Note 13 - Subsequent Events |
6 Months Ended |
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Nov. 30, 2015 | |
| Subsequent Events [Abstract] | |
| Subsequent Events [Text Block] |
Note 13 – Subsequent Events
As discussed in Note 9, on January 12, 2016, Promissory Notes in favor of Mr. Koretsky and Mr. Binder were finalized. These loans are unsecured and bear interest at the rate of 6% per annum. No payments are required until January 1, 2017, at which time all accrued interest becomes due and payable. Principal and additional accrued interest will be paid in eight equal quarterly installments beginning on April 1, 2017. At Mr. Koretsky’s and Mr. Binder's election, at any time prior to payment or prepayment of the loans in full, all principal and accrued interest under the loans may be converted, in whole or in part, into the Company’s securities. Upon such an election, Mr. Koretsky or Mr. Binder, as the case may be, will receive one “Unit” for each $0.75 converted, with each Unit consisting of one (1) share of common stock and a five-year warrant to purchase (1) share of common stock at a price of $1.00 per share.
We evaluated subsequent events after the balance sheet date through the date the financial statements were issued. We did not identify any additional material events or transactions occurring during this subsequent event reporting period that required further recognition or disclosure in these financial statements.
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