v2.4.0.8
Condensed Consolidated Balance Sheets (Current Period Unaudited) (USD $)
Feb. 28, 2013
May 31, 2012
CURRENT ASSETS:    
Cash $ 157,681 $ 43,016
Accounts receivable, net 243,958 173,496
Inventories 362,431 297,300
Advances to suppliers 34,780  
Prepaid expenses and other current assets 113,975 23,059
Total Current Assets 912,825 536,871
FIXED ASSETS, net 461,987 500,583
OTHER ASSETS 36,017 31,514
INTANGIBLES - at cost, net 3,417,075 3,468,179
Total Assets 4,827,904 4,537,147
CURRENT LIABILITIES:    
Accounts payable 626,865 596,636
Prepaid gift certificates and other deferred revenue 141,625 58,778
Note payable to shareholders' 674,000 984,000
Current portion of long term debt 818,000 250,000
Accrued expenses and other current liabilities 530,676 767,216
Accrued payroll taxes (see note 11) 1,293,879 1,093,483
Total Current Liabilities 4,085,045 3,750,113
LONG TERM LIABILITIES:    
Credit card facility loan, net of debt discount 1,470,790  
Long term debt, net of current portion and debt discount 4,423,787 4,302,488
Total Liabilities 9,979,622 8,052,601
COMMITMENTS AND CONTINGENCIES 0 0
SHAREHOLDERS' DEFICIT    
Preferred stock - $0.001 par value, 10,000,000 shares authorized, 6,199,154 and 6,514,154 shares issued and outstanding, respectively 6,199 6,514
Common stock - $0.001 par value, 100,000,000 shares authorized 31,582,982 and 28,093,982 shares issued and outstanding, respectively 31,584 28,094
Additional paid-in capital 19,976,168 19,368,435
Accumulated deficit (25,165,669) (22,918,497)
Total Shareholders' Deficit (5,151,718) (3,515,454)
Total Liabilities and Shareholders' Deficit $ 4,827,904 $ 4,537,147