Annual report pursuant to section 13 and 15(d)

Convertible Instruments (Tables)

v2.4.0.8
Convertible Instruments (Tables)
12 Months Ended
May 31, 2013
Activity Related to Notes

During the year ended May 31, 2013, activity related to the Notes was as follows:

 

Face amount of convertible notes

   $  6,588,250  
  

 

 

 

Debt discounts

     (6,243,502

Amortization of debt discount

     1,703,616  

Conversions

     (567,000
  

 

 

 

Total carrying value of convertible notes

     1,481,364  

Short-term portion of convertible notes

     (328,347
  

 

 

 

Long-term portion of convertible notes

   $ 1,153,017   
  

 

 

 
Weighted Average Assumptions to Value Warrants

The Company utilized the following weighted average assumptions to value the above warrants:

 

Expected dividend yield

   -0-%

Stock price volatility

   70 – 94%

Expected term

   2 years

Risk-free interest rate

   .28%

Grant-date fair value

   $.11 - $1.10