NOTE 4 – LOANS PAYABLE

The loans payables are generally due on demand, are unsecured, and are bearing interest at a range of 2-12%., with the exception of one loan payable to a financial institution. Such loan, which amounted to $49,385 at May 31, 2020 bears interest rate at 2.5%, is unsecured, matures in May 2026 with principal and interest payable monthly starting in May 2021. This loan is part of a Bounce Back Loan Scheme from the UK Government.

During the nine-month periods ended May 31, 2020 and May 31, 2019, the Company generated loan proceeds of $307,228 and $171,727, respectively.

The company may have to provide additional consideration (which may be in cash, shares or other financial instruments) up to amounts accrued to satisfy its obligations under certain unsecured loans payable.

The aggregate schedule maturities of the Company’s loans payable outstanding as of May 31, 2020 are as follows:

Twelve-month period ended

May 31, 2021	$	929,267
May 31, 2022		9,877
May 31, 2023		9,877
May 31, 2024		9,877
May 31, 2025		9,877
Thereafter		9,877
	$	978,652