XML 17 R7.htm IDEA: XBRL DOCUMENT v3.23.2
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
May 31, 2023
May 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 1,180,159 $ (4,115,952)
Adjustments to reconcile net income (loss) to net cash used by operating activities:    
Depreciation of music inventory 1,238 2,142
Gain on settlement of debt 0 (260,032)
Expense (income) from derivative liability (1,911,637) 526,690
Amortization of debt discounts 70,629 361,939
Loss on conversion of notes payable and accrued interest 0 2,941,708
Default interest added to notes principal balance 0 103,190
Changes in operating assets and liabilities:    
Accounts payable 15,259 10,311
Accrued interest payable on notes payable 291,344 144,469
Accrued consulting fees 219,700 93,250
Net Cash Used by Operating Activities (133,308) (192,285)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Payments from loans receivable, related party (28,247) 0
Net Cash Used by Investing Activities (28,247) 0
CASH FLOWS FROM FINANCING ACTIVITIES:    
Bank overdraft 46 (1,140)
Proceeds from notes payable 155,935 380,050
Repayments of notes payable 0 (200,500)
Repayments of notes payable to related parties (29,500) (27,272)
Proceeds from notes payable to related parties 34,721 41,500
Net Cash Provided by Financing Activities 161,202 192,638
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (353) 353
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 353 0
CASH AND CASH EQUIVALENTS, END OF PERIOD 0 353
Cash Payments For:    
Interest 0 0
Income taxes 0 0
Non-cash investing and financing activities:    
Issuance of stock and promissory note for investment in acquisition 6,200,000 0
Initial derivative liability charged to debt discounts 61,100 283,596
Conversion of debt and accrued interest into common stock $ 147,507 $ 285,686