Long-term Debt

12 Months Ended

May. 31, 2015

Notes

Long-term Debt

Note 8.  CONVERTIBLE NOTES

The Company approved a $1,250,000 Convertible Note Issuance, convertible into Company common stock at $.20 per share.  Through May 31, 2014, the Company had borrowed $130,000 under eleven promissory notes.  Seven of the notes were borrowings from the Company president and his wife (see Note 3).  Three of the eleven notes were converted to common stock during the third quarter of the current year; the remaining notes bear interest at 16% and are due May 31, 2016 (see Note 7).