XML 34 R23.htm IDEA: XBRL DOCUMENT v3.10.0.1
Debt (Tables)
 3 Months Ended
Aug. 31, 2018
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt

Debt as of August 31, 2018 and May 31, 2018 is as follows:

 

    August 31, 2018     May 31, 2018  
Term loan A payable to International Bank of Commerce, prime rate of interest plus 0.5% but not less than 4.0%, maturing April 30, 2023   $ 3,774,793     $ 3,945,443  
                 
Term loan C payable to International Bank of Commerce, prime rate of interest plus 0.5% but not less than 4.0%, maturing August 4, 2020     1,560,092       1,613,445  
                 
Term loan D payable to International Bank of Commerce, prime rate of interest plus 0.5% but not less than 4.75%, maturing January 10, 2022     2,173,836       2,314,935  
                 
Term loan E payable to International Bank of Commerce, prime rate of interest plus 0.5% but not less than 4.75%, maturing January 10, 2022     1,000,000       843,200  
                 
Term loan F payable to International Bank of Commerce, prime rate of interest plus 0.5% but not less than 5.25%, maturing February 8, 2021     1,700,000       -  
                 
Revolving loan payable to International Bank of Commerce, prime rate of interest plus 0.5% but not less than 4.75%, due January 31, 2020     1,579,000       1,879,000  
                 
Note payable to First Bank, prime rate of interest plus 1.45% but not less than 4.95%, monthly principal and interest payment of $30,628, due August 21, 2021, secured by production equipment     1,029,668       1,099,447  
                 
Term loan payable by GRE to International Bank of Commerce, interest rate of 5.5%, monthly principal and interest payment of $26,215, due April 30, 2023     2,604,879       2,652,428  
                 
Note payable to Robert Rosene, 7.5% interest, due January 15, 2020     4,467,330       4,469,355  
                 
Note payable to Yorktown Management & Financial Services, LLC, 5% interest, due February 28, 2019, monthly principal and interest payments of $20,629     121,988       181,850  
                 
Other     241,681       252,493  
Total debt     20,253,267       19,251,596  
Debt issue costs, net of amortization     (59,106 )     (91,370 )
Total debt, net of debt issue costs     20,194,161       19,160,226  
Less: Current portion     (2,511,874 )     (2,324,046 )
Long-term debt   $ 17,682,287     $ 16,836,180