Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Nov. 30, 2020 | Mar. 04, 2021 | |
Document And Entity Information | ||
Entity Registrant Name | Marquie Group, Inc. | |
Entity Central Index Key | 0001434601 | |
Document Type | 10-Q/A | |
Document Period End Date | Nov. 30, 2020 | |
Amendment Flag | true | |
Amendment Description | This amendment is for the sole purpose of filing the XBRL financial report. | |
Current Fiscal Year End Date | --05-31 | |
Is Entity's Reporting Status Current? | Yes | |
Is Entity Emerging Growth Company? | false | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding | 2,992,682,598 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2020 | |
Entity File Number | 000-54163 | |
Entity Shell Company? | false | |
Entity Interactive Data Current | No |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) | Nov. 30, 2020 | May 31, 2020 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 13 | $ 4,742 |
Total Current Assets | 13 | 4,742 |
OTHER ASSETS | ||
Music inventory | 5,512 | 7,222 |
Trademark costs | 10,365 | 10,365 |
Total Other Assets | 15,877 | 17,587 |
TOTAL ASSETS | 15,890 | 22,329 |
CURRENT LIABILITIES | ||
Accounts payable | 63,509 | 37,455 |
Accrued interest payable on notes payable | 367,566 | 366,657 |
Accrued consulting fees | 745,547 | 614,600 |
Notes payable | 1,343,003 | 1,536,575 |
Notes payable to related parties | 158,123 | 155,323 |
Derivative liability | 3,808,551 | 1,488,745 |
Total Current Liabilities | 6,486,299 | 4,199,355 |
TOTAL LIABILITIES | 6,486,299 | 4,199,355 |
STOCKHOLDERS' DEFICIT | ||
Preferred Stock | 0 | 0 |
Common stock | 299,268 | 37,371 |
Common stock payable | 8,460 | 8,460 |
Additional paid-in-capital | 5,122,050 | 4,670,196 |
Accumulated deficit | (11,900,409) | (11,900,187) |
Total Stockholders' Deficit | (6,470,409) | (4,177,026) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 15,890 | $ 22,329 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) | Nov. 30, 2020$ / sharesshares |
Statement of Financial Position [Abstract] | |
Common stock, par value | $ / shares | $ 0.0001 |
Common stock, shares authorized | 10,000,000,000 |
Common stock, shares issued | 2,992,682,598 |
Common stock, shares outstanding | 373,710,385 |
Common stock payable, shares | 1 |
Preferred Stock, par value | $ / shares | $ 0.0001 |
Preferred stock, shares authorized | 20,000,000 |
Preferred stock, shares issued | 200 |
Preferred stock, shares outstanding | 200 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2020 | Nov. 30, 2019 | |
Income Statement [Abstract] | ||||
NET REVENUES | $ 0 | $ 0 | $ 60 | $ 216 |
OPERATING EXPENSES | ||||
Salaries and Consulting fees | 75,000 | 109,500 | 151,000 | 219,000 |
Professional fees | 25,509 | 43,783 | 44,748 | 51,648 |
Other selling, general and administrative | 16,025 | 6,714 | 24,014 | 21,545 |
Total Operating Expenses | 116,534 | 159,997 | 219,762 | 292,193 |
LOSS FROM OPERATIONS | (116,534) | (159,997) | (219,702) | (291,977) |
OTHER INCOME (EXPENSES) | ||||
Expense from derivative liability | (352,801) | (1,934,806) | (3,430,468) | |
Interest expense | (150,325) | (188,647) | (307,107) | (417,278) |
Loss on conversion of notes payable and accrued interest | (9,956) | (545,519) | (102,963) | |
Total Other Income (Expenses) | (513,082) | (8,904,920) | (2,787,432) | (3,950,709) |
LOSS BEFORE INCOME TAXES | (629,616) | 1,050,487 | (3,007,134) | (4,242,686) |
INCOME TAX EXPENSE | 0 | $ 0 | 0 | 0 |
NET LOSS | $ (629,616) | $ (3,007,134) | $ (4,242,686) | |
BASIC AND DILUTED: | ||||
Net income (loss) per common share | $ 0 | $ (0.06) | $ 0 | $ (0.48) |
Weighted average shares outstanding | 1,468,733,286 | 16,885,533 | 2,112,549,509 | 808,637 |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parenthetical) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Aug. 31, 2020 | Nov. 30, 2019 | Aug. 31, 2019 | Nov. 30, 2020 | Nov. 30, 2019 | |
Income Statement [Abstract] | |||||
Stock-based compensation | $ 0 | $ 0 | $ 0 | $ 0 | |
Amortization of debt discounts | $ 107,760 | $ 122,505 | $ 310,963 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Nov. 30, 2020 | Nov. 30, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (3,007,134) | $ (4,242,686) |
Adjustments to reconcile net income (loss) to net cash used by operating activities: | ||
Stock-based compensation | 0 | 0 |
Depreciation of music inventory | 1,734 | 1,848 |
Expense (Income) from derivative liability | 1,934,806 | 3,430,468 |
Amortization of debt discounts | 122,505 | 310,963 |
Non-cash interest expense | 0 | 0 |
Loss on conversion of notes payable and accrued interest | 545,519 | 102,963 |
Changes in operating assets and liabilities: | ||
Accounts payable | 26,054 | 35,682 |
Accrued interest payable on notes payable | 72,965 | 14,976 |
Accrued consulting fees | 130,947 | 162,300 |
Net Cash Used by Operating Activities | (172,604) | (183,486) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Music Inventory | (24) | (327) |
Net Cash Used by Investing Activities | (24) | (327) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Bank overdraft | 0 | 987 |
Proceeds from notes payable | 589,820 | 331,250 |
Repayment of notes payable | (424,721) | (154,721) |
Net proceeds from notes payable to related parties | 2,800 | 0 |
Net Cash Provided by Financing Activities | 167,099 | 177,516 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (4,729) | (6,297) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 4,742 | 6,297 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 13 | 0 |
SUPPLEMENTAL CASH FLOW INFORMATION | ||
Interest | 0 | 0 |
Income taxes | 0 | 0 |
Non-cash investing and financing activities: | ||
Initial derivative liability charged to debt discounts | 385,000 | 331,250 |
Conversion of debt and accrued interest into common stock | 168,231 | 49,556 |
Accrued interest added to notes payable principal balances | $ 0 | $ 16,000 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders Deficit - USD ($) | Preferred Stock | Common Stock | Common Stock Payable | Additional Paid-In Capital | Accumulated Deficit | Total |
Beginning balance, shares at May. 31, 2019 | 200 | 382,717 | ||||
Beginning balance, value at May. 31, 2019 | $ 38 | $ 8,460 | $ 4,149,012 | $ (7,948,240) | $ (3,790,730) | |
Rounded up shares issued in connection with reverse stock split | 2,258 | |||||
Common stock issued for conversion of debt, shares | 676,382 | |||||
