Quarterly report pursuant to Section 13 or 15(d)

Note 17 - Fair Value of Financial Instruments (Tables)

v3.19.1
Note 17 - Fair Value of Financial Instruments (Tables)
9 Months Ended
Feb. 28, 2019
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
The following summarizes the Company’s financial liabilities that are recorded at fair value on a recurring basis at February 28, 2019 and May 31, 2018:

   

February 28, 2019

 
   

Level 1

   

Level 2

   

Level 3

   

Total

 

Liabilities

                               

Contingent liabilities 

  $ -     $ -     $ 678,111     $ 678,111  
   

May 31, 2018

 
   

Level 1

   

Level 2

   

Level 3

   

Total

 

Liabilities

                               

Derivative liabilities

  $ -     $ -     $ 1,265,751     $ 1,265,751  
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
The estimated fair values of the Company’s derivative liabilities are as follows:

   

Derivative

 
   

Liability

 

Liabilities Measured at Fair Value

       
         

Balance as of May 31, 2018

  $ 1,265,751  
         

Transfers out due to the adoption of ASU 2017-11 effective June 1, 2018

    (1,265,751

)

         

Balance as of February 28, 2019

  $ -