STOCKHOLDERS' EQUITY (Tables)
|
12 Months Ended |
May 31, 2024 |
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| Stockholders' Equity Note [Abstract] |
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| Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block] |
The amendments to the Canaccord Debentures and the U.S. Convertible Debenture were accounted for pursuant to Statement of Financial Accounting Standard ASC 820-10-35-37, Fair Value of Financial Instruments (“FAS 820”) and Statement of Financial Accounting Standards 815, Accounting for Derivative Instruments and Hedging Activities (“FAS 815”). The fair values of the warrants and conversion options were determined using a lattice model based on probability-weighted scenarios and future projections. The following assumptions were used in valuing the Canaccord Debentures and the U.S. Convertible Debentures: | | Valuation Date | | Volatility | | | Risk-Free Rate | | | High-Yield Cash Rate (less RFR) | | | Stock Price | | | Term Remaining (Years) | | | Canaccord Debentures – Pre-Mod | 9/15/2022 | | | 164.5 | % | | | 3.54 | % | | | 11.03 | % | | $ | 0.28 | | | | 0.24 | | | Canaccord Debentures – Post-Mod | 9/15/2022 | | | 125.2 | % | | | 3.57 | % | | | 11.03 | % | | $ | 0.28 | | | | 2.29 | | | U.S. Capital Debenture – Pre-Mod | 9/15/2022 | | | 143.8 | % | | | 3.54 | % | | | 11.03 | % | | $ | 0.28 | | | | 0.13 | | | U.S. Capital Debentures – Post-Mod | 9/15/2022 | | | 125.2 | % | | | 3.57 | % | | | 11.03 | % | | $ | 0.28 | | | | 2.29 | |
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| Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] |
The following table summarizes the significant terms of warrants outstanding at May 31, 2024. This table does not include the unit warrants. See Unit Warrants section below. | Range of exercise Prices | | | Number of warrants Outstanding | | | Weighted average remaining contractual life (years) | | | Weighted average exercise price of outstanding Warrants | | | Number of warrants Exercisable | | | Weighted average exercise price of exercisable Warrants | | | $ | 0.40 | | | | 20,232,775 | | | | 1.29 | | | $ | 0.40 | | | | 20,232,775 | | | $ | 0.40 | | | | 1.60 | | | | 191,094 | | | | 1.29 | | | | 1.60 | | | | 191,094 | | | | 1.60 | | | | 1.65 | | | | 303,032 | | | | 1.44 | | | | 1.65 | | | | 303,032 | | | | 1.65 | | | | | | | | 20,726,901 | | | | 1.30 | | | $ | 0.43 | | | | 20,726,901 | | | $ | 0.43 | |
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| Share-Based Payment Arrangement, Outstanding Award, Activity, Excluding Option [Table Text Block] |
Transactions involving warrants are summarized as follows. This table does not include the unit warrants. See Unit Warrants section below.
| |
|
Number of
Shares
|
|
|
Weighted
Average
Exercise
Price
|
|
|
Warrants outstanding at May 31, 2022
|
|
|
1,729,924 |
|
|
$ |
1.98 |
|
|
Granted
|
|
|
20,232,775 |
|
|
$ |
0.40 |
|
|
Exercised
|
|
|
- |
|
|
$ |
- |
|
|
Cancelled / Expired
|
|
|
(781,250 |
) |
|
$ |
0.60 |
|
|
Warrants outstanding at May 31, 2023
|
|
|
21,181,449 |
|
|
$ |
0.46 |
|
|
Granted
|
|
|
- |
|
|
$ |
- |
|
|
Exercised
|
|
|
- |
|
|
$ |
- |
|
|
Cancelled / Expired
|
|
|
(454,548 |
) |
|
$ |
0.41 |
|
|
Warrants outstanding at May 31, 2024
|
|
|
20,726,901 |
|
|
$ |
0.43 |
|
|
| Share-Based Payment Arrangement, Option, Exercise Price Range [Table Text Block] |
The following table summarizes the significant terms of options outstanding at May 31, 2024. | Range of exercise Prices | | | Number of options Outstanding | | | Weighted average remaining contractual life (years) | | | Weighted average exercise price of outstanding Options | | | Number of Options Exercisable | | | Weighted average exercise price of exercisable Option | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 0.039 | | | | 8,041,667 | | | | 9.65 | | | $ | 0.039 | | | | 1,187,499 | | | $ | 0.039 | |
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| Share-Based Payment Arrangement, Option, Activity [Table Text Block] |
Transactions involving options are summarized as follows.
| |
|
Number of
Shares
|
|
|
Weighted Average
Exercise Price
|
|
|
Options outstanding at May 31, 2023
|
|
|
- |
|
|
$ |
- |
|
|
Granted
|
|
|
8,250,000 |
|
|
$ |
0.039 |
|
|
Exercised
|
|
|
- |
|
|
$ |
- |
|
|
Cancelled / Expired
|
|
|
(208,333 |
) |
|
$ |
0.039 |
|
|
Options outstanding at May 31, 2024
|
|
|
8,041,667 |
|
|
$ |
0.039 |
|
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| Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] |
The Company valued options using the Black-Scholes valuation model utilizing the following variables: | | | May 31, | | | | | 2024 | | | Volatility | | | 269.44 | % | | Dividends | | $ | - | | | Risk-free interest rates | | | 3.8 | % | | Expected term (years) | | | 5.00 | |
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