Note 4 - Disposal of Subsidiaries and Discontinued Operation: QBA's Assets, Liabilities, and Results (Tables)

12 Months Ended

May. 31, 2015

Tables/Schedules

QBA's Assets, Liabilities, and Results

As of the disposal date, QBA’s assets and liabilities are summarized as follows:

	July 25, 2014	May 31, 2014
Assets
Cash and cash equivalents	$2,969,661	$1,687,392
Inventories	6,708	6,669
Accounts receivable	525	522
Other receivables and deposits	8,892	8,841
Property, plant and equipment, net	5,937	9,587
Total assets	2,991,723	1,713,011
Liabilities
Accounts payable	29,699	32,701
Accrued expenses and other payables	17,462	24,160
Total current liabilities	47,161	56,861
Net assets of QBA	2,944,562	1,656,150

The assets of QBA as of May 31, 2014 are classified as assets held for sale and liabilities in the consolidated balance sheet.

The results of QBA during the year (up to date of disposal) are summarized as follows:

	From June 1, 2014 to July 25, 2014	Year ended May 31, 2014
Revenue	$3	$63,849
Other income and gains	164	97,390
Service costs	-	(14,354
Personnel cost	(93,580)	(157,777)
Depreciation expense	(3,689)	(182,797)
Administrative and other expenses	(6,916)	(50,548)
Net loss	(104,018)	(244,237)