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, 2014
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, 2014 and 2013:

 

     2014    2013

Risk free rate

   0.52% - 1.85%    0.12% -   .70%

Dividend yield

   —      —  

Volatility

   78.73% - 92.92%    87% - 102%

Expected term

   2.5 – 3.5 years    1 – 4 years

Grant date fair value

   $  .40 - $.67    $  .56 - $.89
Stock Option and Warrant Activity

The following table represents stock option and warrant activity for the periods ended May 31, 2014 and 2013:

 

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

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   
  

 

 

   

 

 

    

 

 

    

 

 

 

Granted

     18,414,144        0.74         —           —     

Exercised

     (50,000     —           —           —     

Forfeited/expired/cancelled

     (5,704,721     1.49         —           —     

Options and warrants outstanding – May 31, 2014

     30,806,361        1.13         3.29         177,042   
  

 

 

   

 

 

    

 

 

    

 

 

 

Outstanding exercisable – May 31, 2014

     29,986,581      $ 1.15         3.21       $ 170,042