|
STATEMENTS OF CASH FLOWS (USD $)
|
3 Months Ended |
|
Aug. 31, 2011
|
Aug. 31, 2010
|
| OPERATING ACTIVITIES |
|
|
| Net (loss) for the quarter |
$ (256,295) |
$ (214,680) |
| Depreciation & amortization |
3,837 |
3,812 |
| Share based compensation |
|
160,741 |
| Changes in operating activities and liabilities |
|
|
| Other current assets |
(3,159) |
492 |
| Accounts receivable |
(2,486) |
(7,667) |
| Accounts payable |
(993) |
(2,536) |
| Deferred revenues |
(29,910) |
8,723 |
| Other accrued liabilities |
(8,631) |
(2,456) |
| Net cash (used in) operating activities |
(297,637) |
(53,571) |
| INVESTING ACTIVITIES |
|
|
| Purchase of equipment |
(3,960) |
(3,601) |
| FINANCING ACTIVITIES |
|
|
| Proceeds from private placement |
544,000 |
|
| Cash used for treasury stock purchase and retirement |
(100,000) |
|
| Net cash increase financing activities |
444,000 |
|
| Increase (decrease) in cash and cash equivalents |
142,403 |
(57,172) |
| Cash and cash equivalents, beginning of quarter |
252,302 |
154,802 |
| Cash and cash equivalents, end of quarter |
394,705 |
97,630 |
| Supplemental disclosure of cash flow information |
|
|
| Non-Cash debt transaction to purchase and retire treasury stock |
150,000 |
|
| Cash paid for interest, net of interest capitalized |
0 |
0 |
| Cash paid for income taxes |
0 |
0 |
| Cash paid for China representative office tax |
$ 13,245 |
$ 11,318 |