v2.4.0.6
Consolidated Statements of Cash Flows (USD $)
9 Months Ended 12 Months Ended
Feb. 29, 2012
Feb. 28, 2011
May 31, 2011
May 31, 2010
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net loss $ (3,435,682) $ (1,516,766) $ (2,539,667) $ (2,291,614)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:        
Depreciation and impairment of equipment 101,088 106,943 144,639 177,516
Interest on loans as preferred stock       151,401
Amortization of intangibles 63,000 63,000 84,000 77,000
Amortization of debt discount 183,128 104,743 159,734 38,646
Equity based compensation attributed to debt 997,047      
Common stock issued for services 108,805 22,983 132,511 107,288
Changes in assets and liabilities, net of the effect from acquisition:        
Accounts receivable 124,677 (7,848) (28,748) 167,685
Inventory (46,062) (5,724) (4,214) (45,811)
Prepaid expenses and other assets (7,461) (8,030) 24,404 50,748
Accounts payable 206,067 192,140 207,990 (310,953)
Accrued expenses and other current liabilities 456,632 161,636 225,896 (8,375)
Accrued payroll taxes     141,801  
NET CASH USED IN OPERATING ACTIVITIES (1,248,761) (886,923) (1,451,654) (1,886,469)
CASH FLOWS FROM INVESTING ACTIVITIES:        
Sale/(Purchase) of fixed assets (20,451) (62,850) (74,948) (64,835)
Increase/(Decrease) in security deposit 1,982 1,971    
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES: (18,469) (60,879) (74,948) (64,835)
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES:        
Cash overdraft       (36,927)
Increase/(Decrease) in notes payable 200,000 (4,898)    
Sale of preferred stock 800,250     100,000
Proceeds/(Payment) of term loan (60,000) 320,000    
Payment of long term debt   (66,519) (84,849) (650,771)
Proceeds from issuance of notes payables     770,000  
Redemption of Preferred Stock       (500,000)
Proceeds from Shareholder loan 300,000 400,000 500,000 3,424,000
NET CASH PROVIDED BY FINANCING ACTIVITIES 1,240,250 648,583 1,185,151 2,336,302
NET INCREASE (DECREASE) IN CASH (26,980) (299,219) (341,451) 384,998
CASH AT BEGINNING OF PERIOD 43,547 384,998 384,998  
CASH AT END OF PERIOD 16,567 85,779 43,547 384,998
Cash paid during the period for:        
Interest 2,085 6,732 8,007 107,129
Non-cash financing activies:        
Conversion of Preferred Shares to Common Shares 1,019,300      
Preferred shares issued for services 277,544      
Preferred and common shares issued for services       356,550
Conversion of Restricted Stock       200,000
Preferred shares issued for dividend       $ 267,936