• Filing Date: 2017-10-16
  • Form Type: 10-Q
  • Description: Quarterly report
v3.8.0.1
4. FAIR VALUE OF FINANCIAL INSTRUMENTS
3 Months Ended
Aug. 31, 2017
Fair Value Disclosures [Abstract]  
4. FAIR VALUE OF FINANCIAL INSTRUMENTS

The Company's financial instruments as defined by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 825-10-50, Financial Instruments, include cash and cash equivalents, accounts payable, accrued liabilities and notes payable. All instruments are accounted for on a historical cost basis, which, due to the short maturity of these financial instruments, approximates fair value at August 31, 2017.

 

Based on the borrowing rates currently available to the Company for loans with similar terms and maturities, the fair value of long term notes payable approximates the carrying value.