Related Party Transactions |
3 Months Ended |
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Aug. 31, 2023 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions Disclosure [Text Block] |
Note 20: Related Party Transactions
As of August 31, 2023 and May 31, 2023, the Company had accrued salary due to Michael Abrams, a former officer of the Company prior to his September 1, 2015 termination, in the amount of $16,250.
During the three months ended August 31, 2023, the Company made payments of $5,000 to each of its three directors for their participation on the Board, for a total of $15,000.
During three months ended August 31, 2023, the Company’s Board of Directors authorized a bonus for its Chief Executive Officer in the amount of $50,000; $25,000 of this amount was paid during the three months ended August 31, 2023, and $25,000 was accrued at August 31, 2023.
During the three months ended August 31, 2023, the Company accrued interest in the amount of $42,042 on a convertible note payable to Navy Capital Green Co-Invest Fund, LLC, an entity that holds greater than 10% of the Company’s common stock outstanding. At August 31, 2023, the principal balance of the convertible note payable to Navy Capital Green Co-Invest Fund, LLC, was $1,801,783. |
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- References No definition available.
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- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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