Quarterly report pursuant to Section 13 or 15(d)

Related Party Transactions

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Related Party Transactions
 9 Months Ended
Feb. 29, 2024
Related Party Transactions [Abstract]  
Related Party Transactions Disclosure [Text Block]

Note 20: Related Party Transactions

 

As of February 29, 2024 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 nine months ended February 29, 2024, the Company made payments of $10,000 to each of its three directors for their participation on the Board, for a total of $30,000.

 

During nine months ended February 29, 2024, the Company’s Board of Directors authorized a bonus for its Chief Executive Officer in the amount of $50,000; this amount was paid during the six months ended February 29, 2024.

 

During the nine months ended February 29, 2024, the Company accrued interest in the amount of $110,066 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. This note was also amended as follows: (i) the conversion price of the debentures was reduced to $0.07 per unit; (ii) the conversion price of warrants underlying the units issuable upon conversion was reduced to $0.10 per share; (iii) the maturity date was extended to January 31, 2028; (iv) accrued interest in the amount of $215,414 was added to the principal balance. A loss on extinguishment of debt in the amount of $3,499,184 was charged to operations in connection with this transaction. See note 16. At February 29, 2024, the principal balance of the convertible note payable to Navy Capital Green Co-Invest Fund, LLC, was $1,979,979.