Note 14- Loan Payable

The Company is a party to an accounts receivable financing agreement with a lender (the “Short Term Financing Agreement”) for two of its subsidiaries. During the three months ended August 31, 2022, the Company received cash proceeds in the amount of $650,115 from additional loans under the Short Term Financing Agreement, made payments in the amount of $585,962, and incurred fees in the amount of $75,558. At August 31, 2022, and May 31, 2022, the balance due under the Short Term Financing Agreement was $1,152,785 and $1,013,073, respectively. The loans are due in 30 days, and have a discount fee of 3%.