Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.10.0.1
Summary of Significant Accounting Policies (Tables)
 3 Months Ended
Aug. 31, 2018
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 August 31, 2018 and May 31, 2018 is as follows:

 

     Fair Value Measurement at      Fair Value Measurement at  
     August 31, 2018 (1)      May 31, 2018 (1)  
     Using             Using         
     Level 3      Total      Level 3      Total  

Liability:

            

Derivative liability

    $ 2,071,199      $ 2,071,199      $ 1,323,732      $ 1,323,732  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total liability

    $ 2,071,199      $ 2,071,199      $ 1,323,732      $ 1,323,732  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(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 August 31, 2018 and May 31, 2018.
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 liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended August 31, 2018 and the year ended May 31, 2018:

 

Investor warrants issued with registered direct equity offering

    $ 4,360,000  

Placement agent warrants issued with registered direct equity offering

      819,200  

Fair value adjustments

      (3,855,468 ) 
  

 

 

  

Balance at May 31, 2018

      1,323,732  

Fair value adjustments

      747,467  
  

 

 

  

Balance at August 31, 2018

    $ 2,071,199