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v2.4.0.6
Condensed Consolidated Statements of Cash Flows (USD $)
9 Months Ended
Feb. 29, 2012
Feb. 28, 2011
Operating activities:    
Net loss $ (3,314,575) $ (9,148,938)
Less: loss from discontinued operations (1,229,268) (6,300,661)
(2,085,307) (2,848,277)
Adjustments to reconcile net loss before discontinued operations to net cash provided by (used in) operating activities:    
Depreciation 2,394 7,147
Share-based compensation relating to issuance of stock options   56,379
Accrued interest income added to investments and notes receivable (4,092) (11,841)
Equity in (earnings) loss of affiliated company 632,551 (825,074)
Realized loss on sale of marketable securities   600,879
Loss on sale of assets 736 1,719
Deferred income taxes   1,884,351
Recovery of loan loss   (1,013,151)
Changes in operating assets and liabilities:    
Receivable from affiliated company 1,135,136 (1,097,573)
Prepaid expenses and other current assets 159,544 154,620
Income taxes payable (1,281,576) 89,823
Accounts payable and accrued expenses (266,753) (538,320)
Net cash used in operating activities of continuing operations (1,707,367) (3,539,318)
Net cash provided by operating activities of discontinued operations 19,373 18,276
Net cash used in operating activities (1,687,994) (3,521,042)
Investing activities:    
Proceeds from sales of marketable securities 1,225,000 4,961,226
Purchases of marketable securities (2,549,000) (1,225,000)
Reclassification of marketable securities to cash and cash equivalents 1,227,809  
Repayment of note receivable   2,016,246
Purchase of property and equipment (1,996) (3,894)
Investment in affiliated company (100,000)  
Distributions from affiliated company   807,806
Net cash (used in) provided by investing activities of continuing operations (198,187) 6,556,384
Net cash provided by investing activities of discontinued operations   125,000
Net cash (used in) provided by investing activities (198,187) 6,681,384
Financing activities:    
Repurchase of common stock for treasury (101,777) (113,401)
Tax effect of expiration/cancellation/exercise of stock options   (2,715)
Payment on note payable   (3,122,144)
Net cash used in financing activities (101,777) (3,238,260)
Net decrease in cash and cash equivalents (1,987,958) (77,918)
Cash and cash equivalents, beginning of period 8,453,665 10,340,110
Cash and cash equivalents, end of period 6,465,707 10,262,192
Supplemental Disclosure of Cash Flow Information:    
Cash payments for interest   137,785
Cash receipts from income tax refunds 907,588  
Supplemental Disclosure of Non-Cash Investing and Financing Activities:    
Reversal of unrealized loss charged to other comprehensive income at May 31, 2010 adjusted for deferred tax benefit due to recognition of loss in current period   $ (246,994)