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EXCEL - IDEA: XBRL DOCUMENT - BIOSHAFT WATER TECHNOLOGY, INC.Financial_Report.xls
10-Q/A - AMENDED QUARTERLY REPORT - BIOSHAFT WATER TECHNOLOGY, INC.bshf_10qa.htm
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EX-31.2 - CERTIFICATION - BIOSHAFT WATER TECHNOLOGY, INC.bshf_ex312.htm
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SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES: Fair Value of Financial Instruments (Policies)
3 Months Ended
Jul. 31, 2012
Policies  
Fair Value of Financial Instruments

Fair Value of Financial Instruments

 

The Company follows accounting guidance issued by the Financial Accounting Standards Board (“FASB”) on “Fair Value Measurements” for assets and liabilities measured at fair value on a recurring basis.  The FASB defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, the FASB requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs.

 

The guidance also establishes a fair value hierarchy for measurements of fair value as follows:

 

Level 1:

Observable inputs such as quoted market prices in active markets for identical assets or liabilities.

 

 

Level 2:

Observable market-based inputs or unobservable inputs that are corroborated by market data.

 

 

Level 3:

Unobservable inputs for which there is little or no market data, which require the use of the reporting entity’s own assumptions.

 

Our company discloses the estimated fair value for all financial instruments for which it is practicable to estimate fair value. As of July 31, 2012 and April 30, 2012, the fair value of short-term financial instruments including cash, accounts receivable, accounts payable and accrued expenses, approximates book value due to their short-term maturity. The fair value of property and equipment is estimated to approximate its net book value. The fair value of debt obligations, other than convertible debt obligations approximates their face values due to their short-term maturities and/or the variable rates of interest associated with the underlying obligation.  

 

As of July 31, 2012 and April 30, 2012, the Company’s convertible loan payable of $500,000 and $250,000, and the Company’s derivative liability of $820,011 and $2,713,933, respectively were considered level 2 liabilities.