v2.4.1.9
STOCKHOLDERS' EQUITY (Tables)
6 Months Ended
Nov. 30, 2015
Stockholders' Equity Note [Abstract]  
Schedule of Stockholders Equity [Table Text Block]
The issuance of 1,073,851 common stock shares during the year ended May 31, 2015 is summarized below:
 
 
 
Number of
 
 
 
Fair Value at
 
 
 
Common Stock
 
Fair Value at
 
Issuance
 
 
 
Shares
 
Issuance
 
(per share)
 
Shares issued to consultants
 
 
23,250
 
$
215,000
 
$
6.20-19.20
 
Shares issued for conversion of convertible notes payable
 
 
40,000
 
 
600,000
 
 
15.00
 
Shares issued in connection with accrued interest on convertible notes
 
 
791
 
 
11,868
 
 
15.00
 
Shares issued in connection with convertible notes
 
 
8,450
 
 
123,345
 
 
6.90
 
Shares issued in connection with amendment of  convertible notes
 
 
2,604
 
 
16,923
 
 
6.50
 
Shares issued in connection with Series A convertible bonds
 
 
10,600
 
 
174,142
 
 
6.10
 
Shares issued in connection with amendment of Series A convertible bonds
 
 
9,290
 
 
93,781
 
 
6.50-13.90
 
Shares issued in connection with Series B convertible bonds
 
 
9,815
 
 
123,505
 
 
12.60
 
Shares issued to board and committees members
 
 
30,250
 
 
283,530
 
 
3.00-19.50
 
Shares issued as interest on debt
 
 
43,375
 
 
309,240
 
 
2.80-18.50
 
Shares issued to private placement agent
 
 
1,651
 
 
27,832
 
 
8.50-19.50
 
Shares issued in connection with conversion of accounts payable
 
 
23,662
 
 
215,674
 
 
8.40-17.30
 
Shares issued in connection with conversion of Initio promissory notes
 
 
305,603
 
 
2,290,210
 
 
6.50-7.501
 
Shares issued in connection with conversion of accrued interest and interest expense associated with Initio promissory notes
 
 
30,236
 
 
226,189
 
 
6.50-7.501
 
Shares issued for conversion of Series A bonds
 
 
370,969
 
 
3,709,655
 
 
10.00
 
Shares issued for conversion of Earn-out liability
 
 
113,405
 
 
340,215
 
 
3.00
 
Shares issued in connection with settlement agreement
 
 
27,500
 
 
255,750
 
 
9.30
 
Shares issued as a bonus
 
 
22,400
 
 
188,160
 
 
8.40
 
 
The issuance of 522,386 common stock shares during the six months ended November 30, 2015 is summarized below:
 
 
 
Number of
 
 
 
Fair Value at
 
 
 
Common Stock
 
Fair Value at
 
Issuance
 
 
 
Shares
 
Issuance
 
(per share)
 
Shares issued to consultants
 
 
42,746
 
$
242,830
 
$
4.30 - 8.20
 
Shares issued for conversion of convertible notes payable
 
 
125,000
 
 
507,146
 
 
4.10
 
Shares issued to board and committees members
 
 
98,500
 
 
502,687
 
 
4.399 – 8.00
 
Shares issued to employees
 
 
138,300
 
 
687,928
 
 
4.30 - 8.00
 
Shares issued pursuant to acquisition of subsidiaries
 
 
102,460
 
 
700,168
 
 
4.70 - 8.20
 
Shares issued in connection with extension of Series A convertible bonds
 
 
4,375
 
 
23,975
 
 
5.48
 
Shares issued in connection with extension of Series B convertible bonds
 
 
1,375
 
 
6,875
 
 
4.999 – 5.00
 
Shares issued to private placement agent
 
 
9,630
 
 
48,149
 
 
4.9999 – 5.00
 
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]
The following table summarizes the changes in warrants outstanding and related prices for the common stock shares issued to shareholders at November 30, 2015:
 
 
 
 
 
Warrants Outstanding
 
 
 
 
 
Warrants Exercisable
 
 
 
 
 
Weighted Average
 
Weighted
 
 
 
Weighted
 
Exercise
 
Number
 
Remaining Contractual
 
Average
 
Number
 
Average
 
Price
 
Outstanding
 
Life (years)
 
Exercise price
 
Exercisable
 
Exercise Price
 
$10.00 - $20.00
 
 
1,637,903
 
 
3.34
 
$
15.80
 
 
1,637,903
 
$
15.80
 
Schedule Of Warrant Activity [Table Text Block]
Transactions involving the Company’s warrant issuance are summarized as follows:
 
 
 
 
 
Weighted
 
 
 
Number of
 
Average
 
 
 
Shares
 
Price Per Share
 
Outstanding at May 31, 2014
 
 
676,077
 
$
19.70
 
Issued
 
 
569,826
 
 
15.00
 
Exercised
 
 
-
 
 
-
 
Expired
 
 
-
 
 
-
 
Outstanding at May 31, 2015
 
 
1,245,903
 
$
17.60
 
Issued
 
 
392,000
 
 
10.00
 
Exercised
 
 
-
 
 
-
 
Expired
 
 
-
 
 
-
 
Outstanding at November 30, 2015
 
 
1,637,903
 
$
15.80
 
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]
The fair value of Stock options granted was estimated at the date of grant using the Black-Scholes options pricing model. The Company used the following assumptions for determining the fair value of options granted under the Black-Scholes option pricing model:
   
Exercise price:
 
$
10.00 - $20.00
 
Market price at date of grant:
 
$
3.00 - $19.90
 
Volatility:
 
 
50.57% - 162.519
%
Expected dividend rate:
 
 
0
 
Expected terms (years):
 
 
5 - 10
 
Risk-free interest rate:
 
 
1.45% - 2.77
%
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]
A summary of the activity during the six months ended November 30, 2015 of the Company’s 2014 Equity Plan is presented below:
 
 
 
Options
 
Weighted
Average
Exercise Price
 
Aggregate
Intrinsic
Value
 
Outstanding at May 31, 2014
 
 
190,000
 
$
20.00
 
$
-
 
Granted
 
 
147,000
 
 
17.20
 
 
-
 
Exercised
 
 
-
 
 
-
 
 
-
 
Expired or cancelled
 
 
-
 
 
-
 
 
-
 
Decrease in weighted average exercise price due to modification (1)
 
 
-
 
$
(4.10)
 
 
-
 
Outstanding at May 31, 2015
 
 
337,000
 
$
13.10
 
$
-
 
Granted
 
 
12,500
 
 
10.00
 
 
-
 
Exercised
 
 
-
 
 
 
 
 
-
 
Expired or cancelled
 
 
-
 
 
 
 
 
-
 
Outstanding at November 30, 2015
 
 
349,500
 
$
13.00
 
$
-
 
 
 
(1)
On December 8, 2014, the Company modified the exercise price on its unvested 138,000 options from an exercise price of $20.00 per share to $10.00 per share.