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v2.4.0.6
Fair Value Measurements
3 Months Ended
Aug. 31, 2012
Fair Value Measurements [Abstract]  
FAIR VALUE MEASUREMENTS
8. FAIR VALUE MEASUREMENTS

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Following is a description of each category in the fair value hierarchy and the financial assets and liabilities of the Company that are included in each category at August 31, 2012 and May 31, 2012:

Level 1 – Quoted prices in active markets for identical assets or liabilities. The types of assets and liabilities included in level 1 are highly liquid and actively traded instruments with quoted market prices.

Level 2 – Observable inputs other than level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. The type of assets and liabilities included in level 2 are typically either comparable to actively traded securities or contracts or priced with models using observable inputs. Level 2 assets consist of certificates of deposit (CD) that are valued at cost, which approximates fair value. Level 2 instruments require more management judgment and subjectivity as compared to level 1 instruments. For instance:

 

   

Determining which instruments are most similar to the instrument being priced requires management to identify a sample of similar securities based on the coupon rates, maturity, issuer, credit rating and instrument type, and subjectively selecting an individual security or multiple securities that are deemed most similar to the security being priced; and

 

   

Determining whether a market is considered active requires management judgment.

Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The type of assets and liabilities included in level 3 are those with inputs requiring significant management judgment or estimation. The Company does not have any level 3 assets or liabilities.

Assets and Liabilities Measured at Fair Value on a Recurring Basis: In accordance with the fair value hierarchy, the following table shows the fair value as of August 31, 2012 and May 31, 2012, of those financial assets that are measured at fair value on a recurring basis, according to the valuation techniques the Company used to determine their fair market value. No other financial assets or liabilities are measured at fair value on a recurring or nonrecurring basis at August 31, 2012 or May 31, 2012.

 

 

                                 
    Quoted
prices in
active
markets
(level 1)
    Other
observable
inputs
(level 2)
    Unobservable
inputs (level 3)
    Fair value  

August 31, 2012

                               

Investments

                               

CD’s and money market accounts

  $ 1,356     $ 1,164     $ —       $ 2,520  

US treasury bills and notes

    9,997       —         —         9,997  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total assets at fair value

  $ 11,353     $ 1,164     $ —       $ 12,517  
   

 

 

   

 

 

   

 

 

   

 

 

 

May 31, 2012

                               

Investments

                               

CD’s and money market accounts

  $ 1,831     $ 419     $ —       $ 2,250  

US treasury bills and notes

    14,255       —         —         14,255  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total assets at fair value

  $ 16,086     $ 419     $ —       $ 16,505  
   

 

 

   

 

 

   

 

 

   

 

 

 

Following is a summary of the valuation techniques for assets and liabilities recorded in the consolidated condensed balance sheets at fair value on a recurring basis:

CD’s and money market accounts: Investments which have closing prices readily available from an active market are used as being representative of fair value. The Company classifies these investments as level 1. Market prices for certain CD’s are obtained from quoted prices for similar assets. The Company classifies these investments as level 2.

U.S. treasury bills and notes: Closing prices are readily available from active markets and are used as being representative of fair value. The Company classifies these investments as level 1.

Fair Value of Financial Instruments: The Company’s financial instruments include cash and cash equivalents, CD’s and money market accounts, US treasury bills and notes, receivables, payables, and capital lease payables. The carrying values approximated fair values for cash and cash equivalents, receivables, and payables because of the short term nature of these instruments. CD’s and money market accounts, and treasury bills and notes are recorded at fair values as indicated in the preceding disclosures.