The aggregate schedule maturities of the Company’s loans payable outstanding as of May 31, 2023 are as follows:
2024 $2,344,917
2025 $11,948
2026 $12,708
2027 $2,641
Convertible notes payable $517,242
The convertible debentures matured in 2015, and bear interest at ranges between 6% and 15%. The convertible debentures are convertible at ratios varying between 45% and 50% of the closing price at the date of conversion through, at its most favorable terms for the holders, the average of the three lowest closing bids for a period of 5-30 days prior to conversion.
As of May 31, 2023, and August 31, 2022, the Company owes $1,326,086 and $1,377,136, respectively, in accrued compensation and expenses to certain directors and consultants. The amounts are non-interest bearing.
During June 2023, the Company issued 30,000,000 restricted shares of its common stock to a lender in accordance with the terms of two aged loans payable.
The Company has outstanding loans and convertible notes payable aggregating $2.9 million at May 31, 2023 and doesn’t have sufficient cash on hand to satisfy such obligations. The preceding raises substantial doubt about the ability of the Company to continue as a going concern.
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