|
Accrued Payroll Taxes
|
9 Months Ended | 12 Months Ended |
|---|---|---|
|
Feb. 29, 2012
|
May 31, 2011
|
|
| Accounts Payable and Accrued Liabilities Disclosure [Text Block] |
9. ACCRUED
PAYROLL TAXES
The
Company is in arrears with paying payroll taxes of
$951,332. Of this amount approximately
$480,000 relates to the parent Company's operations
prior to the acquisition of Artisanal Cheese LLC. The
balance relates to more recent payroll taxes which
are attributable in part to the increased seasonal
workforce. The Company is currently
negotiating with the relevant tax authorities to work
out a payment program for the taxes owed. In
addition, we are currently raising funds through a
senior secured bridge loan (see Liquidity and
Financial Resources) to pay down the
arrears. Our plan is to make a downpayment
and then making double weekly tax payments until the
arrears are paid.
|
11.
ACCRUED
PAYROLL TAXES
The
Company is in arrears with paying payroll taxes of
$622,570. The Company is currently negotiating with the
relevant tax authorities a payment program for the
balance of taxes owed.
|