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STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Aug. 31, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of stock option activity for qualified and unqualified stock options

Compensation based stock option activity for qualified and unqualified stock options are summarized as follows:

						Weighted
						Average
		Shares				Exercise Price
Outstanding at June 1, 2014			1,247,917			$	1.53
Granted			—				—
Exercised			—				—
Expired or cancelled			(235,417	)			2.95
Outstanding at May 31, 2015			1,012,500				1.20
Granted			1,300,000				0.60
Exercised			—				—
Expired or cancelled			—				—
Outstanding at August 31, 2015			2,312,500			$	0.86

Schedule of options outstanding and exercisable

The following table summarizes information about options outstanding and exercisable at August 31, 2015:


		Options Outstanding and Exercisable
		Number Outstanding			Weighted- Average Remaining Life In Years			Weighted- Average Exercise Price			Number Exercisable
Range of exercise prices:
$0.60			1,300,000			2.82		$	0.60			1,300,000
$1.20			1,012,500			8.64			1.20			1,012,500
			2,312,500			5.37		$	0.86			2,312,500

Schedule of issuance of warrants

The issuance of warrants including those attributed to debt issuances are summarized as follows:

						Weighted
						Average
		Shares				Exercise Price
Outstanding at June 1, 2014			2,401,043			$	1.34
Granted			1,536,943				1.63
Exercised			—				—
Expired or cancelled			—				—
Outstanding at May 31, 2015			3,937,986				1.45
Granted			838,334				2.00
Exercised			—				—
Expired or cancelled			—				—
Outstanding at August 31, 2015			4,776,320			$	1.55

Schedule of warrants outstanding and exercisable

The following table summarizes information about warrants outstanding and exercisable at August 31, 2015:


		Outstanding and exercisable
		Number Outstanding			Weighted- average remaining life in years			Weighted- Average Exercise Price			Number Exercisable
Range of exercise prices:
$1.20			3,004,656			4.14		$	1.20			3,004,656
$2.00			1,671,664			2.99			2.00			1,671,664
$3.00 to $6.00			100,000			1.48			4.50			100,000
			4,776,320			3.13		$	1.55			4,776,320

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

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