RELATED PARTY TRANSACTIONS
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6 Months Ended | |
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Nov. 30, 2015
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Related Party Transactions [Abstract] | ||
Related Party Transactions Disclosure [Text Block] | NOTE 9 - RELATED PARTY TRANSACTIONS Consulting Fees Related Party During the six months ended November 30, 2015 and 2014, the Company incurred $0 and $25,000, respectively in consulting fees to Trilogy Capital Partners, Inc. (“Trilogy”). The Company’s former employee, Vice Chairman, President and Secretary, is the majority owner of Trilogy. Effective December 31, 2014, he voluntarily resigned from his positions with the Company and subsidiaries. The Company entered into an Advisory Agreement with Trilogy, effective as of January 1, 2015, pursuant to which Trilogy may provide advisory services, if requested by the Company, for a period of twelve (12) months. Pursuant to the Advisory Agreement, the Company agreed to, among other things: (a) pay Trilogy $300,000, in equal monthly installments; and (b) issue to Trilogy 25,000 common stock shares on or before January 30, 2015; and (c) grant to Trilogy 2,500 common stock shares, in complete settlement of any past due fees and costs owed to Trilogy. Unless renewed by mutual consent, the Advisory Agreement shall terminate on December 31, 2015. The Company did not renew this advisory agreement. At November 30, 2015, the Company has $50,000 accrued in accounts payable and accrued expenses related parties account. During the six months ended November 30, 2015 and 2014, the Company incurred $0 and $40,000, respectively, in consulting fees to Grandview Capital Partners, Inc. (“Grandview”). The Company’s former Chairman and Chief Financial Officer, is the majority owner of Grandview. This agreement expired in September 2014. At November 30, 2015, the Company has $0 in accounts payable and accrued expenses related parties account. During the six months ended November 30, 2015 and 2014, the Company incurred $15,000 and $15,000, respectively, in board of director fees to Dimitri Villard. In May 2014, Mr. Villard was named the Chairman of the Corporate Governance and Nominating Committee. During the six months ended November 30, 2015 and 2014, the Company incurred $10,000 and $10,000, respectively to Mr. Villard for his role as Chairman of the Corporate Governance and Nominating Committee. In addition, during the six months ended November 30, 2015 and 2014, Mr. Villard received 3,000 common stock shares valued at $18,600 and 2,999 shares valued at $45,691, respectively, for his services as a board and committee member. In addition, on October 30, 2015, Mr. Villard received 3,000 shares valued at $149,997 as a bonus. At November 30, 2015, the Company has $0 accrued in accounts payable and accrued expenses related parties account. During the six months ended November 30, 2015 and 2014, the Company incurred $0 and $15,000, respectively in board of director fees to Robert Mayer. Additionally, for the six months ended November 30, 2015 and 2014, Mr. Mayer received 0 common stock shares and 24,996 shares valued at $38,078, respectively for his services as a board and committee member. On May 8, 2015, Mr. Mayer submitted his resignation from his position as Director. At November 30, 2015, the Company has $0 accrued in accounts payable and accrued expenses related parties account. During the six months ended November 30, 2015 and 2014, the Company incurred $15,000 and $15,000, respectively, in board of director fees to Jeff Grout. In February 2014, Mr. Grout was named the Chairman of the Compensation Committee. During the six months ended November 30, 2015 and 2014, the Company incurred $10,000 and $10,000, respectively to Mr. Grout for his role as Chairman of the Compensation Committee. In addition, during the six months ended November 30, 2015 and 2014, Mr. Grout received 3,000 common stock shares valued at $18,600 and 24,996 common stock shares valued at $38,078, respectively, for his service as a board and committee member. In addition, on October 30, 2015, Mr. Grout received 3,000 shares valued at $149,997 as a bonus. At November 30, 2015, the Company has $0 accrued in accounts payable and accrued expenses related parties account. During the six months ended November 30, 2015 and 2014, the Company incurred $15,000 and $15,000, respectively in board of director fees to Nick Florio. In May 2014, Mr. Florio was named the Chairman of the Audit Committee. In September 2014, Mr. Florio was named the Chairman of the Restructuring Committee. During the six months ended November 30, 2015 and 2014, the Company incurred $10,000 and $10,000, respectively to Mr. Florio for his role as Chairman of the Audit Committee. In addition, for the six months ended November 30, 2015 and 2014, Mr. Florio received 2,500 common stock shares valued at $15,500 and 75,829 common stock shares valued at $102,202 for his services as a board and committee member. In addition, on October 30, 2015, Mr. Florio received 3,000 shares valued at $149,997 as a bonus. At the request of Mr. Florio, all cash payments, common stock issuances and stock option issuances have been made in the name of Citrin Cooperman & Company, LLP. At November 30, 2015, the Company has accrued $0 in accounts payable and accrued expenses related parties account. |