Quarterly report pursuant to Section 13 or 15(d)

Lease Liabilities - Financing Leases

v3.22.2.2
Lease Liabilities - Financing Leases
3 Months Ended
Aug. 31, 2022
Disclosure Text Block [Abstract]  
Lessee, Finance Leases [Text Block]

Note 17 – Lease Liabilities - Financing Leases

 

   

August 31,

2022

   

May 31,

2022

 
   

(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 three months ended August 31, 2022, the Company made principal and interest payments on this lease obligation in the amounts of $16,907 and $13,612, respectively.

  $ 332,086     $ 348,993  
                 

Total

  $ 332,086     $ 348,993  
                 

Current portion

  $ 74,697     $ 71,813  

Long-term maturities

    257,389       277,180  

Total

  $ 332,086     $ 348,993  

 

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

 

For the period ended August 31,

 

2023

  $ 74,697  

2024

    87,440  

2025

    102,357  

2026

    67,592  

2027

    -  

Thereafter

    -  

Total

  $ 332,086