BioCube, INC. - FORM 10-Q - XML - IDEA: XBRL DOCUMENT - December 20, 2011

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EX-32 - CERTIFICATION - BioCube, INC.exhibit32.htm
10-Q - FORM 10-Q - BioCube, INC.f10qbiocube10312011.htm
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XML - IDEA: XBRL DOCUMENT - BioCube, INC.R14.htm
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EX-31 - CERTIFICATION OF CHIEF EXECUTIVE AND FINANCIAL OFFICER - BioCube, INC.exhibit31.htm
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Fair Value Measures and Disclosures
 15 Months Ended
Oct. 31, 2011
Fair Value Measures and Disclosures  
Fair Value Disclosures [Text Block]

Accounting principles generally accepted in the United States define fair value 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 at the measurement date. Additionally, the inputs used to measure fair value are prioritized based on a three-level hierarchy. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

 

 

·  

Level 1 — Quoted prices in active markets for identical assets or liabilities.

·  

Level 2 — Observable inputs other than quoted prices included in Level 1. We value assets and liabilities included in this level using dealer and broker quotations, bid prices, quoted prices for similar assets and liabilities in active markets, or other inputs that are observable or can be corroborated by observable market data.

 

·

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. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

 

Recurring Fair Value Measurements

 

In accordance with accounting principles generally accepted in the United States, certain assets and liabilities are required to be recorded at fair value on a recurring basis. For the Company, the only assets and liabilities that are adjusted to fair value on a recurring basis are derivative instruments which were fair valued using Level 2 inputs (see Note 4).

 

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