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Note 4 - Related Party Transactions
12 Months Ended
May 31, 2018
Notes  
Note 4 - Related Party Transactions

NOTE 4. RELATED PARTY TRANSACTIONS

 

On May 31, 2012, the Company took a noninterest bearing and unsecured loan from American Compass Inc. (“ACI”) in the amount of $30,000, maturing on May 31, 2020. On December 18, 2012, the Company accepted a non-interest bearing and unsecured loan from ACI in the amount of $20,000, maturing on December 18, 2019. ACI is deemed a related party based upon the beneficial ownership of the Company held by certain key management of ACI,

 

During 2013, ACI paid $28,859 in legal fees and $5,000 in auditing fees on behalf of the Company. As of November 30, 2013, ACI paid a total of $33,859 in legal and auditing fees on behalf of the Company due upon request.

 

On May 16, 2013, the Company accepted another non-interest bearing and unsecured loan from ACI in the amount of $5,000, maturing on May 16, 2020. On November 4, 2013, the Company took another non-interest bearing and unsecured loan from ACI in the amount of $10,000, maturing on November 4, 2020.

 

On April 17, 2014, the Company accepted another non-interest bearing and unsecured loan from ACI in the amount of $10,000, maturing on April 17, 2021. On June 30, 2014, the Company accepted another non-interest bearing and unsecured loan from ACI in the amount of $10,000, maturing on June 30, 2018. On November 19, 2014, the Company accepted another non-interest bearing and unsecured loan from ACI in the amount of $10,000, maturing on November 19, 2019.

 

On February 4, 2015, June 24, 2015, September 30, 2015, October 21, 2015 and November 18, 2015, the Company accepted non-interest bearing and unsecured loans from ACI in the amounts of $10,000, $10,000, $10,000, $10,000, and $20,000, respectively, maturing on February 4, 2020, and June 24, 2020 September 30, 2020 October 21, 2020 and November 18, 2020, respectively.

 

On January 23, 2017 and May 9, 2017, the Company accepted non-interest bearing and unsecured loans from ACI in the amounts of $10,000, and $10,000, respectively, maturing on January 23, 2020 and May 9, 2020, respectively.

 

On January 12, 2018, the Company accepted a non-interest bearing and unsecured loan from ACI in the amount of $10,000, maturing on January 12, 2021.

 

As of May 31, 2018, the total balance due to ACI is $228,859.

 

Year ended May 31,

 

 

Current

$

43,859

2019

 

30,000

2020

 

135,000

2021

 

20,000

 

$

228,859