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Equipment Financing Payable

3 Months Ended

Aug. 31, 2020

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, 2020, and May 31, 2020, the balance outstanding on the loan was $11,275 and $12,100. $3,300 of the loan is payable within one year and the balance $7,975, is payable after one year from August 31, 2020. The Company recorded an interest expense of $125 and $117, respectively on the loan in the accompanying unaudited financial statements for the three months ended August 31, 2020 and 2019, respectively.

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

2021	$	3,300
2022		3,300
2023		3,300
2024		1,375
Total	$	11,275