Annual report pursuant to Section 13 and 15(d)

NOTE 14 - FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

v3.7.0.1
NOTE 14 - FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
May 31, 2017
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, 2017 and 2016.

   
May 31, 2017
  
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Liabilities
                        
Derivative liabilities
  
$
-
    
$
-
    
$
95,276
    
$
95,276
  
   
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, 2015
  
$
-
  
         
Issuances
    
480,294
  
         
Revaluation gain
    
(61,757
)
         
Balance as of May 31, 2016
  
$
418,537
  
         
Issuances
    
600,564
  
         
Convert or Redeem
    
(612,850
)
         
Revaluation gain
    
(310,975
)
         
Balance as of May 31, 2017
  
$
95,276