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EXCEL - IDEA: XBRL DOCUMENT - Artisanal Brands, Inc.Financial_Report.xls
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v2.4.0.6
Consolidated Statements of Cash Flows (USD $)
12 Months Ended
May 31, 2012
May 31, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (4,310,109) $ (2,539,667)
Adjustments to reconcile loss to net cash used in operating activities:    
Depreciation 67,820 144,639
Amortization of intangibles 84,000 84,000
Amortization of debt discount 230,108 159,734
Equity based compensation 61,257  
One-time option expense 976,628  
Common stock issued for services 178,365 132,511
Changes in assets and liabilities    
Accounts receivable 144,255 (28,748)
Inventory 76,816 (4,214)
Prepaid expenses and other assets 5,785 24,404
Accounts payable 154,382 207,990
Accrued expenses and other current liabilities 727,998 367,697
NET CASH USED IN OPERATING ACTIVITIES (1,602,695) (1,451,654)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Sale/(Purchase) of fixed assets (21,657) (74,948)
Increase in security deposit 1,571  
NET CASH USED IN INVESTING ACTIVITIES: (20,086) (74,948)
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES:    
Increase/(Decrease) in notes payable 582,000 770,000
Sale of preferred stock 800,250 (84,849)
Proceeds/(Payment) of term loan (60,000)  
Payment of long term debt 0 0
Proceeds from Shareholder loan 300,000 500,000
NET CASH PROVIDED BY FINANCING ACTIVITIES 1,622,250 1,185,151
NET DECREASE IN CASH (531) (341,451)
CASH AT BEGINNING OF PERIOD 43,547 384,998
CASH AT END OF PERIOD 43,016 43,547
Cash paid during the period for:    
Interest 2,920 8,007
Income taxes 0 0
Non-cash financing activies:    
Conversion of Preferred Shares to Common Shares 1,019,300  
Preferred shares issued for interest $ 277,544