Related Party Transactions

3 Months Ended

Aug. 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 August 31, 2020 and May 31, 2020 the Company owed its director and officer $25,538 and $22,417, 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

The loans provided by the Company’s CEO are payable on demand, unsecured, and bear interest at 3.0% per annum. As at August 31, 2020 and May 31, 2020, the Company had accrued $2,515 and $2,192 respectively in interest expense related to these loans.

During the three-month periods ended August 31, 2020 and 2019 the Company incurred interest expense of $324 and $264, respectively. As of August 31, 2020 and May 31, 2020 the Company owed its officer $45,354 and $45,031 for loan principle and accrued interest.