Annual report pursuant to Section 13 and 15(d)

Stock Options and Warrants (Tables)

v3.2.0.727
Stock Options and Warrants (Tables)
 12 Months Ended
May. 31, 2015
Estimated Fair Value of Options and Warrants is determined using Black-Scholes Option Valuation Model

The estimated fair value of options and warrants is determined using the Black-Scholes option valuation model with the following weighted-average assumptions for the periods ended May 31, 2015 and 2014:

 

     2015    2014

Risk-free rate

    0.73% - 1.10%    0.52% - 1.85%

Dividend yield

    —      —  

Volatility

    74.36% - 81.16%    78.73% - 92.92%

Expected term

    2.5-3.5 years    2.5-3.5 years

Grant date fair value

    $0.33 - $0.60    $.40- $.67
Stock Option and Warrant Activity

The following table represents stock option and warrant activity for the periods ended May 31, 2015 and 2014:

 

     Number of
Shares		      Weighted
Average
Exercise Price		      Weighted
Average
Remaining
Contractual Life
in Years		      Aggregate
Intrinsic Value		  

Options and warrants outstanding - May 31, 2013

      18,146,838       $ 1.65         1.86       $ 140,321   

Granted

      18,414,244         0.74         —           —     

Exercised

      (50,000 )       —           —           —     

Forfeited/expired/cancelled

      (5,704,721 )       1.49         —           —     
  

 

 

           

 

 

  

Options and warrants outstanding - May 31, 2014

   30,806,361      1.13      3.29      177,042   
  

 

 

     

 

 

     

 

 

     

 

 

  

Granted

   9,262,038      0.93      —        —     

Exercised

   (2,038,974 )    0.55      —        —     

Forfeited/expired/cancelled

   (7,020,510 )    1.76      —        —     
  

 

 

           

Options and warrants outstanding - May 31, 2015

   31,008,915      0.88      2.94      5,538,335   
  

 

 

     

 

 

     

 

 

     

 

 

  

Outstanding exercisable - May 31, 2015

   29,898,494    $ 0.89      2.91    $ 5,334,919