Quarterly report pursuant to Section 13 or 15(d)

Related Party Transactions

v3.19.3
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.