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Equipment Financing Payable

3 Months Ended

Aug. 31, 2019

Note 7 - Equipment Financing Payable

During the year ended May 31, 2019, the Company purchased a forklift under an installment purchase plan. The loan amount is $16,500 payable in 60 monthly installment payments of $317 comprising of principal payment of $275 and interest payment of $42. As of August 31, 2019, and May 31, 2019, the balance outstanding on the loan was $14,257 and $15,210, respectively. $3,300 of the loan is payable within one year and the balance $10,957, is payable after one year from August 31, 2019. The Company recorded an interest expense of $117 on the loan in the accompanying unaudited financial statements.

The amounts of loan payments due in the next five years ended August 31, are as follows:

	Amount
2020	$	3,300
2021		3,300
2022		3,300
2023		3,300
2024		1,057
	$	14,257