Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v3.2.0.727
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
May. 31, 2015
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 May 31, 2015 and May 31, 2014 is as follows:

 

     Fair Value Measurement at
May 31, 2015 (1) 		     Fair Value Measurement at
May 31, 2014 (1) 		 
     Using
Level 3		      Total      Using
Level 3		      Total  

Liability:

            

Derivative liability

    $ 2,008,907       $ 2,008,907       $ —         $ —     
  

 

 

     

 

 

     

 

 

     

 

 

  

Total liability

 $ 2,008,907    $ 2,008,907    $ —      $ —     
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(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.
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 year ended May 31, 2015:

 

Balance at May 31, 2014

 $ —     

Note issuance, September 26, 2014

   767,038   

Note issuance, February 6, 2015

   403,226   

Fair value adjustments

   838,643   
  

 

 

  

Balance at May 31, 2015

 $ 2,008,907