| SCHEDULE OF FINANCING ARRANGEMENT |
Financing
arrangements on the consolidated balance sheets consists of:
SCHEDULE OF FINANCING ARRANGEMENT
| |
|
November 30, 2021 |
|
|
May 31, 2021 |
|
| |
|
|
|
|
|
|
| Revolving Credit Facility |
|
$ |
29,833,248 |
|
|
$ |
- |
|
| Promissory note (PPP) |
|
|
- |
|
|
|
358,236 |
|
| Promissory notes (EIDL) |
|
|
- |
|
|
|
150,000 |
|
| Notes payable |
|
|
4,526,677 |
|
|
|
2,528,886 |
|
| Convertible notes – net of discount of $1,656,792 and $1,607,283, respectively |
|
|
2,204,366 |
|
|
|
2,441,551 |
|
| |
|
|
36,564,291 |
|
|
|
5,478,673 |
|
| Less: current portion (1) |
|
|
(33,751,587 |
) |
|
|
(2,285,367 |
) |
| |
|
$ |
2,812,704 |
|
|
$ |
3,193,306 |
|
| |
(1) |
As
of November 30, 2021, a current portion of outstanding debt is represented by a revolving line of credit in the amount of $29,833,248
and of a current portion of the notes payable in the amount of $3,918,339. |
|
| 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 November 30, |
|
|
|
| 2022 |
|
$ |
3,918,339 |
|
| 2023 |
|
|
4,469,496 |
|
| Long-term Debt, Gross |
|
|
8,387,834 |
|
| Less: current portion |
|
|
(3,918,339 |
) |
| Less: unamortized discount |
|
|
(1,656,792 |
) |
| Long term, notes payable |
|
$ |
2,812,704 |
|
|