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Note 9 - Accrued Expenses and Other Current Liabilities
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12 Months Ended |
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May 31, 2012
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| Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] |
9.
ACCRUED
EXPENSES AND OTHER CURRENT LIABILITIES
As
of May 31, 2012, the Company had accrued expenses and other
liabilities of $767,216 which consisted primarily of
$529,125 for accrued interest on loans, vendor installment
agreements of $60,895, accrued payroll of $52,054, accrued
professional fees of $12,500, a vendor prepayment of
$38,000 and other miscellaneous accruals for
$74,643. As of May 31, 2011, the Company had
accrued expenses and other liabilities of $517,618 which
consisted primarily of $418,834 for accrued interest on
term loans, vendor installment agreements of $60,895,
accrued payroll of $20,311 and other accrued expenses of
$17,578.
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