| SCHEDULE OF RELATED PARTY TRANSACTIONS |
Related
party debt consisted of the following:
SCHEDULE OF RELATED PARTY TRANSACTIONS
| |
|
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. |
|