|6 Months Ended|
May 31, 2017
|SUBSEQUENT EVENTS [Text Block]||
NOTE 10 - SUBSEQUENT EVENTS
a. During June and July, 2017, the Company entered into unsecured convertible note agreements with accredited or offshore investors for an aggregate amount of $1 million. The notes bear an annual interest rate of 6% and mature in two years from the closing date, unless earlier converted subject to the terms defined in the agreements.
b. In June and July 2017, the institutional investor referred to in Note 6b, remitted to the Company $1 million in subscription proceeds in respect of which the Company will issue to the investor 1,923,076 shares of Common Stock and three year warrants for an additional 1,923,076 shares.
c. On July 17, 2017, the Company paid to Admiral $125 thousand on account of the debt owed.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
No definition available.