v3.21.2
Financing Arrangements (Tables)
12 Months Ended
May 31, 2021
Debt Disclosure [Abstract]  
Schedule of Financing Arrangement

Financing arrangements on the consolidated balance sheets consists of:

 

    May 31, 2021     May 31, 2020  
             
Promissory notes (PPP Program)   $ 358,236     $ 1,646,062  
Promissory notes (EIDL)     150,000       -  
Notes payable     2,528,886       2,325,000  
Convertible notes – net of discount of $1,607,283     2,441,551       -  
      5,478,673       3,971,062  
Less: current portion     (2,285,367 )     (1,476,642 )
    $ 3,193,306     $ 2,494,420  
Schedule of Fair Value Assumptions of Warrants

The estimated fair value of the warrants was valued using the Black-Scholes option pricing model, using the following assumptions during the year ended May 31, 2021:

 

Estimated dividends     None  
Expected volatility     38.5 %
Risk free interest rate     0.30 – 0.33 %
Expected term     5 years  
Schedule of Future maturities of Promissory Notes

Future maturities related to the above promissory notes, notes payable and convertible notes are as follows:

 

Future Minimum Payments for the Twelve Months Ending May 31,      
2022   $ 2,285,367  
2023     4,665,938  
2024     8,772  
2025     8,772  
2026     8,772  
Thereafter     108,335  
      7,085,956  
Less: current portion     (2,285,367 )
Less: unamortized discount     (1,607,283 )
    $ 3,193,306