SCHEDULE OF FINANCING ARRANGEMENT |
Financing
arrangements on the consolidated balance sheets consists of:
SCHEDULE OF FINANCING ARRANGEMENT
|
|
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:
SCHEDULE OF FUTURE MATURITIES OF PROMISSORY NOTES
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 |
|
|