Stock Options and Warrants (Tables)

12 Months Ended

May 31, 2018

Estimated Fair Value of Warrants is determined using Black-Scholes Option Valuation Model

The Company determined the fair value of the warrant extension using the Black-Scholes option pricing model utilizing certain weighted-average assumptions, such as expected stock price volatility, term of the warrants, risk-free rate and expected dividend yield at date of exercise.

	2017
Expected dividend yield	0%
Stock price volatility	61.48%
Expected term	1 month
Risk-free interest rate	0.84%
Grant-date fair value	$0.25

Stock Option and Warrant Activity

The following table represents stock option and warrant activity for the years ended May 31, 2018, May 31, 2017 and May 31, 2016:    

						Weighted
						Average
				Weighted		Remaining
	Number of			Average		Contractual Life		Aggregate
	Shares			Exercise Price		in Years		Intrinsic Value
Options and warrants outstanding—May 31, 2015		31,008,915		$	0.88		2.94	$	5,538,335
Granted		33,838,536			0.80		—		—
Exercised		(1,050,301	)		0.70		—		—
Forfeited/expired/cancelled		(490,000	)		2.01		—		—
Options and warrants outstanding—May 31, 2016		63,307,150		$	0.83		3.20	$	9,863,492
Granted		16,935,437			0.99		—		—
Exercised		(912,961	)		0.55		—		—
Forfeited/expired/cancelled		(1,470,000	)		1.56		—		—
Options and warrants outstanding—May 31, 2017		77,859,626		$	0.86		3.40	$	40,250
Granted		65,420,227			0.75		—		—
Exercised		(6,322,263	)		0.50		—		—
Forfeited/expired/cancelled		(4,572,321	)		0.94		—		—
Options and warrants outstanding—May 31, 2018		132,385,269			0.80		3.78		3,673
Outstanding exercisable—May 31, 2018		128,872,852		$	0.80		3.66	$	3,673