COMMITMENTS

9 Months Ended

Feb. 28, 2017

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS

9. COMMITMENTS

Leases

Effective October 1, 2014 as amended on January 15, 2015, the Company entered a lease for its office space at a total monthly rental of $1,874. The lease expired on January 15, 2016. The Company renewed this lease until January 15, 2017 at a monthly rental of $2,034. In January 2017, the Company renewed this lease until January 15, 2018, with an option to renew for one additional year upon its expiration.

Our AES subsidiary leases offices in Jericho, New York. The facility is approximately 1,850 square feet, occupied pursuant to a lease that commenced on August 1, 2015 and expires September 30, 2018. The average annual rent over the term of the lease is approximately $57,300. This amount does not include taxes for the premises.

Rent expense for all locations including occupancy costs for the three months ended February 28, 2017 and February 29, 2016 was $20,929 and 31,611, respectively. Rent expense for all locations including occupancy costs for the nine months ended February 28, 2017 and February 29, 2016 was $64,850 and 32,211, respectively.

Consulting Agreements

On September 15, 2016, the Company entered into two consulting agreements with two consultants, pursuant to which the Company agreed to issue 200,000 shares of common stock to each consultant in exchange for certain consulting services.

On December 13, 2016, the Company entered into a consulting agreement with a consultant, pursuant to which the Company agreed to issue 50,000 shares of common stock to each consultant in exchange for certain consulting services for twelve months.