Annual report pursuant to Section 13 and 15(d)

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

v3.19.2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
12 Months Ended
May 31, 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 derivative financial liabilities that are recorded at fair value on a recurring basis at May 31, 2019 and 2018.

 

 

May 31, 2019

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative liabilities

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

 

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

 

$

95,276

 

 

 

 

 

 

Issuances

 

 

3,671,505

 

 

 

 

 

 

Convert or Redeem

 

 

(2,696,755

)

 

 

 

 

 

Revaluation loss

 

 

195,725

 

 

 

 

 

 

Balance as of May 31, 2018

 

$

1,265,751

 

 

 

 

 

 

Reclassify to equity pursuant to ASU 2017-11

 

 

(1,265,751

)

 

 

 

 

 

Balance as of May 31, 2019

 

$

-