Common stock issued for conversion of debt, value | $ 68 | $ 152,451 | $ 152,519 | |||
Common stock issued for merger with Global Nutrition Experience, Inc., value | 0 | |||||
Net income/loss | $ (3,192,199) | $ (3,192,199) | ||||
Ending balance, shares at Aug. 31, 2019 | 200 | 1,061,357 | ||||
Ending balance, value at Aug. 31, 2019 | $ 106 | $ 8,460 | $ 4,301,463 | $ (11,140,439) | $ (6,830,410) | |
Beginning balance, shares at May. 31, 2019 | 200 | 382,717 | ||||
Beginning balance, value at May. 31, 2019 | $ 38 | $ 8,460 | $ 4,149,012 | $ (7,948,240) | (3,790,730) | |
Common stock issued for merger with Global Nutrition Experience, Inc., value | $ 0 | |||||
Ending balance, shares at Nov. 30, 2019 | 200 | 161,061,647 | ||||
Ending balance, value at Nov. 30, 2019 | $ 16,106 | $ 8,460 | $ 4,285,469 | $ (121,920,926) | $ (78,820,897) | |
Beginning balance, shares at Aug. 31, 2019 | 200 | 1,061,357 | ||||
Beginning balance, value at Aug. 31, 2019 | $ 106 | $ 8,460 | $ 4,301,463 | $ (11,140,439) | $ (6,830,410) | |
Rounded up shares issued in connection with reverse stock split | 290 | |||||
Common stock issued for merger with Global Nutrition Experience, Inc, shares | $ 160,000,000 | |||||
Common stock issued for merger with Global Nutrition Experience, Inc., value | 16,000 | $ (16,000) | ||||
Net income/loss | $ (1,050,487) | $ (1,050,487) | ||||
Ending balance, shares at Nov. 30, 2019 | 200 | 161,061,647 | ||||
Ending balance, value at Nov. 30, 2019 | $ 16,106 | $ 8,460 | $ 4,285,469 | $ (121,920,926) | $ (78,820,897) | |
Beginning balance, shares at May. 31, 2020 | 200 | 373,710,385 | ||||
Beginning balance, value at May. 31, 2020 | $ 37,371 | $ 8,460 | $ 4,670,196 | $ (8,893,053) | $ (4,177,026) | |
Common stock issued for conversion of debt, shares | 2,476,735,213 | |||||
Common stock issued for conversion of debt, value | $ 247,673 | $ 451,854 | $ 699,527 | |||
Common stock issued for merger with Global Nutrition Experience, Inc., value | 0 | |||||
Net income/loss | $ (2,377,518) | $ (2,377,518) | ||||
Ending balance, shares at Aug. 31, 2020 | 200 | 2,850,445,598 | ||||
Ending balance, value at Aug. 31, 2020 | $ 285,044 | $ 8,460 | $ 5,122,050 | $ (11,270,571) | ||
Beginning balance, shares at May. 31, 2020 | 200 | 373,710,385 | ||||
Beginning balance, value at May. 31, 2020 | $ 37,371 | $ 8,460 | $ 4,670,196 | $ (8,893,053) | $ (4,177,026) | |
Common stock issued for merger with Global Nutrition Experience, Inc., value | 0 | |||||
Ending balance, shares at Nov. 30, 2020 | 200 | 2,992,682,598 | ||||
Ending balance, value at Nov. 30, 2020 | $ 299,268 | $ 8,460 | $ 5,112,050 | $ (11,900,187) | $ (6,470,409) | |
Beginning balance, shares at Aug. 31, 2020 | 200 | 2,850,445,598 | ||||
Beginning balance, value at Aug. 31, 2020 | $ 285,044 | $ 8,460 | $ 5,122,050 | $ (11,270,571) | ||
Common stock issued for conversion of debt, shares | 142,237,000 | |||||
Common stock issued for conversion of debt, value | $ 14,224 | $ 14,224 | ||||
Net income/loss | (629,616) | (629,616) | ||||
Ending balance, shares at Nov. 30, 2020 | 200 | 2,992,682,598 | ||||
Ending balance, value at Nov. 30, 2020 | $ 299,268 | $ 8,460 | $ 5,112,050 | $ (11,900,187) | $ (6,470,409) |
NOTE 1 - SUMMARY OF SIGNIFICANT
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION | 6 Months Ended |
Nov. 30, 2020 | |
Accounting Policies [Abstract] | |
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION | NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION Basis of Presentation The accompanying unaudited financial statements are presented in accordance with generally accepted accounting principles for interim financial information and the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting only of normal recurring accruals) considered necessary in order to make the financial statements not misleading, have been included. Operating results for the six months ended November 30, 2020 are not necessarily indicative of results that may be expected for the year ending May 31, 2021. Organization The Marquie Group, Inc. (formerly Music of Your Life, Inc.) (the “Company”) was incorporated under the laws of the State of Florida on January 30, 2008 under the name of “Zhong Sen International Tea Company”. From January 2008 to May 2013, the Company operated with the principal business objective of providing sales and marketing consulting services to small to medium sized Chinese tea producing companies who wished to export and distribute high quality Chinese tea products worldwide. On May 31, 2013 (the “Closing Date”), the Company entered into a Merger Agreement (the “Merger Agreement”) by and among the Company, Music of Your Life, Inc., a Nevada corporation (“MYL Nevada”) incorporated October 10, 2012, and Music of Your Life Merger Sub, Inc., a Utah corporation ("Merger Sub"), pursuant to which MYL Nevada merged with Merger Sub. As a result of the merger, MYL Nevada became a wholly-owned subsidiary of the Company, and on July 26, 2013, the Company changed its name to Music of Your Life, Inc., a syndicated radio network. On May 20, 2014 the Company acquired 100% of the outstanding stock of iRadio, Inc., a Utah corporation. The Company was the surviving corporation. iRadio was an entity related to the Company by common ownership. Reverse Stock Splits Effective June 20, 2018, the Company effectuated a 1 share for 4,000 shares reverse stock split which reduced the issued and outstanding shares of common stock from 3,642,441,577 shares to 910,610 shares. Effective September 4, 2019, the Company effectuated a 1 share for 400 shares reverse stock split which reduced the issued and outstanding shares of common stock from 423,639,620 shares to 1,061,357 shares. The accompanying financial statements have been retroactively adjusted to reflect these reverse stock splits. Acquisition of The Marquie Group, Inc. On August 16, 2018 (see Note 8), the Company merged with The Marquie Group, Inc. (“TMGI”) in exchange for the issuance of a total of 100,000 shares of our common stock to TMGI’s stockholders. Following the merger, the Company had 102,277 shares of common stock issued and outstanding. On December 5, 2018, the Company amended and restated its Articles of Incorporation providing for a change in the Company’s name from “Music of Your Life, Inc.” to “The Marquie Group, Inc.” The TMGI business plan is to license, develop and launch a direct-to-consumer, health and beauty product line called “Whim” that use innovative formulations of plant-based, amino-acids and other natural alternatives to chemical ingredients. Acquisition of Global Nutrition Experience, Inc. On November 21, 2019 (see Note 8), the Company merged with Global Nutrition Experience, Inc. (“GNE”) in exchange for the issuance of a total of 193,000,000 shares of our common stock to GNE’s stockholder. The GNE business plan is to license intellectual property to third parties. |
