Quarterly report pursuant to Section 13 or 15(d)

FINANCING ARRANGEMENTS (Tables)

v3.22.1
FINANCING ARRANGEMENTS (Tables)
9 Months Ended
Feb. 28, 2022
Debt Disclosure [Abstract]  
SCHEDULE OF FINANCING ARRANGEMENT

Financing arrangements on the consolidated balance sheets consists of:

 

    February 28, 2022     May 31, 2021  
             
Revolving Credit Facility   $ 43,888,787     $ -  
Promissory note (PPP)     -       358,236  
Promissory notes (EIDL)     -       150,000  
Notes payable     2,260,453       2,528,886  
Convertible notes – net of discount     -       2,441,551  
Notes payable, gross     46,149,240       5,478,673  
Less: current portion     (45,540,473 )     (2,285,367 )
Long term, notes payable   $ 608,767     $ 3,193,306  
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 February 28,      
2023   $ 1,651,686  
2024     608,767  
      2,260,453  
Less: current portion     (1,651,686 )
    $ 608,767