| 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, 2015 and
May 31, 2015 is as follows:
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Fair Value Measurement at
November 30, 2015 (1)
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Fair Value Measurement at
May 31, 2015 (1)
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Using
Level 3 |
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Total |
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Using
Level 3 |
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Total |
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Liability:
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Derivative liability
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$ |
— |
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$ |
— |
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$ |
2,008,907 |
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$ |
2,008,907 |
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Total liability
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$ |
— |
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$ |
— |
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$ |
2,008,907 |
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$ |
2,008,907 |
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| (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, 2015 and May 31,
2015. |
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Liability measured at fair value on a recurring basis by level
within the fair value hierarchy as of May 31, 2015 and
May 31, 2014 is as follows:
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Fair Value Measurement
at
May 31, 2015 (1)
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Fair Value Measurement at
May 31, 2014 (1)
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Using
Level 3 |
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Total |
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Using
Level 3 |
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Total |
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Liability:
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Derivative liability
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$ |
2,008,907 |
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$ |
2,008,907 |
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$ |
— |
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$ |
— |
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Total liability
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$ |
2,008,907 |
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$ |
2,008,907 |
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$ |
— |
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$ |
— |
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| (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 May 31, 2015 and 2014. |
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| 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, 2015 and the year ended
May 31, 2015:
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Balance at May 31, 2014
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$ |
— |
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Note issuance, September 26, 2014
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767,038 |
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Note issuance, February 6, 2015
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403,226 |
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Fair value adjustments
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838,643 |
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Balance at May 31, 2015
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$ |
2,008,907 |
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Note conversion June 24, 2015
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(521,133 |
) |
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Note conversion June 24, 2015
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(841,269 |
) |
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Fair value adjustments
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(646,505 |
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Balance at November 30, 2015
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$ |
— |
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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
year ended May 31, 2015:
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Balance at May 31, 2014
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$ |
— |
|
|
Note issuance, September 26, 2014
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|
767,038 |
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Note issuance, February 6, 2015
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|
403,226 |
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Fair value adjustments
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|
838,643 |
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Balance at May 31, 2015
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$ |
2,008,907 |
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