NOTE 2 - LOANS RECEIVABLE - REL
NOTE 2 - LOANS RECEIVABLE - RELATED PARTY | 6 Months Ended |
Nov. 30, 2020 | |
Receivables [Abstract] | |
NOTE 2 - LOANS RECEIVABLE - RELATED PARTY | NOTE 2 - LOANS RECEIVABLE – RELATED PARTY During the year ended May 31, 2013, the Company loaned $174,950 to the Company’s current chief executive in anticipation of the merger agreement described in Note 1. The loans were non-interest bearing and due on demand. Effective May 31, 2015, the Company agreed to waive collection of $100,000 of the remaining $115,950 loans receivable balance in exchange for the chief executive officer’s agreement to waive payment of the $100,000 accrued consulting fees balance due him at May 31, 2015. Effective May 31, 2020, the Company agreed to waive collection of $15,950 of the remaining loans receivable balance in exchange for the chief executive officer’s agreement to waive payment of $15,950 accrued consulting fees balance due him at May 31, 2020 (see Note 11). As of November 30, 2020, the balance due on this loan was $-0-. |
NOTE 3 - MUSIC INVENTORY
NOTE 3 - MUSIC INVENTORY | 6 Months Ended |
Nov. 30, 2020 | |
Inventory Disclosure [Abstract] | |
NOTE 3 - MUSIC INVENTORY | NOTE 3 - MUSIC INVENTORY Music inventory consisted of the following: November 30, 2020 May 31, 2020 Digital music acquired for use in operations – at cost $ 21,489 $ 21,465 Accumulated depreciation (15,977 ) (14,243 ) Music inventory – net $ 5,512 $ 7,222 The Company purchases digital music to broadcast over the radio and internet. During the six months ended November 30, 2020, the Company purchased $24 worth of music inventory. For the six months ended November 30, 2020 and 2019, depreciation of music inventory was $1,734 and $1,848, respectively. |
NOTE 4 - ACCRUED CONSULTING FEE
NOTE 4 - ACCRUED CONSULTING FEES | 6 Months Ended |
Nov. 30, 2020 | |
Debt Disclosure [Abstract] | |
NOTE 4 - ACCRUED CONSULTING FEES | NOTE 4 – ACCRUED CONSULTING FEES Accrued consulting fees consisted of the following: November 30, 2020 May 31, 2020 Due to Company Chief Executive Officer pursuant to Consulting Agreement dated March 1, 2017 – monthly compensation of $10,000 $ 121,397 $ 73,450 Due to wife of Company Chief Executive Officer pursuant to consulting agreement effective August 16, 2018 – monthly compensation of $15,000 248,100 165,100 Due to mother of Company Chief Executive Officer pursuant to Consulting Agreement dated September 1, 2015 (which was terminated November 30, 2019) – monthly compensation of $5,000 to November 30, 2019 131,350 131,350 Due to service provider pursuant to Consulting Agreement dated September 1, 2015 (which was terminated February 28, 2019) – monthly compensation of $5,000 to February 28, 2019 144,700 144,700 Due to service provider pursuant to Consulting Agreement dated September 1, 2015 (which was terminated November 30, 2019) – monthly compensation of $1,000 to November 30, 2019 48,000 48,000 Due to two other service providers 52,000 52,000 Total $ 745,547 $ 614,600 The accrued consulting fees balance changed as follows: Six Months Ended Year Ended Balance, beginning of period $ 614,600 $ 475,350 Compensation expense accrued pursuant to consulting agreements 150,000 369,000 Payments to consultants (19,053 ) (229,750 ) Balance, end of period $ 745,547 $ 614,600 See Note 9 (Commitments and Contingencies). |
NOTE 5 - NOTES PAYABLE
NOTE 5 - NOTES PAYABLE | 6 Months Ended |
Nov. 30, 2020 | |
Related Party Transactions [Abstract] | |
NOTE 5 - NOTES PAYABLE | NOTE 5 - NOTES PAYABLE Notes payable consisted of the following: November 30, 2020 May 31, 2020 Notes payable to an entity, non-interest bearing, due on demand, unsecured $ 7,500 $ 7,500 Note payable to an individual, due on May 22, 2015, in default (B) 25,000 25,000 Note payable to an entity, non-interest bearing, due on February 1, 2016, in default (D) 50,000 50,000 Note payable to a family trust, stated interest of $2,500, due on October 31, 2015, in default (E) 7,000 7,000 Note payable to a corporation, stated interest of $5,000, due on October 21, 2015, in default (G) 50,000 50,000 Note payable to a corporation, stated interest of $5,000, due on November 6, 2015, in default (H) 50,000 50,000 Note payable to an individual, due on December 20, 2015, in default, 24% default rate from January 20, 2016 (I) 25,000 25,000 Convertible note payable to an entity, interest at 12%, due on December 29, 2016, in default (M) 40,000 40,000 Note payable to a family trust, interest at 10%, due on November 30, 2016, in default (P) 25,000 25,000 Convertible note payable to an individual, interest at 10%, due on demand (V) 46,890 46,890 Convertible note payable to an individual, interest at 8%, due on demand (W) 29,000 29,000 Convertible note payable to an individual, interest at 8%, due on demand (X) 21,500 21,500 Convertible note payable to an entity, interest at 10%, due on demand (Y) 8,600 8,600 Convertible note payable to an entity, interest at 10%, due on January 11, 2019, in default, 15% default interest rate from January 11, 2019 (AA) 23,167 23,167 Convertible note payable to an entity, interest at 10%, due on demand (CC) 50,000 50,000 Convertible note payable to an entity, interest at 10%, due on March 5, 2019, in default (DD) 35,000 35,000 Convertible note payable to an entity, interest at 10%, due on April 4, 2019, in default (EE) 37,500 37,500 Convertible note payable to an entity, interest at 10%, due on September 18, 2019, in default (FF) 22,500 22,500 Convertible note payable to an entity, interest at 10%, due on September 18, 2019, in default (GG) 8,505 8,505 Convertible note payable to an entity, interest at 10%, due on September 19, 2019, in default (HH) 186,153 200,000 Convertible note payable to an entity, interest at 10%, due on August 4, 2019, in default (II) 125,841 170,000 Convertible note payable to an entity, interest at 10%, due on November 13, 2019, in default (JJ) 66,930 75,000 Convertible note payable to an