v3.21.2
FINANCING ARRANGEMENTS (Tables)
3 Months Ended
Aug. 31, 2021
Debt Disclosure [Abstract]  
SCHEDULE OF FINANCING ARRANGEMENT

Financing arrangements on the consolidated balance sheets consists of:

 

    August 31, 2021     May 31, 2021  
             
Revolving Credit Facility   $ 39,543,083     $ -  
Promissory note (PPP)     -       358,236  
Promissory notes (EIDL)     150,000       150,000  
Notes payable     3,565,634       2,528,886  
Convertible notes – net of discount of $2,001,853 and $1,607,283, respectively     1,938,125       2,441,551  
      45,196,842       5,478,673  
Less: current portion (1)     (42,506,957 )     (2,285,367 )
    $ 2,689,885     $ 3,193,306  

 

(1) As of August 31, 2021, a current portion of outstanding debt is represented by a revolving line of credit in the amount of $39,543,083 and of a current portion of the note payable in the amount of $2,963,874.
SCHEDULE OF FUTURE MATURITIES OF PROMISSORY NOTES

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

 

Twelve Months Ending August 31,      
2022   $ 2,963,874  
2023     4,557,084  
2024     8,772  
2025     8,772  
2026     8,772  
Thereafter     108,338  
Long-term Debt, Gross     7,655,612  
Less: current portion     (2,963,874 )
Less: unamortized discount     (2,001,853 )
Long term, notes payable   $ 2,689,885