ACCRUED EXPENSES AND OTHER LIABILITIES

3 Months Ended

Aug. 31, 2015

Payables and Accruals [Abstract]

ACCRUED EXPENSES AND OTHER LIABILITIES

4.     ACCRUED EXPENSES AND OTHER LIABILITIES 

As of August 31, 2015 and May 31, 2015, accounts payable and accrued expenses consist of the following amounts: 

	August 31, 2015		May 31, 2015
	(Unaudited)
Accounts payable	$	700,742	$	463,911
Accrued board of director fees (see Notes 6i and 7A)		—		1,873,611
Accrued interest payable		105,492		98,078
Accrued payroll		51,187		54,882
Accrued other		74,303		164,650
	$	931,724	$	2,665,132

Accounts payable transactions included the following:

On September 10, 2013, the Company entered into a Settlement Agreement and Release with an unsecured creditor whereby the Company was released from all existing debt, including interest, in exchange for the issuance of 23,776,513 shares of common stock within 90 days of the signing of the Agreement. The Company issued such shares under this Settlement Agreement in September 2014. As of both August 31, 2015 and May 31, 2015, there was $0 of payables due. See Note 6b.

In fiscal 2015, the Company determined that certain accounts payable had been settled in prior periods and should be written off. Balances totaling $124,793 were reversed and recognized as other income.