SCHEDULE OF RELATED PARTY TRANSACTIONS |
Related
party debt consisted of the following:
SCHEDULE OF RELATED PARTY TRANSACTIONS
|
|
November 30, 2021 |
|
|
May 31, 2021 |
|
|
|
|
|
|
|
|
Due to Frangipani Trade Services (1) |
|
$ |
753,273 |
|
|
$ |
903,927 |
|
Due to employee (2) |
|
|
45,000 |
|
|
|
60,000 |
|
Due to employee (3) |
|
|
99,994 |
|
|
|
149,996 |
|
|
|
|
898,267 |
|
|
|
1,113,923 |
|
Less: current portion |
|
|
(198,933 |
) |
|
|
(397,975 |
) |
|
|
$ |
699,334 |
|
|
$ |
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. |
|
|
|
|
(2) |
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. |
|
|
|
|
(3) |
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. |
|