entity, interest at 10%, due on November 15, 2019, in default (KK) 20,000 20,000 Convertible note payable to an entity, interest at 10%, due on November 30, 2019, in default (LL) 5,000 5,000 Convertible note payable to an entity, interest at 10%, due on December 6, 2019, in default (MM) 3,000 3,000 Convertible note payable to an entity, interest at 10%, due on December 11, 2019, in default (NN) 10,000 10,000 Convertible note payable to an entity, interest at 12%, due on March 10, 2020, in default, 24% default interest rate from March 10, 2020 (OO) 58,750 58,750 Convertible note payable to an entity, interest at 10%, due on September 12, 2020, in default, net of discount of $-0- and $3,313, respectively (PP) 12,500 9,187 Convertible note payable to an entity, interest at 10%, due on April 23, 2020, in default (QQ) — 250,000 Convertible note payable to an entity, interest at 10%, due on August 20, 2021 – net of discount of $265,808 and $-0-, respectively (RR) 119,191 — Note payable to the Small Business Administration under the Payroll Protection Program, interest at 1%, due in installments through May 4, 2022, forgivable in part or whole subject to certain requirements 70,000 70,000 Notes payable to individuals, non-interest bearing, due on demand 103,476 103,476 Total Notes Payable 1,343,003 1,536,575 Less: Current Portion (1,343,003 ) (1,536,575 ) Long-Term Notes Payable $ — $ — (B) On April 22, 2015, the Company issued a $25,000 Promissory Note, non-interest bearing (interest at 24% per annum after May 22, 2015), due at maturity on May 22, 2015. (D) On July 24, 2015, the Company issued a $50,000 Promissory Note to Kodiak Capital Group, LLC (“Kodiak”) for services rendered in association with an Equity Purchase Agreement. As amended and restated January 4, 2016, the note is non-interest bearing and was due on February 1, 2016. (E) On July 31, 2015, the Company issued a $25,000 Promissory Note with a stated interest amount of $2,500 due at maturity on October 31, 2015. (G) On August 6, 2015, the Company issued a $50,000 Promissory Note with a stated interest amount of $5,000 due at maturity on October 21, 2015. (H) On August 21, 2015, the Company issued a $50,000 Promissory Note with a stated interest amount of $5,000 due at maturity on November 6, 2015. (I) On September 21, 2015, the Company issued a $25,000 Promissory Note with a stated interest amount of $2,500 due at maturity on December 20, 2015. In the event that all principal and interest are not paid to the lender by January 20, 2016, interest is to accrue at a rate of 24% per annum commencing on January 21, 2016. (M) On December 29, 2015, the Company issued a $20,000 Convertible Promissory Note to a lender for net loan proceeds of $15,000. The note bears interest at a rate of 12% per annum, was due on December 29, 2016, and is convertible at the option of the lender into shares of the Company common stock at a Conversion Price equal to 50% of the lowest closing bid price during the 30 Trading Day period prior to the Conversion Date. See Note 7 (Derivative Liability). (P) On June 3, 2016, the Company issued a $25,000 Promissory Note. The note bears interest at a rate of 10% per annum and was due on November 30, 2016. (V) On May 3, 2017, the Company issued a $72,750 Convertible Promissory Note to a lender as a replacement for the principal and interest due on a promissory note due on October 14, 2014. The note bears interest at a rate of 10% per annum, is due on demand, and is convertible at the option of the lender into shares of the Company common stock at a Conversion Price equal to $0.0001293 per share. (W) On April 5, 2017, the Company issued a $35,000 Convertible Promissory Note to a lender as a replacement for the principal and interest due on a promissory note due on August 23, 2015. The note bears interest at a rate of 8% per annum, is due on demand, and is convertible at the option of the lender into shares of the Company common stock at a Conversion Price equal to 40% of the lowest Trading Price during the 5 Trading Day period prior to the Conversion Date. See Note 7 (Derivative Liability). (X) On April 5, 2017, the Company issued a $27,500 Convertible Promissory Note to a lender as a replacement for the principal and interest due on a promissory note due on October 31, 2015. The note bears interest at a rate of 8% per annum, is due on demand, and is convertible at the option of the lender into shares of the Company common stock at a Conversion Price equal to 40% of the lowest Trading Price during the 5 Trading Day period prior to the Conversion Date. See Note 7 (Derivative Liability). (Y) On March 1, 2017, the Company issued a $8,600 Convertible Promissory Note to a vendor of the Company to convert certain accounts payable due to the vendor. The note bears interest at a rate of 10% per annum, is due on demand, and is convertible at the option of the lender into shares of the Company common stock at a Conversion Price equal to the higher of $0.00004 per share or 60% of the lowest Trading Price during the 5 Trading Day period prior to the Conversion Date. (AA) On January 11, 2018, the Company issued a $500,000 Convertible Promissory Note to a lender. During the quarter ended February 28, 2018, the Company borrowed $88,000 (of the $500,000), and received net loan proceeds of $75,000. The note bears interest at a rate of 10% per annum and is convertible at the option of the lender into shares of the Company common stock at a Conversion Price equal to 50% of the lowest Trading Price during the 15 Trading Day period prior to the Conversion Date. See Note 7 (Derivative Liability). The maturity date for each tranche funded is twelve months from the effective date of each payment. (CC) On December 1, 2017, the Company issued a $50,000 Convertible Promissory Note to a vendor in settlement of certain accrued consulting fees of $50,000. The note bears interest at a rate of 10% per annum, is due on demand, and is convertible at the option of the lender into shares of the Company common stock at a Conversion Price equal to 60% of the lowest Trading Price during the 20 Trading Day period prior to the Conversion Date. See Note 7 (Derivative Liability). (DD) On March 5, 2018, the Company issued a $35,000 Convertible Promissory Note to a lender for net loan proceeds of $33,000. The note bears interest at a rate of 10% per annum, was due on March 5, 2019, and is convertible