v2.4.1.9
CONVERTIBLE NOTES PAYABLE (Tables)
6 Months Ended
Nov. 30, 2015
Convertible Notes Payable [Abstract]  
Convertible Debt [Table Text Block]
Convertible notes payable – short-term consisted of the following:
 
 
 
November 30,
 
 
 
 
 
2015
 
May 31, 2015
 
 
 
(Unaudited)
 
 
 
Beginning balance – Principal
 
$
304,000
 
$
1,600,000
 
Proceeds – Convertible notes payable - June 23rd note
 
 
359,000
 
 
404,000
 
Convertible notes payable – July 8th note – current portion
 
 
236,798
 
 
-
 
Convertible notes payable – Lighthouse Note 1 – current portion
 
 
499,676
 
 
-
 
Convertible notes payable – Lighthouse Note 2 – current portion
 
 
312,298
 
 
-
 
Repayment of loans
 
 
(204,000)
 
 
(1,100,000)
 
Conversion of loans
 
 
-
 
 
(600,000)
 
Debt discount for restricted stock and beneficial conversion feature for convertible notes payable – net of accumulated amortization of $1,530,056 and $1,494,544, respectively
 
 
-
 
 
(101,932)
 
Net balance
 
$
1,507,772
 
$
202,068
 
 
Convertible notes payable – long-term consisted of the following:
 
 
 
November 30,
 
 
 
 
 
2015
 
May 31, 2015
 
 
 
(Unaudited)
 
 
 
Convertible notes payable – July 8th note:
 
 
 
 
 
 
 
Proceeds – Principal
 
$
3,920,000
 
$
-
 
Payments
 
 
-
 
 
-
 
Conversions
 
 
-
 
 
-
 
Debt discount for restricted stock and beneficial conversion feature for convertible notes payable – net of accumulated amortization of $765,196 and $0, respectively
 
 
(2,490,153)
 
 
-
 
 
 
 
1,429,847
 
 
-
 
Less current portion
 
 
(236,798)
 
 
-
 
 
 
 
1,193,049
 
 
-
 
 
 
 
 
 
 
 
 
Promissory note – Lighthouse Note 1:
 
 
 
 
 
 
 
Beginning balance – Principal
 
 
2,498,379
 
 
-
 
Payment
 
 
(124,919)
 
 
-
 
 
 
 
2,373,460
 
 
-
 
Less current portion
 
 
(499,676)
 
 
-
 
 
 
 
1,873,784
 
 
-
 
 
 
 
 
 
 
 
 
Promissory note – Lighthouse Note 2:
 
 
 
 
 
 
 
Beginning balance - Principal
 
 
624,595
 
 
-
 
Payment
 
 
(78,074)
 
 
-
 
 
 
 
546,521
 
 
-
 
Less current portion
 
 
(312,298)
 
 
-
 
 
 
 
234,223
 
 
-
 
Total Promissory notes – long-term, net balance
 
$
3,301,056
 
$
-
 
Schedule of Maturities of Long-term Debt [Table Text Block]
Lighthouse Note 1
 
 
 
 
 
 
 
 
 
 
 
Twelve months
 
 
 
Year ended
 
 
 
ended
 
 
 
May 31,
 
Amount
 
November 30,
 
Amount
 
2016
 
$
249,838
 
 
2016
 
$
499,676
 
2017
 
 
499,676
 
 
2017
 
 
499,676
 
2018
 
 
1,249,190
 
 
2018
 
 
1,374,108
 
Thereafter
 
 
374,756
 
 
Thereafter
 
 
-
 
Total
 
$
2,373,460
 
 
Total
 
$
2,373,460
 
 
Lighthouse Note 2
 
 
 
 
 
 
 
 
 
 
 
Twelve months
 
 
 
Year ended
 
 
 
ended
 
 
 
May 31,
 
Amount
 
November 30,
 
Amount
 
2016
 
$
156,149
 
 
2016
 
$
312,298
 
2017
 
 
312,298
 
 
2017
 
 
234,223
 
2018
 
 
78,074
 
 
2018
 
 
-
 
Total
 
$
546,521
 
 
Total
 
$
546,521
 
Schedule of Maturities of Convertible Debt [Table Text Block]
 
 
 
 
Twelve months
 
 
 
Year ended
 
 
 
ended
 
 
 
May 31,
 
Amount
 
November 30,
 
Amount
 
2016
 
$
-
 
 
2016
 
$
980,000
 
2017
 
 
3,920,000
 
 
2017
 
 
2,940,000
 
Total
 
$
3,920,000
 
 
Total
 
$
3,920,000