Note 6 - Common Stock Issued for Services

During the six months ended November 30, 2012, the Company issued 16,230 and 7,810 fully vested shares of common stock at $.77 and $1.60 per share to directors for past services, and recognized $12,500 and $25,000 in stock-based compensation for the three and six months ended November 30, 2012.

During the six months ended November 30, 2012, the Company issued 60,000 shares of common stock to a consultant at $2.68 per share, which was the fair value at the commitment date, and is being amortized over the requisite service period. During the three and six months ended November 30, 2012, the Company recognized $8,000 and $161,000 in stock-based compensation related to this grant.