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STOCK-BASED COMPENSATION (Tables)

9 Months Ended

Feb. 28, 2017

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 May 31, 2015			1,012,500			$	1.20
Granted			4,100,000				0.94
Exercised			-				-
Expired or cancelled			-				-
Outstanding at May 31, 2016			5,112,500			$	0.99
Granted			-				-
Exercised			-				-
Expired or cancelled			-				-
Outstanding at February 28, 2017			5,112,500			$	0.99

Schedule of options outstanding and exercisable

The following table summarizes information about options to purchase shares of the Company’s common stock outstanding and exercisable at February 28, 2017:

								Weighted-				Weighted-
								Average				Average
Range of				Outstanding				Remaining Life				Exercise				Number
exercise prices:				Options				In Years				Price				Exercisable

$	0.60				2,300,000				4.72			$	0.60				2,300,000
$	1.00				700,000				1.63			$	1.00				700,000
$	1.20				1,562,500				7.83			$	1.20				1,562,500
$	2.00				550,000				5.33			$	2.00				550,000
					5,112,500				5.32			$	0.99				5,112,500

Schedule of warrants

The issuance of warrants to purchase shares of the Company's common stock including those attributed to debt issuances are summarized as follows:

						Weighted
						Average
		Shares				Exercise Price
Outstanding at May 31, 2015			3,937,986			$	1.45
Granted			1,288,001				1.78
Exercised			-				-
Expired or cancelled			-				-
Outstanding at May 31, 2016			5,225,987			$	1.53
Granted			-				-
Exercised			-				-
Expired or cancelled			(147,833	)			3.43
Outstanding at February 28, 2017			5,078,153			$	1.57

Schedule of warrants outstanding and exercisable

Issuances of warrants to purchase shares of the Company's common stock were as follows:

				Outstanding and exercisable
								Weighted-				Weighted-
Range of								average				average
exercise				Number				remaining life				exercise				Number
prices				outstanding				in years				price				exercisable

$	1.00				283,000				1.72			$	1.00				283,000
$	1.20				2,956,822				2.44				1.20				2,956,822
$	2.00				1,838,331				1.32				2.00				1,838,331
					5,078,153				1.99			$	1.57				5,078,153

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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