Quarterly report pursuant to Section 13 or 15(d)

Note 14 - Fair Value of Financial Instruments (Tables)

v3.10.0.1
Note 14 - Fair Value of Financial Instruments (Tables)
3 Months Ended
Aug. 31, 2018
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 August 31, 2018 and May 31, 2018:

 

 

August 31, 2018

 

 

 

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 August 31, 2018

  $ -