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Equipment Financing Payable

9 Months Ended

Feb. 28, 2019

Note 7- Equipment Financing Payable

During the nine months period ended February 28, 2019, the Company purchased a forklift under an installment purchase plan. The loan amount is $16,500 and is payable in 60 monthly instalment payments of $317 comprising of principal payment of $275 and interest payment of $42. As of February 28, 2019, the balance outstanding on the loan was $16,178 of which $3,300 is payable within one year and the balance $12,878 is payable after one year. The Company recorded an interest expense of $42 on the loan in the accompanying unaudited financial statements.

The amounts of loan payments due in the next five years ended February 28, are as follows:

	Amount
2020	$	3,300
2021		3,300
2022		3,300
2023		3,300
2024		2,978
	$	16,178