Related Party Transactions

12 Months Ended

May 31, 2020

Related Party Transactions

Note 5 - Related Party Transactions

 On January 1, 2020, the Company entered into a Management Consultant Agreement with our President and CEO. The term of the agreement is two years and either party can terminate it unilaterally with 60 days’ notice. During the term of this agreement, the Company shall pay the Consultant a consultant fee in consideration of the provision of the consulting services equal to USD $500 per month.  The Board of Directors may increase or decrease the amount of compensation paid to our President and CEO from time to time. 

Accounts Payable – Related Party

As of May 31, 2020 and 2019 the Company owed its director and officer $22,417 and $1,624, respectively. These amounts are comprised of cash advances, accrued management consulting fees, and unpaid expenses incurred on behalf of the Company as of the end of the reporting period.

Loan Payable – Related Party

During the years ended May 31, 2020 and 2019 the CEO of the Company provided loans of $8,000 and $9,842 respectively. During the years ended May 31, 2020 and 2019 the Company made payments on these loans of $0 and $2,315, respectively. The loans are payable on demand, unsecured, and bear interest at 3.0% per annum. As at May 31, 2020 and 2019, the Company had accrued $2,192 and $1,141 respectively in interest expense related to these loans. 

As of May 31, 2020 and 2019 the Company owed its officer $45,031 and $35,980 for loan principle and accrued interest.