Annual report pursuant to Section 13 and 15(d)

NOTE 9 - RELATED PARTY TRANSACTIONS (Tables)

v3.7.0.1
NOTE 9 - RELATED PARTY TRANSACTIONS (Tables)
12 Months Ended
May 31, 2017
Related Party Transactions [Abstract]  
Schedule of Debt Conversions [Table Text Block]
On May 31, 2017, the Company entered into the Omnibus Loan Amendment Agreement (the “Omnibus Loan Agreement”) with Jeffrey I. Binder, Frank Koretsky, Newcan Investment Partners LLC and CLS CO 2016, LLC (collectively, the “Insiders”). See note 10. Pursuant to the Omnibus Loan Agreement, effective May 31, 2017, the following amounts of principal and accrued interest were converted to common stock of the Company:

         
Accrued
       
   
Principal
   
Interest
   
# Shares
 
Jeffrey Binder
 
$
442,750
   
$
19,427
     
(1,848,708
)
Frank Koretsky
   
1,485,000
     
130,069
     
(6,460,276
)
Newcan Investment Partners LLC
   
460,000
     
7,747
     
(1,870,988
)
CLS CO 2016 LLC
   
150,000
     
9,247
     
(636,988
)
Total
 
$
2,537,750
   
$
166,490
     
(10,816,960
)