Summarizes option activity (Tables)

12 Months Ended

May 31, 2014

The following table summarizes option activity under the 1994 and the 2011 Stock Option Plan:

	Number of Options		Weighted Average Exercise Price Per Share	Weighted-Average Remaining Life (in years)		Aggregate Intrinsic Value

Outstanding options at May 31, 2012	10,000		2.40	9.02		-
Granted	-		-	-		-
Exercised	-		-	-		-
Forfeited or expired	-		-	-		-

Outstanding options at May 31, 2013	10,000		2.40	8.02		-
Granted	124,500		1.84	10.00		-
Exercised	-		-	-		-
Forfeited or expired	(5,000)		1.11	-		-

Outstanding options at May 31, 2014	129,500	$	1.88	9.74	$	20,825

Exercisable at May 31, 2014	10,493	$	2.17	8.49	$	868

Weighted-average fair value of each option granted

The weighted-average fair value of each option granted in the fiscal year ended May 31, 2014 is estimated as $1.73 on the date of grant using the Black-Scholes model with the following weighted average assumptions:

Expected life	5.52-5.77 years
Assumed annual dividend growth rate	0%
Expected volatility	155%
Risk free interest rate	1.46-1.96%

The weighted-average fair value of each option granted in the fiscal year ended May 31, 2013 is estimated as $3.32 on the date of grant using the Black-Scholes model with the following weighted average assumptions:

Expected life	5.77 years
Assumed annual dividend growth rate	0%
Expected volatility	188%
Risk free interest rate	0.95%