Shareholders Equity |
3 Months Ended |
|---|---|
Aug. 31, 2026 | |
| Shareholders Equity | |
| Shareholders' Equity | Note 14 – Shareholders’ Equity
During the three months ended August 31, 2026, the Company issued 3,231,320 shares of common stock upon conversion of convertible notes payable and accrued interest with a recorded value of $806,517 (Note 11), comprising Master Note Tranche 1 2,220,000; MRK-X 511,111; Debtfund L.P. 268,640; FirstFire 231,569 shares.
During the three months ended August 31, 2026, the Company issued 831,909 shares of common stock as compensation for services with a recorded value of $153,707, comprising 315,244 shares issued to a provider of legal services at $0.159 to $0.16 per share, 416,665 shares issued to a consultant at $0.20 per share and 100,000 shares issued to a broker-dealer at $0.20 per share, and 101,500 commitment shares in connection with the $203,000 convertible note described in Note 11, to which $4,703 of the note proceeds was allocated on a relative fair value basis and recorded in additional paid-in capital and as a debt discount against the note.
On August 12, 2026 the Company received $125,000 from an existing investor and issued 250,000 shares of common stock at $0.50 per share, effective August 12, 2026. At August 31, 2026 there were 99,299,757 shares of common stock issued and outstanding per the Company’s records and the transfer agent.
During the three months ended August 31, 2026, the Company recorded option compensation expense of $89,586 (Note 18) and reduced additional paid-in capital by $37,125 to correct the recording of a note conversion in fiscal 2026 for which the principal had been repaid in cash and applied against a prepaid balance rather than settled in shares; the correction is not material to the previously issued financial statements or to the current period and has been recorded in the current period as an out-of-period adjustment. The Company also reclassified $200,225 from additional paid-in capital to derivative liabilities on the reclassification of the warrants described in Note 15.
At August 31, 2026 there were 99,299,757 shares of common stock issued and outstanding (May 31, 2026: 94,885,028). |