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Loans Payable (Tables)

3 Months Ended

Aug. 31, 2020

Disclosure Loans Payable Tables Abstract

Schedule of Loan Payable

The Company’s borrowings under the loan may be eligible for up to $10,000 of loan forgiveness. 

Loans Payable		August 31, 2020				May 31, 2020
Paycheck Protection Program (PPP)		$	12,900			$	12,900
Economic Injury Disaster Loan Program (EIDL)			150,000				150,000
			162,900				162,900
Less: Current portion			(7,382	)			(5,002	)
Loans Payable, Non-current portion		$	155,518			$	157,898

Schedule of loan payments due in the next five years

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

	2021			$	7,382
	2022				9,546
	2023				3,155
	2024				3,276
	2025				3,401
	Thereafter				136,140
	Total			$	162,900

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- Definition

Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation.

+ References

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- Definition

Tabular disclosure of future minimum lease payments as of the date of the latest balance sheet presented, in aggregate and for each of the five years succeeding fiscal years, with separate deductions from the total for the amount representing executor costs, including any profit thereon, included in the minimum lease payments and for the amount of the imputed interest necessary to reduce the net minimum lease payments to present value.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 30
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=84164817&loc=d3e45280-112737

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