EARNINGS (LOSS) PER COMMON SHARE

9 Months Ended

Feb. 29, 2012

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

NOTE 12. EARNINGS (LOSS) PER COMMON SHARE

Basic earnings (loss) per common share is net income or loss available to common stockholders divided by the weighted average of common shares outstanding during the period. Diluted earnings or loss per common share is calculated in the same manner, but also considers the impact to net income and common shares outstanding for the potential dilution from in-the-money common stock options and warrants, and convertible debentures and preferred stock.

We have issued potentially dilutive instruments in the form of restricted common stock granted and not yet issued and common stock warrants. The total number of potentially dilutive securities at February 29, 2012 was 5,852,442.  There were no potentially dilutive securities outstanding at February 28, 2011. We did not include the potentially dilutive securities in our calculation of diluted loss per share during the current period because to include them would be anti-dilutive due to our net loss during this period.

The following table summarizes the types of potentially dilutive securities outstanding as of February 29, 2012:

	February 29, 2012		February 28, 2011
Unissued shares for warrants exercised		346,364		-
Stock Issuance Liability		45,297		-
Broker Warrants		352,600		-
Warrant Liability		5,108,181		-
Total Potentially Dilutive Securities		5,852,442		-