SCHEDULE OF RELATED PARTY TRANSACTIONS |
Related
party debt consisted of the following:
SCHEDULE OF RELATED PARTY TRANSACTIONS
|
|
August 31, 2021 |
|
|
May 31, 2021 |
|
|
|
|
|
|
|
|
Due to Frangipani Trade Services (1) |
|
$ |
903,927 |
|
|
$ |
903,927 |
|
Due to employee (2) |
|
|
55,000 |
|
|
|
60,000 |
|
Due to employee (3) |
|
|
122,216 |
|
|
|
149,996 |
|
Due to related parties, gross |
|
|
1,081,143 |
|
|
|
1,113,923 |
|
Less: current portion |
|
|
(392,975 |
) |
|
|
(397,975 |
) |
Long term, due to related
parties |
|
$ |
688,168 |
|
|
$ |
715,948 |
|
|
(1) |
Due to Frangipani Trade
Services (“FTS”), an entity owned by the Company’s CEO, is due on demand and is non-interest bearing. The principal
amount of this Promissory Note bears no interest; provided that any amount due under this Note which is not paid when due shall bear
interest at an interest rate equal to six percent (6%) per annum. The principal amount is due and payable in six payments of $150,655
the first payment due on November 30, 2021, with each succeeding payment to be made six months after the preceding payment. |
|
|
|
|
(4) |
On May 29, 2020, the Company
entered into a $90,000 payable with an employee for the acquisition of UL BOS common stock from a previous owner. The payment terms
consist of thirty-six monthly non-interest-bearing payments of $2,500 from the date of closing. |
|
|
|
|
(5) |
On May 29, 2020, the Company
entered into a $200,000 payable with an employee for the acquisition of UL BOS common stock from a previous owner. The payment terms
consist of thirty-six monthly non-interest-bearing payments of $5,556 from the date of closing. |
|