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Consolidated Statements of Operations (USD $)
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12 Months Ended | 103 Months Ended | |
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May 31, 2012
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May 31, 2011
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May 31, 2012
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| Operating expenses: | |||
| General and administrative | $ 5,454,477 | $ 2,525,661 | $ 16,461,892 |
| Amortization / depreciation | 2,013 | 2,880 | 182,862 |
| Research and development | 530,027 | 480,765 | 2,759,495 |
| Legal fees | 1,469,129 | 688,933 | 2,890,631 |
| Total operating expenses | 7,455,646 | 3,698,239 | 22,294,880 |
| Operating loss | (7,455,646) | (3,698,239) | (22,294,880) |
| Interest income | 1,627 | ||
| Extinguishment of debt | 337,342 | ||
| Interest expense: | |||
| Interest on convertible debt | (2,063) | (736,926) | |
| Interest on notes payable | (16,515) | (21,449) | (139,769) |
| Loss before income taxes | (7,474,224) | (3,719,688) | (22,832,606) |
| Income tax provision | |||
| Net loss | (7,474,224) | (3,719,688) | (22,832,606) |
| Constructive preferred stock dividends | (6,000,000) | ||
| Convertible preferred stock dividends | (88,743) | (8,550) | (97,293) |
| Net loss applicable to common shareholders | $ (7,562,967) | $ (3,728,238) | $ (28,929,899) |
| Basic and diluted loss per share | $ (0.31) | $ (0.18) | $ (2.04) |
| Basic and diluted weighted average common shares outstanding | 24,618,812 | 21,076,430 | 14,204,081 |
| X | ||||||||||
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- Definition
The after-tax amount of any dividends on convertible preferred stock. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Equity impact of stock dividends for preferred shareholders declared by an entity during the period. This element includes paid and unpaid dividends declared during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Gross amount of debt extinguished. No definition available.
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- Definition
The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of operating profit and nonoperating income or expense before Income or Loss from equity method investments, income taxes, extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of net income (loss) from continuing operations per each basic and diluted share of common stock or unit when the per share amount is the same for both basic and diluted shares. No definition available.
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- Definition
The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Aggregate amount of interest paid or due on all long-term debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The after-tax amount of interest recognized in the period associated with any convertible debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Income derived from investments in debt securities and on cash and cash equivalents the earnings of which reflect the time value of money or transactions in which the payments are for the use or forbearance of money. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of expense provided in the period for legal costs incurred on or before the balance sheet date pertaining to resolved, pending or threatened litigation, including arbitration and mediation proceedings. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Net income after adjustments for dividends on preferred stock (declared in the period) and/or cumulative preferred stock (accumulated for the period). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. No definition available.
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- Details
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- Definition
The net result for the period of deducting operating expenses from operating revenues. No definition available.
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- Definition
The aggregate costs incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or the entity's use, during the reporting period charged to research and development projects, including the costs of developing computer software up to the point in time of achieving technological feasibility, and costs allocated in accounting for a business combination to in-process projects deemed to have no alternative future use. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Average number of shares or units issued and outstanding that are used in calculating basic and diluted earnings per share (EPS). No definition available.
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