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Condensed financial statements note

3 Months Ended

Aug. 31, 2012

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the financial position as of August 31, 2012 and May 31, 2012, the results of operations for the three months ended August 31, 2012 and August 31, 2011, and cash flows for the three months ended August 31, 2012 and August 31, 2011. These financial statements should be read in conjunction with the audited financial statements and notes thereto contained in the Company's Annual Report to Shareholders for the year ended May 31, 2012. Certain amounts have been reclassified in the prior period financial statements to conform with the presentation adopted for August 31, 2012.

The Company has evaluated events and transactions for potential recognition or disclosure in the financial statements through the date the financial statements were issued.

There is no provision nor shall there be any provisions for profit sharing, dividends, or any other benefits of any nature at any time for this fiscal year.

For the three month periods ended August 31, 2012 and August 31, 2011, the net income was divided by 3,309,758 and 3,222,455, respectively, which is net of the Treasury shares, to calculate the net income per share.

The results of operations for the three month period ended August 31, 2012 are not necessarily indicative of the results to be expected for the full year.

Recently issued Financial Accounting Standards Board Accounting Standards Codification guidance has either been implemented or is not significant to the Company.