Annual report pursuant to Section 13 and 15(d)

LEASE LIABILITIES - FINANCING LEASES (Tables)

v3.23.2
LEASE LIABILITIES - FINANCING LEASES (Tables)
12 Months Ended
May 31, 2023
Disclosure Text Block [Abstract]  
Finance Lease [Table Text Block]
   

May 31,

2023

   

May 31,

2022

 
                 

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.

  $ 277,180     $ 348,993  
                 

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.

  $ 9,987       -  
                 

Total

  $ 287,167     $ 348,993  
                 

Current portion

  $ 86,887     $ 71,813  

Long-term maturities

    200,280       277,180  

Total

  $ 287,167     $ 348,993  
Finance Lease, Liability, to be Paid, Maturity [Table Text Block] Aggregate maturities of lease liabilities – financing leases as of May 31, 2023 are as follows:

2024

 

$

86,887

 

2025

 

 

101,707

 

2026

 

 

98,573

 

2027

 

 

-

 

2028

 

 

-

 

Thereafter

 

 

-

 

Total

 

$

287,167