Quarterly report pursuant to Section 13 or 15(d)

Note 13 - Fair Value of Financial Instruments (Tables)

v3.6.0.2
Note 13 - Fair Value of Financial Instruments (Tables)
6 Months Ended
Nov. 30, 2016
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
The following summarizes the Company’s derivative financial liabilities that are recorded at fair value on a recurring basis at November 30, 2016 and May 31, 2016.

 
November 30, 2016
 
 
Level 1
 
Level 2
 
Level 3
 
Total
 
Liabilities
               
Derivative liabilities
 
$
-
   
$
-
   
$
534,877
   
$
534,877
 
 
May 31, 2016
 
 
Level 1
 
Level 2
 
Level 3
 
Total
 
Liabilities
               
Derivative liabilities
 
$
-
   
$
-
   
$
418,537
   
$
418,537
 
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, 2016
 
$
418,537
 
 
       
Issuances
   
518,720
 
         
Extinguishment of debt
   
(254,114
)
 
       
Revaluation gain
   
(148,266
)
 
       
Balance as of November 30, 2016
 
$
534,877