Cash and Cash Equivalents

6 Months Ended

Nov. 30, 2016

Cash and Cash Equivalents [Abstract]

3.	Cash and Cash Equivalents

The Company considers short-term highly liquid investments with maturities of three months or less at the time of purchase to be cash equivalents. Cash and cash equivalents were comprised of the following as of November 30, 2016 and May 31, 2016:

	November 30, 2016		May 31, 2016
Cash in banks	$	4,134,320	$	3,974,007
Money market funds		562,745		540,150
	$	4,697,065	$	4,514,157

- Definition

The entire disclosure for cash and cash equivalent footnotes, which may include the types of deposits and money market instruments, applicable carrying amounts, restricted amounts and compensating balance arrangements. Cash and equivalents include: (1) currency on hand (2) demand deposits with banks or financial institutions (3) other kinds of accounts that have the general characteristics of demand deposits (4) short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only investments maturing within three months from the date of acquisition qualify.

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