Annual report pursuant to section 13 and 15(d)

Stock Options and Warrants (Tables)

v2.4.0.8
Stock Options and Warrants (Tables)
 12 Months Ended
May 31, 2013
Estimated Fair Value of Options and Warrants is determined using Black-Scholes Option Valuation Model

The estimated fair value of options and warrants is determined using the Black-Scholes option valuation model with the following weighted-average assumptions for the periods ended May 31, 2013 and 2012:

 

     2013    2012

Risk free rate

    0.12% - 0.70%    0.12% -.87%

Dividend yield

    —      —  

Volatility

    87% - 102%    93% - 102%

Expected term

    1 - 4 years    1 - 4 years
Stock Option and Warrant Activity

The following table represents stock option and warrants activity for the periods ended May 31, 2013 and 2012:

 

     Number of
Shares		     Weighted
Average
Exercise Price		      Weighted
Average
Remaining
Contractual
Life		      Aggregate
Intrinsic Value		  

Options and warrants outstanding - May 31, 2011

      7,473,576      $ 1.34         3.84       $ 10,495,913   
  

 

 

    

 

 

     

 

 

     

 

 

  

Granted

      3,456,088      $ 2.04         —          —    

Exercised

      (527,500 )    $ .62         —          —    

Forfeited/expired/cancelled

      (74,500 )    $ 2.49         —          —    
  

 

 

    

 

 

     

 

 

     

 

 

  

Options and warrants outstanding - May 31, 2012

      10,327,664      $ 1.60         3.20       $ 2,308,279   

Granted

      11,166,274      $ 1.61         —          —    

Exercised

      (780,000 )    $ 0.26         —          —    

Forfeited/expired/cancelled

      (2,567,000 )    $ 1.73         —          —    
  

 

 

    

 

 

     

 

 

     

 

 

  

Options and warrants outstanding - May 31, 2013

      18,146,938      $ 1.65         1.86       $ 140,321   
  

 

 

    

 

 

     

 

 

     

 

 

  

Exercisable - May 31, 2013

      16,253,188      $ 1.68         1.65       $ 140,321