Quarterly report pursuant to sections 13 or 15(d)

Condensed Consolidated Balance Sheets

v2.4.0.6
Condensed Consolidated Balance Sheets (USD $)
Aug. 31, 2012
May 31, 2012
Current Assets:    
Cash $ 66,170 $ 284,991
Prepaid expenses 58,595 65,982
Deferred Offering Costs 677,327 677,327
Total current assets 802,092 1,028,300
Furniture and equipment, net 700 800
Other Assets 39,568 41,735
Total assets 842,360 1,070,835
Current liabilities:    
Accounts payable 1,157,714 831,336
Accrued liabilities 123,645 150,573
Accrued salary 504,111 189,249
Indebtedness to related parties 74,493 74,493
Accrued interest payable 42,877 40,618
Stock rescission liability 3,749,000 3,749,000
Total current liabilities 5,651,840 5,035,269
Long-Term Liabilities    
Convertible notes payable, net 9,000 9,000
Total Liabilities 5,660,840 5,044,269
Shareholders' (deficit):    
Series B convertible preferred stock, no par value; 400,000 shares authorized, 96,100 and 98,900 shares issued and outstanding at August 31, 2012 and May 31, 2012, respectively 437,993 451,993
Common stock, no par value; 100,000,000 shares authorized, 29,898,561 and 28,636,530 outstanding at August 31, 2012 and May 31, 2012, respectively; 30,098,561 and 28,836,530 issued at August 31, 2012 and May 31, 2012, respectively 15,919,460 15,150,261
Common stock payable   388,000
Additional paid-in capital 9,631,172 8,020,533
Common and Preferred stock subject to rescission (3,749,000) (3,749,000)
Treasury stock, at cost, 200,000 shares held at August 31, 2012 and May 31, 2012, respectively (100,000) (100,000)
Additional paid-in capital - treasury stock 299,297 299,297
Prepaid stock services (7,718)  
Accumulated deficit on unrelated dormant operations (1,601,912) (1,601,912)
Deficit accumulated during development stage (25,647,772) (22,832,606)
Total shareholders' (deficit) (4,818,480) (3,973,434)
Total liabilities and shareholders' (deficit) $ 842,360 $ 1,070,835