| Lessee, Finance Leases [Text Block] |
NOTE 18 – LEASE LIABILITIES – FINANCING LEASES
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May 31,
2023
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May 31,
2022
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| 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, 2023, the Company made principal and interest payments on this lease obligation in the amounts of $71,813 and $50,263, respectively. 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 $9,439, respectively. |
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$ |
277,180 |
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$ |
348,993 |
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| Financing lease obligation under an agreement for equipment dated June 20, 2022 in the original amount of $12,400 payable in forty-eight monthly installments of $350 including interest at a rate of $15.78%. During the year ended May 31, 2023, the Company made principal and interest payments on this lease obligation in the amounts of $639 and $411, respectively. |
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$ |
9,987 |
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- |
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Total
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$ |
287,167 |
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$ |
348,993 |
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Current portion
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$ |
86,887 |
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$ |
71,813 |
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Long-term maturities
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200,280 |
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277,180 |
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Total
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$ |
287,167 |
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$ |
348,993 |
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Aggregate maturities of lease liabilities – financing leases as of May 31, 2023 are as follows:
For the period ended May 31,
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2024
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$
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86,887 |
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2025
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101,707 |
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2026
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98,573 |
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2027
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- |
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2028
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- |
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Thereafter
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- |
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Total
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$
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287,167 |
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