectively; 28,836,530 and 22,490,982 issued at May 31, 2012 and May 31, 2011, respectively 15,150,261 9,147,325
Common stock payable 388,000  
Additional paid-in capital 8,020,533 5,877,141
Common and Preferred stock subject to rescission (3,749,000) (4,851,000)
Treasury stock, at cost, 200,000 and 200,000 shares held at May 31, 2012 and 2011, respectively (100,000) (100,000)
Additional paid-in capital - treasury stock 299,297 313,080
Accumulated deficit on unrelated dormant operations (1,601,912) (1,601,912)
Deficit accumulated during development stage (22,832,606) (15,358,382)
Total shareholders' (deficit) (3,973,434) (5,007,732)
Total liabilities and shareholders' (deficit) $ 1,070,835 $ 1,994,638