Related Party Transactions |
6 Months Ended |
|---|---|
Nov. 30, 2024 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions Disclosure [Text Block] |
Note 19: Related Party Transactions
As of November 30, 2024 and May 31, 2024, 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 November 30, 2024, the Company made payments of $10,000 to one of its three directors and a payment of $5,000 to one director for their participation on the Board, for a total of $15,000. The Company also made a payment of $5,000 to one director for consulting fees. During the six months ended November 30, 2024, the Company made payments of $20,000 to one of its three and directors and $15,000 to one of its directors for their participation on the Board, for a total of $35,000; the Company also made a payment of $5,000 to one of its directors for consulting fees.
The Company’s CEO has waived his board fees for the period.
On November 1, 2024, the Company acquired and cancelled 1,125,000 shares of common stock from a board member at a cost of $40,000. These shares were valued at $0.0557 per shares, which was the closing price on the date of the cancellation. The amount of $22,663 was charged to additional paid-in capital on this transaction. The purchase price of $40,000 had not been paid at November 30, 2024.
On August 28, 2024 the Company issued PN9, a note payable to a related party, in the principal amount of $2,600,000. Principal in the amount of $2,200,000 automatically converted into 56,847,545 shares of the Company’s common stock on August 30,2024; the remaining principal in the amount of $400,000 bears interest at the rate of 12% per annum and matures on August 28, 2025. See note 15.
On October 15, 2024 the Company issued PN10, a note payable to a related party, in the principal amount of $150,000. Principal PN10 bears interest at the rate of 12% per annum. Principal and interest payments are due monthly for 24 months in the amount $7,061 beginning November 30, 2024. See note 15.
At November 30, 2024, there are nine related party notes outstanding with a total principal amount of $2,180,484. See note 15. |