Nate's Food Company (NHMD)

[surfkast]

Insider enrichment

Notes Payable – Related Party

As at May 31, 2022 and May 31, 2021, the total amount owed to an officer was $388,687 and $361,075, respectively. Of the May 31, 2022, amount $57,000 of the loan is at 10% interest and was to be repaid by June 28, 2017, and currently is in default, and as at May 31, 2022 and May 31, 2021, accrued interest of $33,779 and $28,079, respectively, in interest has been recorded with respect to this loan. There is no additional interest charged to the note as a result of the default. Additionally, $71,902 of the loan is at 10% interest and due on December 31, 2015, and currently in default and as at May 31, 2022 and May 31, 2021, accrued interest of $55,385 and $48,195, respectively, in interest has been recorded with respect to this loan. There is no additional interest charged to the note as a result of the default. Additionally, $259,785 of the loan includes $25,612 and $17,019 that was reclassified from accounts payable as at May 31, 2022 and 2021, respectively, as well as $2,000 and $400 in cash received during the years ended May 31, 2022 and 2021, respectively. This amount is at 0% interest and is due on demand.