STOCKHOLDERS’ EQUITY |
12 Months Ended |
|---|---|
May 31, 2026 | |
| Equity [Abstract] | |
| STOCKHOLDERS’ EQUITY | NOTE 6 –STOCKHOLDERS’ EQUITY
Preferred Stock The Company has authorized “blank check” preferred stock of shares, par value $ per share. The voting powers, conversion features, if any, designations, preferences, limitations, restrictions and other rights of each series of preferred stock shall be prescribed by resolution of the Board of Directors at the time a specific series of preferred stock is designated. None of the preferred shares have been designated or issued as of the date of this Report.
Common Stock The Company has authorized shares of $ par value Common Stock, and had shares issued and outstanding as of May 31, 2026.
Forgiveness of Convertible Debt On March 31, 2026, the Company’s Chief Executive Officer, who is also a related party, forgave all amounts then outstanding under certain convertible debt obligations of the Company. The aggregate amount forgiven was $14,349,866, consisting of $9,866,700 of principal and $4,483,166 of accrued interest.
The debt forgiveness was treated as a capital contribution by the related party and was recorded as an increase to contributed capital in the accompanying Statement of Stockholders’ Equity. The Company recorded a corresponding reduction of convertible debt of $9,866,700 and accrued interest payable of $4,483,166, resulting in an aggregate increase to contributed capital of $14,349,866.
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