Related Party Transactions
|3 Months Ended|
Aug. 31, 2019
|Related Party Transactions [Abstract]|
|Related Party Transactions||
NOTE 7 — RELATED PARTY TRANSACTIONS
The Sponsor loaned the Company $201,707 in the aggregate, to be used for a portion of the expenses of the Initial Public Offering and working capital purposes. The loan is non-interest bearing, unsecured and due at the earlier of December 31, 2017 or the closing of the Initial Public Offering. As of November 30, 2018, $120,089 of the Sponsor’s loan has been repaid. As of May 31, 2019, the balance of the Sponsor loan is $93,761, including imputed interest of $8,523. In August of 2019, the sponsor forgave this remaining balance and the Company recorded it as debt forgiveness income.
The Company maintains its cash balance at a financial services company that is owned by an officer of the Company.
As of August 31, 2019, the Company is owed $14,108 from the former PLAYLive owners. The advance is non-interest bearing and will be paid back within 90 days of the closing of the PLAYLive acquisition.
The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef