Quarterly report pursuant to Section 13 or 15(d)

Lease Liabilities - Financing Leases

v3.23.1
Lease Liabilities - Financing Leases
9 Months Ended
Feb. 28, 2023
Disclosure Text Block [Abstract]  
Lessee, Finance Leases [Text Block]

Note 17 Lease Liabilities - Financing Leases

 

   

February 28,

2023

   

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 February 28, 2023, the Company made principal and interest payments on this lease obligation in the amounts of $18,292 and $12,227, respectively. During the nine months ended February 28, 2023, the Company made principal and interest payments on this lease obligation in the amounts of $52,786 and $38,771, respectively.

  $ 296,207     $ 348,993  
                 

Current portion

  $ 80,818     $ 71,813  

Long-term maturities

    215,389       277,180  

Total

  $ 296,207     $ 348,993  

 

Aggregate maturities of lease liabilities – financing leases as of February 28, 2023 are as follows:

 

For the period ended February 28,

 

2024

 

$

80,818

 

2025

 

 

94,605

 

2026

 

 

110,744

 

2027

 

 

10,040

 

2028

 

 

-

 

Thereafter

 

 

-

 

Total

 

$

296,207