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Related Party Transactions
 6 Months Ended
Nov. 30, 2023
Related Party Transactions [Abstract]  
Related Party Transactions

Note 12 – Related Party Transactions

 

At November 30, 2023 there was a one-time bonus payable of $25,000 due to Jeff Brown, Chief Operating Officer. The Company’s Chief Executive Officer (“CEO”), Jeff Toghraie, is the managing director of Intrepid Global Advisors (“Intrepid”). Intrepid has, from time to time, provided advances to the Company for working capital purposes. At November 30, 2023 and May 31, 2023, the Company had amounts payable to Intrepid of $107,860 and $124,378, respectively. These advances were short-term in nature and non-interest bearing. Additionally, pursuant to a voting agreement, effective June 16, 2022 as amended effective November 7, 2022, with AXIL and Intrepid Global Advisors, we are subject to certain limitations on our ability to sell our capital stock until June 2024. During the six months ended November 30, 2023 and November 30, 2022, the CEO has not received cash compensation nor was any accrued as the CEO is not subject to an employment agreement.  

 

During the six months and three months ended November 30, 2023, the Company paid $115,500 and $57,000, respectively, as consulting fee for product development to Weston T. Harris, a stockholder of AXIL. During the six months and three months ended November 30, 2023, the Company also paid $69,131 and $33,803 respectively, to the sons of Weston T. Harris as compensation for services relating to packaging design and affiliate marketing. 

 

On June 16, 2022, the Company and its wholly owned subsidiary Reviv3 Acquisition Corporation completed the acquisition of both (i) the hearing protection business of AXIL, consisting of ear plugs and ear muffs, and (ii) AXIL’s ear bud business pursuant to the Asset Purchase Agreement, dated May 1, 2022, as amended on June 15, 2022, by and among the Company, Reviv3 Acquisition Corporation, AXIL and certain stockholders of AXIL. One of the stockholders of AXIL is Intrepid Global Advisors, Inc. As of November 30, 2023, Intrepid Global Advisors, Inc. held no outstanding common stock of AXIL and 21.30% of the outstanding common stock of the Company.