v2.4.0.8
Note 8 - Notes Payable To Existing Shareholders (Details) - Notes Payable to Existing Shareholders (USD $)
Feb. 28, 2013
May 31, 2012
Note 8 - Notes Payable To Existing Shareholders (Details) - Notes Payable to Existing Shareholders [Line Items]    
Notes payable $ 674,000 $ 984,000
Bridge Loan [Member]
    
Note 8 - Notes Payable To Existing Shareholders (Details) - Notes Payable to Existing Shareholders [Line Items]    
Notes payable 150,000 [1] 150,000 [1]
Term Loan [Member]
    
Note 8 - Notes Payable To Existing Shareholders (Details) - Notes Payable to Existing Shareholders [Line Items]    
Notes payable $ 524,000 [2] $ 834,000 [2]
[1] In July 2009, the Company secured from an existing shareholder a $150,000 bridge loan at an annual interest rate of nine percent (9%) which matured on September 8, 2009 (the "Bridge Loan"). The Company has defaulted on repayment of the Bridge Loan by the maturity date, however, the lender has agreed to forbear collection until such time as the Company completes a secondary offering. As of February 28, 2013, the total amount due under the Bridge Loan including accrued interest is $194,975.
[2] During the period July 2009 to February 2010, the Company secured from several existing shareholders a term loan in the aggregate amount of $1,214,000 at an annual interest rate of nine percent (9%) to mature on or about September 10, 2010 (the "Term Loan"). The Term Loan amount has since been reduced to $524,000 (excluding accrued interest) and the due date of the loan was extended to December 31, 2011. The Company has defaulted on repayment of the Term Loan by the maturity date, however, all but one lender has agreed to forbear collection until such time as the Company completes a secondary offering. As of February 28, 2013, the total amount due under the remaining portion of the Term Loan including interest is $679,284.