at the option of the lender into shares of the Company common stock at a Conversion Price equal to 50% of the lowest Trading Price during the 20 Trading Day period prior to the Conversion Date. See Note 7 (Derivative Liability). (EE) On April 4, 2018, the Company issued a $37,500 Convertible Promissory Note (Tranche 2 of (AA) above) to a lender for net loan proceeds of $35,500. The note bears interest at a rate of 10% per annum, was due on April 4, 2019, and is convertible at the option of the lender into shares of the Company common stock at a Conversion Price equal to 50% of the lowest Trading Price during the 20 Trading Day period prior to the Conversion Date. See Note 7 (Derivative Liability). (FF) On September 18, 2018, the Company issued a $22,500 Convertible Promissory Note (Tranche 3 of (AA) above) to a lender for net loan proceeds of $17,500. The note bears interest at a rate of 10% per annum, was due on September 18, 2019, and is convertible at the option of the lender into shares of the Company common stock at a Conversion Price equal to 50% of the lowest Trading Price during the 20 Trading Day period prior to the Conversion Date. See Note 7 (Derivative Liability). (GG) On September 18, 2018, the Company issued a $18,000 Convertible Promissory Note to a lender for net loan proceeds of $14,000. The note bears interest at a rate of 10% per annum, was due on September 18, 2019, and is convertible at the option of the lender into shares of the Company common stock at a Conversion Price equal to 50% of the lowest Trading Price during the 20 Trading Day period prior to the Conversion Date. See Note 7 (Derivative Liability). (HH) On December 19, 2018, the Company issued a $200,000 Convertible Promissory Note to a lender for net loan proceeds of $169,000. The note bears interest at a rate of 10% per annum, was due on September 19, 2019, and is convertible at the option of the lender into shares of the Company common stock at a Conversion Price equal to the lesser of (i) the lowest Trading Price during the 25 Trading Day period prior to December 19, 2018 or (ii) 50% of the lowest Trading Price during the 25 Trading Day period prior to the Conversion Date. See Note 7 (Derivative Liability). (II) On February 4, 2019, the Company issued a $170,000 Convertible Promissory Note to a lender for net loan proceeds of $149,955. The note bears interest at a rate of 10% per annum, was due on August 4, 2019, and is convertible at the option of the lender into shares of the Company common stock at a Conversion Price equal to 50% of the lowest Trading Price during the 25 Trading Day period prior to the Conversion Date. See Note 7 (Derivative Liability). (JJ) On February 13, 2019, the Company issued a $75,000 Convertible Promissory Note to a lender for net loan proceeds of $67,500. The note bears interest at a rate of 10% per annum, was due on November 13, 2019, and is convertible at the option of the lender into shares of the Company common stock at a Conversion Price equal to 50% of the lowest Trading Price during the 20 Trading Day period prior to the Conversion Date. See Note 7 (Derivative Liability). (KK) On November 15, 2018, the Company issued a $20,000 Convertible Promissory Note (Tranche 4 of (AA) above) to a lender for net loan proceeds of $20,000. The note bears interest at a rate of 10% per annum, was due on November 15, 2019, and is convertible at the option of the lender into shares of the Company common stock at a Conversion Price equal to 50% of the lowest Trading Price during the 20 Trading Day period prior to the Conversion Date. See Note 7 (Derivative Liability). (LL) On November 30, 2018, the Company issued a $5,000 Convertible Promissory Note (Tranche 5 of (AA) above) to a lender for net loan proceeds of $5,000. The note bears interest at a rate of 10% per annum, was due on November 30, 2019, and is convertible at the option of the lender into shares of the Company common stock at a Conversion Price equal to 50% of the lowest Trading Price during the 20 Trading Day period prior to the Conversion Date. See Note 7 (Derivative Liability). (MM) On December 6, 2018, the Company issued a $3,000 Convertible Promissory Note (Tranche 6 of (AA) above) to a lender for net loan proceeds of $3,000. The note bears interest at a rate of 10% per annum, was due on December 6, 2019, and is convertible at the option of the lender into shares of the Company common stock at a Conversion Price equal to 50% of the lowest Trading Price during the 20 Trading Day period prior to the Conversion Date. See Note 7 (Derivative Liability). (NN) On December 11, 2018, the Company issued a $10,000 Convertible Promissory Note (Tranche 7 of (AA) above) to a lender for net loan proceeds of $10,000. The note bears interest at a rate of 10% per annum, was due on December 11, 2019, and is convertible at the option of the lender into shares of the Company common stock at a Conversion Price equal to 50% of the lowest Trading Price during the 20 Trading Day period prior to the Conversion Date. See Note 7 (Derivative Liability). (OO) On June 10, 2019, the Company issued a $58,750 Convertible Promissory Note to a lender for net loan proceeds of $50,000. The note bears interest at a rate of 12% per annum (24% per annum default rate), is due on March 10, 2020, and is convertible at the option of the lender into shares of the Company common stock at a Conversion Price equal to 50% of the lowest Trading Price during the 25 Trading Day period prior to the Conversion Date. See Note 7 (Derivative Liability). (PP) On September 5, 2019, the Company issued a $12,500 Convertible Promissory Note to a lender for net loan proceeds of $10,000. The note bears interest at a rate of 10% per annum, is due on September 5, 2020, and is convertible at the option of the lender into shares of the Company common stock at a Conversion Price equal to 50% of the lowest Trading Price during the 20 Trading Day period prior to the Conversion Date. See Note 7 (Derivative Liability). (QQ) On October 23, 2019, the Company issued a $260,000 Convertible Promissory Note to a lender for net loan proceeds of $234,000. The note bears interest at a rate of 10% per annum, is due on April 23, 2020, and is convertible at the option of the lender into shares of the Company common stock at a Conversion Price equal to 50% of the lowest Trading Price during the 25 Trading Day period prior to the Conversion