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12. SUBSEQUENT EVENT
6 Months Ended
Nov. 30, 2012
Subsequent Event  
12. SUBSEQUENT EVENT

 

12. SUBSEQUENT EVENTS

 


Pursuant to the requirements of NASDAQ, if a company’s stock price is below $1 per share for 30 consecutive trading days (the “Bid Price Rule”), NASDAQ will notify the company that it is no longer in compliance with the NASDAQ listing qualifications. On December 26, 2012, the Company received notice from NASDAQ that it was no longer in compliance with the Bid Price Rule.   The Company will be provided 180 calendar days, or until June 24, 2013, to regain compliance with the Bid Price Rule.  The Company may regain compliance with the Bid Price Rule if the bid price of the Common Stock closes at $1.00 per share or more for a minimum of 10 consecutive business days at any time before June 24, 2013.