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Equipment Payable

3 Months Ended

Aug. 31, 2023

Note 8 – Equipment Payable

During the fiscal 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. At August 31, 2023 and May 31, 2023, the balance outstanding on the loan was $1,375 and $2,200, respectively, of which the $1,375 balance is payable within the next year. The Company recorded an interest expense of $125 and $125, associated with the equipment financing during the three months ended August 31, 2023 and 2022, on the loan in the accompanying unaudited consolidated financial statements.

The amounts of loan payments due within the next fiscal year ending May 31, are as follows:

Schedule of loan payment due
	Total
2024	$	1,375
Equipment Payable, Net	$	1,375