Date. See Note 7 (Derivative Liability). (RR) On August 20, 2020, the Company issued a $385,000 Convertible Promissory Note to a lender which paid off the principal and accrued interest for the note described in (QQ) above. The note bears interest at a rate of 10% per annum, is due on August 20, 2021, and is convertible at the option of the lender into shares of the Company common stock at a Conversion Price equal to the higher of (1) the closing bid price of the Common Stock on the Trading Day immediately preceding the date of the conversion, or (2) the par value of the Common Stock. See Note 7 (Derivative Liability). Concentration of Notes Payable: The principal balance of the notes payable was due to: November 30, 2020 May 31, 2020 Lender A $ 23,167 $ 23,167 Lender B 186,153 258,750 Lender C 245,032 420,000 Lender D 90,500 110,500 14 other lenders 1,063,959 727,471 Total 1,608,811 1,539,888 Less debt discounts (265,808 ) (3,313 ) Net $ 1,343,003 $ 1,536,575 |
NOTE 6 - NOTES PAYABLE - RELATE
NOTE 6 - NOTES PAYABLE - RELATED PARTIES | 6 Months Ended |
Nov. 30, 2020 | |
Notes to Financial Statements | |
NOTE 6 - NOTES PAYABLE - RELATED PARTIES | NOTE 6 - NOTES PAYABLE – RELATED PARTIES Notes payable – related parties consisted of the following: November 30, May 31, Note payable to Company law firm (and owner of 2,500 shares of common stock since August 16, 2018), non-interest bearing, due on demand, unsecured $ 2,073 $ 2,073 Notes payable to The OZ Corporation (owner of 2,500 shares of common stock since August 16, 2018), non-interest bearing, due on demand, unsecured 103,250 103,250 Note payable to the Chief Executive Officer, non-interest bearing, due on demand, unsecured 2,800 — Convertible note payable to John D. Thomas P.C. (Company law firm and owner of 2,500 shares of common stock since August 16, 2018), interest at 10%, due on demand, convertible at the option of the lender into shares of Company common stock equal to 60% of the lowest Trading Price during the 20 Trading Day period prior to the Conversion Date. See Note 7 (Derivative Liability) 50,000 50,000 Total Notes Payable 158,123 155,323 Less: Current Portion (158,123 ) (155,323 ) Long-Term Notes Payable $ — $ — |
DERIVATIVE LIABILITY
DERIVATIVE LIABILITY | 6 Months Ended |
Nov. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
NOTE 7 - DERIVATIVE LIABILITY | NOTE 7 - DERIVATIVE LIABILITY The derivative liability at November 30, 2020 and May 31, 2020 consisted of: November 30, 2020 May 31, 2020 Face Value Derivative Liability Face Value Derivative Liability Convertible note payable issued December 29, 2015, due December 29, 2016 (M) $ 40,000 $ 160,000 $ 40,000 $ 53,333 Convertible note payable issued April 5, 2017, due on demand (W) 29,000 145,000 29,000 38,667 Convertible note payable issued April 5, 2017, due on demand (X) 21,500 107,500 21,500 28,667 Convertible note payable issued January 11, 2018, due on January 11, 2019 (AA) 23,167 92,668 23,167 30,889 Convertible note payable issued December 1, 2017, due on demand (BB) 50,000 83,333 50,000 50,000 Convertible note payable issued December 1, 2017, due on demand (CC) 50,000 83,333 50,000 50,000 Convertible note payable issued March 5, 2018, due on March 5, 2019 (DD) 35,000 140,000 35,000 46,667 Convertible note payable issued April 4, 2018, due on April 4, 2019 (EE) 37,500 150,000 37,500 50,000 Convertible note payable issued September 18, 2018, due on September 18, 2019 (FF) 22,500 90,000 22,500 30,000 Convertible note payable issued September 18, 2018, due on September 18, 2019 (GG) 8,506 34,022 8,506 34,022 Convertible note payable issued December 19, 2018, due on September 19, 2019 (HH) 188,036 744,613 200,000 266,667 Convertible note payable issued February 4, 2019, due on August 4, 2019 (II) 132,007 503,364 170,000 226,667 Convertible note payable issued February 13, 2019, due on November 13, 2019 (JJ) 66,929 267,718 75,000 100,000 Convertible note payable issued November 15, 2018, due on November 15, 2019 (KK) 20,000 80,000 20,000 26,667 Convertible note payable issued November 30, 2018, due on November 30, 2019 (LL) 5,000 20,000 5,000 6,667 Convertible note payable issued December 6, 2018, due on December 6, 2019 (MM) 3,000 12,000 3,000 4,000 Convertible note payable issued December 11, 2018, due on December 11, 2019 (NN) 10,000 40,000 10,000 13,333 Convertible note payable issued June 10, 2019, due on March 10, 2020 (OO) 58,750 235,000 58,750 78,333 Convertible note payable issued September 5, 2019, due on September 5, 2020 (PP) 12,500 50,000 12,500 20,833 Convertible note payable issued October 23, 2019, due on April 23, 2020 (QQ) — — 250,000 333,333 Convertible note payable issued August 20, 2020, due on August 20, 2021 (RR) 385,000 770,000 250,000 333,333 Totals $ 1,198,395 $ 3,808,551 $ 1,121,423 $ 1,488,745 The above convertible notes contain a variable conversion feature based on the future trading price of the Company common stock. Therefore, the number of shares of common stock issuable upon conversion of the notes is indeterminate. Accordingly, we have recorded the fair value of the embedded conversion features as a derivative liability at the respective issuance dates of the notes and charged the applicable amounts to debt discounts and the remainder to other expense. The increase (decrease) in the fair value of the derivative liability from the respective issuance dates of the notes to the measurement dates is charged (credited) to other expense (income). The fair value of the derivative liability of the notes is measured at the respective issuance dates and quarterly thereafter using the Black Scholes option pricing model. Assumptions used for the calculations of the derivative liability of the notes at November 30, 2020 include (1) stock price of $0.0002 per share, (2) exercise prices ranging from $0.00004 to $0.001 per share, (3) terms ranging from -0- days to 263 days, (4) expected volatility of 946% and (5) risk free interest rates ranging from 0.08% to 0.11%. Assumptions used for the calculations of the derivative liability of the notes at May 31, 2020 include (1) stock price of $0.0005 per share, (2) exercise prices ranging from $0.00012 to $0.00018 per share, (3) terms ranging from 0 days to 97 days, (4) expected volatility of 863% and (5) risk free interest rates ranging from 0.13% to 0.14%. Concentration of Derivative Liability: The derivative liability relates to convertible notes payable due to: November 30, 2020 May 31, 2020 Lender A $ 92,668 $ 30,889 Lender B 979,613 345,000 Lender C 1,273,364 560,000 Lender D 267,718 100,000 Lender E 362,000 151,500 6 other lenders 833,148 301,356 Total $ 3,808,511 $ 1,488,745 |
