Annual report pursuant to Section 13 and 15(d)

NOTE 16 - FAIR VALUE OF FINANCIAL INSTRUMENTS

v3.5.0.2
NOTE 16 - FAIR VALUE OF FINANCIAL INSTRUMENTS
12 Months Ended
May 31, 2016
Fair Value Disclosures [Abstract]  
Fair Value Disclosures [Text Block]
NOTE 16 – FAIR VALUE OF FINANCIAL INSTRUMENTS

The following summarizes the Company’s derivative financial liabilities that are recorded at fair value on a recurring basis at May 31, 2016 and 2015.

 
May 31, 2016
 
 
Level 1
 
Level 2
 
Level 3
 
Total
 
Liabilities
               
Derivative liabilities
 
$
-
   
$
-
   
$
418,537
   
$
418,537
 

 
May 31, 2015
 
 
Level 1
 
Level 2
 
Level 3
 
Total
 
Liabilities
               
Derivative liabilities
 
$
-
   
$
-
   
$
-
   
$
-
 

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