v3.22.1
SCHEDULE OF RELATED PARTY TRANSACTIONS (Details) - USD ($)
Feb. 28, 2022
May 31, 2021
Related Party Transaction [Line Items]    
Due to related parties, gross $ 873,999 $ 1,113,923
Less: current portion (174,822) (397,975)
Long term, due to related parties 699,177 715,948
Due to Frangipani Trade Services [Member]    
Related Party Transaction [Line Items]    
Due to related parties, gross [1] 753,273 903,927
Due to Employee One [Member]    
Related Party Transaction [Line Items]    
Due to related parties, gross [2] 37,500 60,000
Due to Employee Two [Member]    
Related Party Transaction [Line Items]    
Due to related parties, gross [3] $ 83,226 $ 149,996
[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.