NOTE 8 - EQUITY TRANSACTIONS
NOTE 8 - EQUITY TRANSACTIONS | 6 Months Ended |
Nov. 30, 2020 | |
Equity [Abstract] | |
NOTE 8 - EQUITY TRANSACTIONS | NOTE 8 - EQUITY TRANSACTIONS On October 3, 2016, the Company amended its Articles of Incorporation to increase the number of authorized shares of common stock from 500,000,000 to 2,000,000,000 shares and to change the par value of both the common stock and preferred stock from $0.001 per share to $0.0001 per share. On November 9, 2016, the Company amended its Articles of Incorporation to increase the number of authorized shares of common stock from 2,000,000,000 to 10,000,000,000 shares and to amend the voting rights for the Series A Preferred Stock. As amended, each share of Series A Preferred Stock shall have voting rights equal to four times the sum of (a) all shares of Common Stock issued and outstanding at the time of voting; plus (b) the total number of votes of all other classes of preferred stock which are issued and outstanding at the time of voting; divided by (c) the number of shares of Series A Preferred Stock issued and outstanding at the time of voting. The Series A Preferred Stock has no conversion, liquidation, or dividend rights. On August 16, 2018, the Company entered into a Merger Agreement by and among the Company, and The Marquie Group, Inc., a Utah Corporation (“TMG”), pursuant to with the Company merged with TMG. The Company is the surviving corporation. Each shareholder of TMG received one (1) share of common stock of the Company for every one (1) share of TMG common stock held as of August 16, 2018. In accordance with the terms of the merger agreement, all of the shares of TMG held by TMG shareholders were cancelled, and 100,000 shares of common stock of the Company were issued to the TMG shareholders. TMG was incorporated on August 3, 2018. The merger provides the Company with certain registered trademarks and intellectual property of TMG with respect to health, beauty, and social networking products. The three stockholders of TMG prior to the merger who received the 100,000 shares are (1) Marc Angell (CEO of the Company) and Jacquie Angell (50,000 shares), (2) The OZ Corporation (holder of $103,250 of Company notes payable at May 31, 2019 and February 29, 2020) (25,000 shares), and (3) John Thomas P.C. (Company law firm and holder of $52,073 of Company notes payable at May 31, 2019 and February 29, 2020) (25,000 shares). Pursuant to ASC 805-50-30-5 relating to transactions between entities under common control, the intellectual property of TMG (and the issuance of the 100,000 shares of common stock) were recorded at $-0-, the historical cost of the property to TMG. During the year ended May 31, 2020, the Company issued an aggregate of 62,458,453 shares of common stock for the conversion of notes payable and accrued interest in the aggregate amount of $78,315. We incurred a loss on the conversion of notes payable and accrued interest of $159,802, which represents the excess of the $238,117 fair value of the 62,458,453 shares at the dates of conversion over the $78,315 amount of debt satisfied. On August 28, 2019, the Securities and Exchange Commission (the “SEC”) issued a Notice of Qualification regarding a Form 1-A filed by the Company in connection with the Company’s offering of up to 1,333,333,333 shares of common stock at a price of $0.0075 per share or a total offering of $10,000,000. The end date of the offering is August 28, 2020. On December 26, 2019, the Company amended its Form 1-A Offering Circular to reduce the offering price from $0.0075 per share to $0.0035 per share. As part of this offering, during the three months ended February 29, 2020, the Company issued an aggregate of 58,438,096 shares of common stock for cash in the amount of $287,200. On November 21, 2019, the Company merged with Global Nutrition Experience, Inc. (“GNE”) in exchange for the issuance of a total of 160,000,000 shares of our common stock to GNE’s stockholders. Following the merger, the Company had 161,061,647 shares of common stock issued and outstanding. GNE was incorporated on November 21, 2019. The stockholder of GNE prior to the merger who received the 160,000,000 shares was the Angell Family Trust. Pursuant to ASC 805-50-30-5 relating to transactions between entities under common control, the intellectual property of GNE (and the issuance of the 160,000,000 shares of common stock) were recorded at $-0-, the historical cost of the property to GNE. During the three months ended February 29, 2020, the Company issued an additional 33,000,000 shares of common stock as part of the merger. During the six months ended November 30, 2020, the Company issued an aggregate of 2,618,972,213 shares of common stock for the conversion of notes payable and accrued interest in the aggregate amount of $168,292. We incurred a loss on the conversion of notes payable and accrued interest of $545,519, which represents the excess of the $713,811 fair value of the 2,618,972,213 shares at the dates of conversion over the $168,292 amount of debt satisfied. At November 30, 2020, there are no stock options or warrants outstanding. |
NOTE 9 - COMMITMENTS AND CONTIN
NOTE 9 - COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Nov. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
