Quarterly report pursuant to Section 13 or 15(d)

RELATED PARTY TRANSACTIONS (Tables)

v3.22.1
RELATED PARTY TRANSACTIONS (Tables)
9 Months Ended
Feb. 28, 2022
Related Party Transactions [Abstract]  
SCHEDULE OF RELATED PARTY TRANSACTIONS

Related party debt consisted of the following:

 

    February 28, 2022     May 31, 2021  
             
Due to Frangipani Trade Services (1)   $ 753,273     $ 903,927  
Due to employee (2)     37,500       60,000  
Due to employee (3)     83,226       149,996  
      873,999       1,113,923  
Less: current portion     (174,822 )     (397,975 )
    $ 699,177     $ 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.