12. SALES OF EQUITY SECURITIES

9 Months Ended

Feb. 28, 2015

Proceeds from Issuance or Sale of Equity [Abstract]

12. SALES OF EQUITY SECURITIES

12. SALES OF EQUITY SECURITIES

 During the second quarter of fiscal 2015, the Company sold 1,065,029 shares of its common stock in a private placement transaction with certain directors and officers of the Company and other accredited investors.  The private placement resulted in net proceeds to the Company of $2,574,000 and closed on November 26, 2014.