Quarterly report pursuant to sections 13 or 15(d)

Condensed Consolidated Balance Sheet

v2.4.0.6
Condensed Consolidated Balance Sheet (USD $)
Feb. 29, 2012
May 31, 2011
Assets    
Cash $ 1,779,913 $ 1,037,818
Prepaid expenses 36,626 59,275
Deferred Offering Costs 694,225 876,423
Total current assets 2,510,764 1,973,516
Furniture and equipment, net 900 5,374
Other Assets 43,901 15,748
Total assets 2,555,565 1,994,638
Liabilities and Shareholders' (deficit)    
Accounts payable 755,589 932,996
Accrued liabilities   756
Indebtedness to related parties 74,493 148,985
Accrued interest payable 38,361 26,696
Deposits on stock purchases - short-term   1,035,000
Stock rescission liability 4,134,000 4,851,000
Total current liabilities 5,002,443 6,995,433
Long Term Liabilities    
Convertible notes payable, net 9,000 6,937
Total Liabilities 5,011,443 7,002,370
Shareholders' (deficit):    
Series B Convertible preferred stock, no par value; 400,000 shares authorized, 144,800 and 311,800 shares issued and outstanding at February 29, 2012 and May 31, 2011, respectively 731,015 1,566,016
Common stock, no par value; 100,000,000 shares authorized, 28,107,956 and 22,290,982 outstanding at February 29, 2012 and May 31, 2011, respectively; 28,307,956 and 22,490,982 issued at February 29, 2012 and May 31, 2011, respectively 14,808,345 9,147,325
Additional paid-in capital 6,968,013 5,877,141
Common and Preferred stock subject to rescission (4,134,000) (4,851,000)
Treasury stock, at cost, 200,000 shares held at February 29, 2012 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 (19,440,419) (15,358,382)
Total shareholders' (deficit) (2,455,878) (5,007,732)
Total liabilities and shareholders' (deficit) $ 2,555,565 $ 1,994,638