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Subsequent Events
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12 Months Ended |
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May 31, 2011
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| Subsequent Events [Text Block] |
17. SUBSEQUENT
EVENTS
For
the period June 1, 2011 through September 9, 2011, the
Company sold 630,000 shares of preferred stock to three
investors for a total of $630,000. An
additional 277,544
shares of preferred stock were issued in lieu of
interest due to two debt holders.
For
the period June 1, 2011 through September 9, 2011, the
long-term loan was increased by $200,000 for which the
lender received 50,000 shares of preferred stock.
The
Company is in negotiations to modify the vesting terms of
the remaining 4,440,000 of options not vested at May 31,
2011 and extend the due date of $250,000 of related debt
to KeHe.
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