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Notes Payable
 6 Months Ended
Nov. 30, 2025
Debt Disclosure [Abstract]  
Notes Payable

Note 8 – Notes Payable

 

During the fiscal year ended May 31, 2020, a commercial bank granted to the Company a loan (the “Loan”) in the amount of $150,000, which is administered under the authority and regulations of the U.S. Small Business Administration pursuant to the Economic Injury Disaster Loan Program (the “EIDL”) of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The Loan, which is evidenced by a note dated May 18, 2020, bears interest at an annual rate of 3.75% and is payable in installments of $731 per month, beginning May 18, 2021 until May 18, 2050. The Company has to maintain a hazard insurance policy including fire, lightning, and extended coverage on all items used to secure this loan to at least 80% of the insurable value. Proceeds from loans granted under the CARES Act are intended to be used for payroll, costs to continue employee group health care benefits, rent, utilities, and certain other qualified costs (collectively, “qualifying expenses”). The Company used the loan proceeds for qualifying expenses. During the fiscal year ended May 31, 2022, the Company received a loan forgiveness for $10,000 and an additional $10,000 of borrowing under the program. The Company recorded interest expense related to the Loan, on the accompanying consolidated financial statements, of $1,275 and $1,296, during the three months ended November 30, 2025 and November 30, 2024, respectively, and $2,587 and $1,296, during the six months ended November 30, 2025 and November 30, 2024, respectively. The Company is currently in compliance with the terms of the loan and has presented the long-term payments in accordance with the agreement.

 

          
   November 30, 2025   May 31, 2025 
Economic Injury Disaster Loan Program (EIDL)  $138,305   $140,229 
Total   138,305    140,229 
Less: Current portion   (3,488)   (3,574)
Non-current portion  $134,817   $136,655 

 

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

 

     
   Total 
2026 (six months remaining)  $1,650 
2027   3,712 
2028   3,852 
2029   3,999 
2030   4,152 
Thereafter   120,940 
Total  $138,305