Quarterly report pursuant to sections 13 or 15(d)

Condensed Consolidated Balance Sheet

v2.4.0.6
Condensed Consolidated Balance Sheet (USD $)
Nov. 30, 2011
May 31, 2011
Assets    
Cash $ 129,819 $ 1,037,818
Prepaid expenses 30,690 59,275
Other receivable 63,600  
Deferred Offering Costs 709,902 876,423
Total current assets 934,011 1,973,516
Furniture and equipment, net 1,000 5,374
Other Assets 46,068 15,748
Total assets 981,079 1,994,638
Liabilities and Shareholders' (deficit)    
Accounts payable 1,495,724 932,996
Accrued liabilities   756
Indebtedness to related parties 148,985 148,985
Accrued interest payable 35,051 26,696
Deposits on stock purchases - short-term 760,000 1,035,000
Stock rescission liability 4,222,000 4,851,000
Total current liabilities 6,661,760 6,995,433
Long Term Liabilities    
Deposits on stock purchases, net of short-term 665,000  
Convertible notes payable, net 9,000 6,937
Total Liabilities 7,335,760 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 November 30, 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 November 30, 2011 and May 31, 2011, respectively; 22,490,982 and 22,490,982 issued at November 30, 2011 and May 31, 2011, respectively 9,044,406 9,147,325
Additional paid-in capital 6,668,299 5,877,141
Common and Preferred stock subject to rescission (4,222,000) (4,851,000)
Treasury stock, at cost, 200,000 shares held at November 30, 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 (18,022,570) (15,358,382)
Total shareholders' (deficit) (6,354,681) (5,007,732)
Total liabilities and shareholders' (deficit) $ 981,079 $ 1,994,638