• Filing Date: 2020-10-15
  • Form Type: 10-Q
  • Description: Quarterly report
v3.20.2
Balance Sheets (Unaudited) - USD ($)
Aug. 31, 2020
May 31, 2020
Current Assets    
Cash and cash equivalents $ 948,795 $ 1,532,511
Receivable - related party 294,491 32,058
Prepaid expenses and other current assets 28,261 58,492
Total Current Assets 1,271,547 1,623,061
Equity method investment 448,900 0
TOTAL ASSETS 1,720,447 1,623,061
Current Liabilities    
Accounts payable 83,105 20,954
Accrued payroll liabilities 1,799,714 1,581,847
Accrued interest 271,331 259,133
Deferred management fee revenue 45,833 45,833
Notes payable - related party 350,000 350,000
Current note payable 680,327 473,778
Total Current Liabilities 3,230,310 2,731,545
Long-term note, net of current note payable 553,329 759,878
TOTAL LIABILITIES 3,783,639 3,491,423
Commitments and Contingencies
Stockholders' Deficit    
Preferred stock: $0.0001 par value; 10,000,000 shares authorized; none issued and outstanding 0 0
Common stock: $0.0001 par value; 90,000,000 shares authorized; 54,514,765 issued and outstanding 5,451 5,451
Additional paid in capital 8,844,592 8,844,592
Accumulated deficit (10,913,235) (10,718,405)
Total Stockholders' Deficit (2,063,192) (1,868,362)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 1,720,447 $ 1,623,061