Annual report pursuant to Section 13 and 15(d)

LEASE LIABILITIES - FINANCING LEASES

v3.22.2.2
LEASE LIABILITIES - FINANCING LEASES
12 Months Ended
May 31, 2022
Disclosure Text Block [Abstract]  
Lessee, Finance Leases [Text Block]

NOTE 18 – LEASE LIABILITIES - FINANCING LEASES

 

   

May 31,

2022

   

May 31,

2021

 
   

(unaudited)

         

Financing lease obligation under a lease agreement for extraction equipment dated March 14, 2022 in the original amount of $359,900 payable in forty-eight monthly installments of $10,173 including interest at the rate of 15.89%. During the year ended May 31, 2022, the Company made principal and interest payments on this lease obligation in the amounts of $10,907 and $9,439, respectively.

  $ 348,993     $ -  
                 

Total

  $ 348,993     $ -  
                 

Current portion

  $ 71,813     $ -  

Long-term maturities

    277,180       -  

Total

  $ 348,993     $ -  

 

Aggregate maturities of lease liabilities – financing leases as of May 31, 2022 are as follows:

 

For the period ended May 31,

 

2023

  $ 71,813  

2024

    84,064  

2025

    98,405  

2026

    94,711  

2027

    -  

Thereafter

    -  

Total

  $ 348,993