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Equipment Financing Payable

9 Months Ended

Feb. 28, 2021

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 February 28, 2021, and May 31, 2020, the balance outstanding on the loan was $9,625 and $12,100. At February 28, 2021, $3,300 of the loan is payable within one year and the balance $6,325, is payable after one year from February 28, 2021. The Company paid off $2,475 during the nine months period ended February 28, 2021 and $4,400 during the year ended May 31, 2020. The Company recorded an interest expense of $375 and $31, respectively on the loan in the accompanying unaudited financial statements for the nine months ended February 28, 2021 and February 29, 2020, respectively. The Company recorded an interest expense of $125 and $10, respectively on the loan in the accompanying unaudited financial statements for the three months ended February 28, 2021 and February 29, 2020, respectively.

The amounts of loan payments due in the next five years ended November 30, are as follows:

	Total
2022	$	3,300
2023		3,300
2024		3,025
2025		—
2026		—
	$	9,625