Annual report pursuant to Section 13 and 15(d)

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

v3.23.2
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
 12 Months Ended
May 31, 2023
Payables and Accruals [Abstract]  
Accounts Payable and Accrued Liabilities Disclosure [Text Block]

NOTE 14 – ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

 

Accounts payable and accrued liabilities consisted of the following at May 31, 2023 and 2022:

 

   

May 31,

2023

    

May 31,

2022

  

Trade accounts payable

   $ 1,793,585     $ 1,414,074  

Accrued payroll and payroll taxes

     311,505       323,254  

Accrued liabilities

     623,482       580,570  

Total

   $ 2,728,572     $ 2,317,898  

 

During the year ended May 31, 2023, the Company entered into settlement agreements with three vendors to settle $231,261 in outstanding accounts payable. The Company agreed to pay $137,544 to the three vendors, which resulted in a gain on the settlement of accounts payable in the amount of $93,717 for the year ended May 31, 2023.

 

F-17

During the year ended May 31, 2023, the Company entered into a settlement agreement for the legal fees that were in dispute in the amount of $248,031. The Company entered into a settlement agreement where the Company will pay $100,000, in six monthly installments of $16,666 beginning on June 1, 2023. This resulted in a gain on the settlement of legal fees in the amount of $149,092 for the year ended May 31, 2023. During the year ended May 31, 2023, the Company had made on payment on this settlement agreement in the amount of $16,666; the remaining balance due at May 31, 2023 was $83,334.