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PAYROLL LIABILITIES
12 Months Ended
May 31, 2025
Payroll Liabilities  
PAYROLL LIABILITIES

NOTE 5 – PAYROLL LIABILITIES

 

The Company has accrued payroll liabilities to record amounts owed under employee contracts but not paid when due. The Company has been cash constrained for most of its existence and has asked key officers to defer portions of salary until Company cash flows improve or there is a liquidity event. Cash amounts paid are subtracted from contractual obligations and the remaining amounts due are recorded as payroll liabilities. Both the Company’s CEO and CFO have agreed to defer salaries owed under their contracts and are recorded as payroll liabilities.