Quarterly report pursuant to sections 13 or 15(d)

Consolidated Balance Sheets

v2.4.0.6
Consolidated Balance Sheets (USD $)
Feb. 28, 2013
May 31, 2012
Current assets:    
Cash $ 412,049 $ 284,991
Prepaid expenses 105,263 65,982
Deferred offering costs 423,486 677,327
Total current assets 940,798 1,028,300
Furniture and equipment, net   800
Intangibles 3,500,000  
Intangibles-Other 38,828 41,735
Total Asset 4,479,626 1,070,835
Current liabilities:    
Accounts payable 899,869 831,336
Accrued liabilities 148,900 150,573
Indebtedness to related parties   74,493
Accrued interest payable 124,104 40,618
Accrued compensation 413,484 189,249
Stock rescission liability 2,344,000 3,749,000
Total current liabilities 3,930,357 5,035,269
Long-term liabilities    
Investor convertible notes payable, net 667,571  
Notes payable 9,000 9,000
Total liabilities 4,606,928 5,044,269
Shareholders' equity (deficit):    
Series B convertible preferred stock, no par value; 400,000 shares authorized, 95,100 and 98,900 shares issued and outstanding at February 28, 2013 and May 31, 2012, respectively 363,497 451,993
Common stock, no par value; 100,000,000 shares authorized, 30,745,671 and 28,636,530 outstanding at February 28, 2013 and May 31, 2012, respectively; 30,945,671 and 28,836,530 issued at February 28, 2013 and May 31, 2012, respectively 16,423,954 15,150,261
Additional paid-in capital 16,754,072 8,020,533
Common stock payable 12,500 388,000
Common and preferred stock subject to rescission (2,344,000) (3,749,000)
Treasury stock, at cost, 200,000 shares held at February 28, 2013 and May 31, 2012, respectively (100,000) (100,000)
Additional paid-in capital - treasury stock 279,952 299,297
Accumulated deficit on unrelated dormant operations (1,601,912) (1,601,912)
Accumulated deficit during development stage (29,915,365) (22,832,606)
Total shareholders' equity (deficit) (127,302) (3,973,434)
Total liabilities and shareholders' (deficit) $ 4,479,626 $ 1,070,835