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WARRANTS
12 Months Ended
May 31, 2012
WARRANTS  
WARRANTS

NOTE 7. WARRANTS

 

At May 31, 2008, the Company had 1,000,000 common stock purchase warrants outstanding, originally sold as part of a unit, allowing the holder to purchase one share of common stock at an exercise price of $.40, anytime through May 15, 2011. In fiscal year 2009, the Company sold 1,000,000 units to an investor for cash at $0.25 per unit, or an aggregate of $250,000. Each unit consists of one share of common stock, and one warrant to purchase one share of common stock at an exercise price of $.40, anytime through June 9, 2011. At May 31, 2009, none of the warrants had been exercised, leaving a year-end balance of 2,000,000 warrants. The entire value of the units of $250,000 was assigned to the common stock as the warrants are non-detachable.

 

In fiscal year 2010, the Company sold 2,025,209 units to investors for cash at prices ranging from $0.17 - $1.00 per unit, or an aggregate of $1,250,000. Each unit consists of one share of common stock, and one warrant to purchase one share of common stock at exercise prices ranging from of $.20 - $1.25, anytime through expiration dates from June 2012 through February 2013. The entire value of the units was assigned to the common stock as the warrants are non-detachable. At May 31, 2010, none of the warrants had been exercised or had expired, leaving a year-end balance of 4,025,209 warrants.

 

During the year ended May 31, 2011, the Company sold 5,000,000 units to investors at a price of $0.02 per unit for a total of $100,000. Each unit consists of one share of common stock, and one warrant to purchase one share of common stock at an exercise price of $0.025, anytime through expiration date of July 2013. The entire value of the units was assigned to the common stock as the warrants are non-detachable. As of May 31, 2011, none of the warrants have been exercised. During the fiscal year of 2011, 1,000,000 warrants expired, leaving a year-end balance of 8,025,209 warrants.

 

During the year ended May 31, 2012, 1,000,000 warrants expired, leaving a year-end balance of 7,025,209 warrants.