Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

Subsequent Events
3 Months Ended
Aug. 31, 2017
Subsequent Events

Note 14 – Subsequent Events

On September 7, 2017, the Company filed with the Secretary of State of Delaware a Certificate of Amendment (the “Certificate of Amendment”) to its Certificate of Incorporation, increasing the total number of authorized shares of Common Stock to 375,000,000. The Company’s stockholders approved the Certificate of Amendment at an annual meeting of stockholders on August 24, 2017.

On September 8, 2017, the Company entered into subscription agreements and securities purchase agreements with certain investors for the sale by the Company of 3,336,331 shares of common stock, at a purchase price of $0.75 per share in a registered direct offering. The Investors in this offering also received warrants to purchase 1,668,163 shares of common stock. The aggregate gross proceeds for the sale of the common shares and warrants was approximately $2.5 million. The warrants have an exercise price of $1.00 per share and have a five-year term. Net proceeds to the Company were approximately $2.24 million.