| Lessee, Finance Leases [Text Block] |
NOTE 18 – LEASE LIABILITIES – FINANCING LEASES
| | | May 31, 2024 | | | May 31, 2023 | | | 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, 2024, the Company made principal and interest payments on this lease obligation in the amounts of $84,064 and $38,012, respectively. | | $ | 193,117 | | | $ | 277,180 | | | | | | | | | | | | | 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 $9.97%. During the year ended May 31, 2024, equipment with a book value of $5,033 was returned. During the year ended May 31, 2024, the Company made principal and interest payments on this lease obligation in the amounts of $1,673 and $427, respectively. | | $ | 3,359 | | | | 9,987 | | | | | | | | | | | | | Total | | $ | 196,476 | | | $ | 287,167 | | | | | | | | | | | | | Current portion | | $ | 96,224 | | | $ | 86,887 | | | Long-term maturities | | | 100,252 | | | | 200,280 | | | Total | | $ | 196,476 | | | $ | 287,167 | |
Aggregate maturities of lease liabilities – financing leases as of May 31, 2024 are as follows:
For the period ended May 31,
|
2025
|
|
$ |
100,252 |
|
|
2026
|
|
|
96,224 |
|
|
Total
|
|
$ |
196,476 |
|
|