Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v2.4.1.9
Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Nov. 30, 2014
Liability Measured At Fair Value on Recurring Basis By Level within Fair Value Hierarchy

Liability measured at fair value on a recurring basis by level within the fair value hierarchy as of November 30, 2014 and May 31, 2014 is as follows:

 

     Fair Value Measurement at
November 30, 2014 (1)		      Fair Value Measurement at
May 31, 2014 (1)		  
     Using
Level 3		      Total      Using
Level 3		      Total  

Liability:

            

Derivative liability

    $ 1,572,613       $ 1,572,613       $ —         $ —     
  

 

 

     

 

 

     

 

 

     

 

 

  

Total liability

    $ 1,572,613       $ 1,572,613       $ —         $ —     
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(1) The Company did not have any assets or liabilities measured at fair value using Level 1 or 2 of the fair value hierarchy as of November 30, 2014 and May 31, 2014.
Reconciliation of Liability Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3)

The following is a reconciliation of the beginning and ending balances for the liability measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the six months ended November 30, 2014:

 

Balance at May 31, 2014

    $ —     

Note issuance, September 26, 2014

      767,038   

Fair value adjustments

      805,575   
  

 

 

  

Balance at November 30, 2014

    $ 1,572,613