Condensed financial statements note | 6 Months Ended |
Nov. 30, 2013 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Condensed financial statements note | ' |
Notes to Condensed Consolidated Financial Statements |
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1 | The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the financial position as of November 30, 2013 and May 31, 2013, the results of operations for the three and six months ended November 30, 2013 and November 30, 2012, and cash flows for the six months ended November 30, 2013 and November 30, 2012. These financial statements should be read in conjunction with the audited financial statements and notes thereto contained in the Company's Annual Report to Shareholders for the year ended May 31, 2013. There have been no updates or changes to our audited financial statements for the year ended May 31, 2013. |
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2 | The Company has evaluated events and transactions for potential recognition or disclosure in the financial statements through the date the financial statements were issued. |
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3 | There is no provision nor shall there be any provisions for profit sharing, dividends, or any other benefits of any nature at any time for this fiscal year. |
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4 | For the six month periods ended November 30, 2013 and November 30, 2012, the net income was divided by 3,326,245 and 3,309,924, respectively, which is net of the Treasury shares, to calculate the net income per share. For the three month periods ended November 30, 2013 and November 30, 2012, the net income was divided by 3,322,424 and 3,309,841, respectively, which is net of the Treasury shares, to calculate the net income per share. |
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5 | The results of operations for the three and six month periods ended November 30, 2013 are not necessarily indicative of the results to be expected for the full year. |
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6 | Recently issued Financial Accounting Standards Board Accounting Standards Codification guidance has either been implemented or is not significant to the Company. |