XML 20 R11.htm IDEA: XBRL DOCUMENT v3.20.2
NOTE 4 - LOANS RECEIVABLE - RELATED PARTY
12 Months Ended
May 31, 2020
Receivables [Abstract]  
NOTE 4 - LOANS RECEIVABLE - RELATED PARTY

NOTE 4 - LOANS RECEIVABLE – RELATED PARTY

 

During the year ended May 31, 2013, the Company loaned $174,950 to the Company’s current chief executive in anticipation of the merger agreement described in Note 1. The loans were non-interest bearing and due on demand. Effective May 31, 2015, the Company agreed to waive collection of $100,000 of the remaining $115,950 loans receivable balance in exchange for the chief executive officer’s agreement to waive payment of the $100,000 accrued consulting fees balance due him at May 31, 2015. Effective May 31, 2020, the Company agreed to waive collection of $15,950 of the remaining loans receivable balance in exchange for the chief executive officer’s agreement to waive payment of $15,950 accrued consulting fees balance due him at May 31, 2020 (see Note 11). As of May 31, 2020, the balance due on this loan was $-0-.