Quarterly report pursuant to sections 13 or 15(d)

Condensed Consolidated Balance Sheet

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Condensed Consolidated Balance Sheet (USD $)
Aug. 31, 2011
May 31, 2011
Assets    
Cash $ 492,569 $ 1,037,818
Prepaid expenses 51,979 59,275
Deferred Offering Costs 876,423 876,423
Total current assets 1,420,971 1,973,516
Furniture and equipment, net 1,100 5,374
Other Assets 48,313 15,748
Total assets 1,470,384 1,994,638
Liabilities and Shareholders' (deficit)    
Accounts payable 1,327,749 932,996
Accrued liabilities 756 756
Indebtedness to related parties - short-term portion 148,985 148,985
Accrued interest payable 30,898 26,696
Deposits on stock purchases 1,035,000 1,035,000
Stock rescission liability 4,848,000 4,851,000
Total current liabilities 7,391,388 6,995,433
Long Term Liabilities    
Convertible notes payable, net 9,000 6,937
Total Liabilities 7,400,388 7,002,370
Shareholders' (deficit):    
Series B Convertible preferred stock, no par value; 400,000 shares authorized, 311,800 and 311,800 shares issued and outstanding at August 31, 2011 and May 31, 2011, respectively 1,566,016 1,566,016
Common stock, no par value; 100,000,000 shares authorized, 22,290,982 and 22,290,982 outstanding at August 31, 2011 and May 31, 2011, respectively; 22,490,982 and 22,490,982 issued at August 31, 2011 and May 31, 2011, respectively 9,147,325 9,147,325
Additional paid-in capital 6,118,658 5,877,141
Common and Preferred stock subject to rescission (4,848,000) (4,851,000)
Treasury stock, at cost, 200,000 shares held at August 31, 2011 and May 31, 2011, respectively (100,000) (100,000)
Additional paid-in capital-treasury stock 313,080 313,080
Accumulated deficit on unrelated dormant operations (1,601,912) (1,601,912)
Accumulated deficit during development stage (16,525,171) (15,358,382)
Total shareholders' (deficit) (5,930,004) (5,007,732)
Total liabilities and shareholders' (deficit) $ 1,470,384 $ 1,994,638