Quarterly report pursuant to Section 13 or 15(d)

Convertible Instruments (Tables)

v2.4.1.9
Convertible Instruments (Tables)
 6 Months Ended
Nov. 30, 2014
Activity Related to Notes

Activity related to the Notes was as follows:

 

     November 30, 2014     May 31, 2014  

Face amount of Notes

    $ 4,271,250      $ 7,221,250   
  

 

 

    

 

 

  

Unamortized discount

      (888,226 )      (1,932,566 ) 

Repayments

      —          (500,000 ) 

Conversions

      (1,175,000 )      (2,450,000 ) 
  

 

 

    

 

 

  

Total carrying value of Notes

      2,208,024        2,338,684   

Short-term portion of Notes

      (2,118,654 )      —     
  

 

 

    

 

 

  

Long-term portion of Notes

    $ 89,370      $ 2,338,684   
  

 

 

    

 

 

  
Allocation of Cash Proceeds Derivative Liability at Its Fair Value and Warrant at Its Relative Fair Value, with Residual Allocation of Host AVCP Note Agreement

Based on the previous conclusions, the Company allocated the cash proceeds first to the derivative liability at its fair value, then, to the warrant at its relative fair value, with the residual allocated to the host AVCP Note agreement, as follows:

 

            For Quarter Ended
November 30, 2014		         
     September 26, 2014      Amortization
Debt Discount		      Change in
Fair Value		      November 30, 2014  

AVCP convertible note payable

    $ 1,074,617       $ 60,699       $ —         $ 1,135,316   

Derivative liability

      767,038         —           805,575         1,572,613   

Warrants (equity allocation)

      158,345         —           —           158,345   
  

 

 

     

 

 

     

 

 

     

 

 

  
   $ 2,000,000       $ 60,699       $ 805,575       $ 2,866,274