v3.25.2
PROMISSORY NOTES
12 Months Ended
May 31, 2025
PROMISSORY NOTES  
PROMISSORY NOTES

NOTE 4 –PROMISSORY NOTES                                       

                                                                                                                 

 

 

 

 May 31, 2025  

 

 

 

 May 31, 2024

 

Dated March 31, 2018

 

$6,500

 

 

$6,500

 

Dated June 2, 2022

 

 

26,485

 

 

 

26,485

 

Dated July 23, 2022

 

 

-

 

 

 

10,000

 

Dated September 2, 2022

 

 

-

 

 

 

2,530

 

Dated November 30, 2022

 

 

6,444

 

 

 

6,444

 

Dated November 30, 2022

 

 

-

 

 

 

27,140

 

Dated December 7, 2022

 

 

4,700

 

 

 

5,030

 

Dated December 16, 2022

 

 

51,000

 

 

 

51,000

 

Dated January 25, 2023

 

 

51,000

 

 

 

51,000

 

Dated February 8, 2023

 

 

15,060

 

 

 

15,060

 

Dated February 16, 2023

 

 

25,030

 

 

 

25,030

 

Dated February 23, 2023

 

 

50,030

 

 

 

50,030

 

Dated February 28, 2023

 

 

4,789

 

 

 

4,789

 

Dated March 1, 2023

 

 

389

 

 

 

389

 

Dated May 4, 2023

 

 

5,839

 

 

 

5,839

 

Dated June 6, 2023

 

 

5,163

 

 

 

5,163

 

Dated August 9, 2023

 

 

3,000

 

 

 

3,000

 

Dated August 9, 2023

 

 

5,000

 

 

 

5,000

 

Dated August 31, 2023

 

 

5,160

 

 

 

5,160

 

Dated September 13, 2023

 

 

3,000

 

 

 

3,000

 

Dated October 17, 2023

 

 

7,000

 

 

 

7,000

 

Dated October 17, 2023

 

 

3,000

 

 

 

3,000

 

Dated November 30, 2023

 

 

8,779

 

 

 

8,779

 

Dated January 29, 2024

 

 

7,500

 

 

 

7,500

 

Dated February 29, 2024

 

 

4,700

 

 

 

4,700

 

Dated March 11, 2024

 

 

2,000

 

 

 

2,000

 

Dated March 21, 2024

 

 

2,500

 

 

 

2,500

 

Dated March 21, 2024

 

 

5,000

 

 

 

5,000

 

Dated May 1, 2024

 

 

3,755

 

 

 

3,755

 

Dated May 31, 2024

 

 

6,045

 

 

 

6,045

 

Dated July 1, 2024

 

 

5,103

 

 

 

-

 

Dated June 17, 2024

 

 

25,000

 

 

 

-

 

Dated June 18, 2024

 

 

14,000

 

 

 

-

 

Dated July 17, 2024

 

 

25,000

 

 

 

-

 

Dated July 19, 2024

 

 

25,000

 

 

 

-

 

Dated July 30, 2024

 

 

6,200

 

 

 

-

 

Dated August 30, 2024

 

 

5,041

 

 

 

-

 

Dated October 17, 2024

 

 

10,000

 

 

 

-

 

Dated October 25, 2024

 

 

10,000

 

 

 

-

 

Dated November 19, 2024

 

 

9,000

 

 

 

-

 

Dated November 19, 2024

 

 

20,000

 

 

 

-

 

Dated November 29, 2024

 

 

9,460

 

 

 

-

 

Dated February 25, 2025

 

 

9,095

 

 

 

-

 

Dated March 4, 2025

 

 

6,000

 

 

 

-

 

Dated March 19, 2025

 

 

841

 

 

 

-

 

Dated May 30, 2025

 

 

1,877

 

 

 

-

 

Short-term promissory note payable

 

 

500,485

 

 

$358,868

 

 

On March 31, 2018, the Company issued a promissory note for proceeds of $6,500. The note matures on September 23, 2018 and accrues interest at 1.5% per quarter. 

 

On November 12, 2021, the holders of certain convertibles notes issued on July ,13, 2018, March 23, 2018, December 31,2018 and February 15, 2019 assigned their balances to a new note holder (See Note 5). On the same date, the Company issued new promissory notes in replacement of the assigned notes. Under the new promissory notes the conversion feature was removed, the interest rate was changed to 0%, the due was updated to being due upon 10 days written notice. On October 12, 2023, the note notes were restructured to include a payment schedule with a maturity date of November 30, 2024. The restructured note calls for quarterly payments of $5,000. In addition to the new payment schedule the notes also stop accruing interest as of August 31, 2023.

 

During the year ended May 31, 2023, the Company issued various promissory notes to the same note holder for proceeds of $11,622. The notes are due on demand and accrues interest at 10% per year. On October 12, 2023, the note notes were restructured to include a payment schedule with a maturity date of November 30, 2024. The restructured note calls for quarterly payment ranging from $2,500 to $5,367. In addition to the new payment schedule the notes also stop accruing interest as of August 31, 2023

 

On June 17, 2024, the Company issued a promissory note for proceeds of $14,000. The note is due on demand and accrues interest at 10% annually. 

 

During the years ended May 31, 2025 and 2024, the Company issued various promissory notes with the same noteholders amounting to $181,617 and $71,602 for general operating purposes and made payments of $40,000 and $0, respectively. The notes carry a 10% interest rate and are due upon 10 days written notice. On October 12, 2023, the note notes were restructured to include a payment schedule with a maturity date of August 31, 2026. The restructured note calls for quarterly payment ranging from $15,000 to $39,295. In addition to the new payment schedule the notes also stop accruing interest as of August 31, 2023. On February 21, 2024, the notes were sold and assigned to a new note holder in a private transaction. As of May 31, 2025 and 2024, the Company had notes payable due to this holder in the amount of $468,363 and $358,868, respectively.

 

During the years ended May 31, 2025 and 2024, the Company recorded interest expense of $44,670and $12,829, respectively.