Quarterly report pursuant to Section 13 or 15(d)

Deferred Revenues, Net

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Deferred Revenues, Net
3 Months Ended
Aug. 31, 2019
Revenue from Contract with Customer [Abstract]  
Deferred Revenues, Net

NOTE 5 – DEFERRED REVENUE, NET

 

Deferred revenue, net consists of the following at August 31, 2019:

 

Deferred franchise fees received   $ 1,624,250  
Deferred costs     (805,975 )
      818,275  
Less: Current portion of net deferred revenues     715,350  
         
Long-term portion of net deferred revenues   $ 102,745