NOTE 9 - COMMITMENTS AND CONTINGENCIES | NOTE 9 - COMMITMENTS AND CONTINGENCIES Consulting Agreements with Individuals The Company has entered into Consulting Agreements with the Company’s Chief Executive Officer, the wife of the Company’s Chief Executive Officer, the mother of the Company’s Chief Executive Officer, and other service providers (see Note 4 – Accrued Consulting Fees). The Consulting Agreement with the Company’s Chief Executive Officer provides for monthly compensation of $10,000 and has a term expiring December 31, 2020. The Consulting Agreement with the wife of the Company’s Chief Executive Officer provides for monthly compensation of $15,000 and has a term expiring July 31, 2021. The Consulting Agreement with the mother of the Company’s Chief Executive Officer provided for monthly compensation of $5,000 and was terminated as of November 30, 2019. The other 3 consulting agreements provided for monthly compensation totaling $6,500 and were terminated as of November 30, 2019. Corporate Consulting Agreement On March 14, 2018, the Company executed a Corporate Consulting Agreement (the “Agreement”) with a consulting firm entity (the “Consultant”). The Agreement provided for the Consultant to perform certain investor relations and other services for the Company. The term of the Agreement was 4 months but the Agreement provided that the Company could terminate the Agreement for any reason at any time upon 5 days written prior notice. The Agreement provided for 8 payments of cash fees totaling $240,000 to be paid to the Consultant over 4 months. On April 1, 2018, the Company notified the Consultant that the Agreement was terminated. A total of $25,000 was paid to the Consultant in March 2018 which was expensed and included in “Salaries and Consulting Fees” in the Consolidated Statement of Operations for the year ended May 31, 2018. No other amounts were accrued at August 31, 2020 and May 31, 2020. On October 16, 2018 (see Note 8), the Company issued 5,000 shares of its common stock to the Consultant. On October 26, 2018, the Consultant advised the Company that it had not been notified that the Agreement was terminated on April 1, 2018 and that the Company is in default of the Agreement. Consulting Agreement with New Jersey Entity On December 5, 2019 and January 13, 2020, the Company paid $50,000 and $50,000, respectively to a consulting firm entity (the “Consultant”) pursuant to Consulting Agreements dated December 4, 2019 and January 11, 2020. The Consulting Agreements provide for the Consultant to perform certain strategic planning, business development, and investor relations services for the Company for total compensation of $100,000 cash (which was expensed and included in “Other Selling, General and Administrative Expenses” in the Consolidated Statement of Operations for the three months ended February 29, 2020. The terms of the Consulting Agreements are for 90 days each. |
NOTE 10 - GOING CONCERN
NOTE 10 - GOING CONCERN | 6 Months Ended |
Nov. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NOTE 10 - GOING CONCERN | NOTE 10 - GOING CONCERN The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. At November 30, 2020, the Company had negative working capital of $6,486,286 and an accumulated deficit of $11,900,187. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. To date the Company has funded its operations through a combination of loans and sales of common stock. The Company anticipates another net loss for the fiscal year ended May 31, 2021 and with the expected cash requirements for the coming year, there is substantial doubt as to the Company’s ability to continue operations. The Company is attempting to improve these conditions by way of financial assistance through issuances of notes payable and additional equity and by generating revenues through sales of products and services. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
NOTE 1 - SUMMARY OF SIGNIFICA_2
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (Policies) | 6 Months Ended |
Nov. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited financial statements are presented in accordance with generally accepted accounting principles for interim financial information and the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting only of normal recurring accruals) considered necessary in order to make the financial statements not misleading, have been included. Operating results for the six months ended November 30, 2020 are not necessarily indicative of results that may be expected for the year ending May 31, 2021. |
Organization | Organization The Marquie Group, Inc. (formerly Music of Your Life, Inc.) (the “Company”) was incorporated under the laws of the State of Florida on January 30, 2008 under the name of “Zhong Sen International Tea Company”. From January 2008 to May 2013, the Company operated with the principal business objective of providing sales and marketing consulting services to small to medium sized Chinese tea producing companies who wished to export and distribute high quality Chinese tea products worldwide. On May 31, 2013 (the “Closing Date”), the Company entered into a Merger Agreement (the “Merger Agreement”) by and among the Company, Music of Your Life, Inc., a Nevada corporation (“MYL Nevada”) incorporated October 10, 2012, and Music of Your Life Merger Sub, Inc., a Utah corporation ("Merger Sub"), pursuant to which MYL Nevada merged with Merger Sub. As a result of the merger, MYL Nevada became a wholly-owned subsidiary of the Company, and on July 26, 2013, the Company changed its name to Music of Your Life, Inc., a syndicated radio network. On May 20, 2014 the Company acquired 100% of the outstanding stock of iRadio, Inc., a Utah corporation. The Company was the surviving corporation. iRadio was an entity related to the Company by common ownership. |
Reverse Stock Split | Reverse Stock Splits Effective June 20, 2018, the Company effectuated a 1 share for 4,000 shares reverse stock split which reduced the issued and outstanding shares of common stock from 3,642,441,577 shares to 910,610 shares. Effective September 4, 2019, the Company effectuated a 1 share for 400 shares reverse stock split which reduced the issued and outstanding shares of common stock from 423,639,620 shares to 1,061,357 shares. The accompanying financial statements have been retroactively adjusted to reflect these reverse stock splits. |
Acquisition of The Marquie Group, Inc. | Acquisition of The Marquie Group, Inc. On August 16, 2018 (see Note 8), the Company merged with The Marquie Group, Inc. (“TMGI”) in exchange for the issuance of a total of 100,000 shares of our common stock to TMGI’s stockholders. Following the merger, the Company had 102,277 shares of common stock issued and outstanding. On December 5, 2018, the Company amended and restated its Articles of Incorporation providing for a change in the Company’s name from “Music of Your Life, Inc.” to “The Marquie Group, Inc.” The TMGI business plan is to license, develop and launch a direct-to-consumer, health and beauty product line called “Whim” that use innovative formulations of plant-based, amino-acids and other natural alternatives to chemical ingredients. |
Acquisition of Global Nutrition Experience, Inc. | Acquisition of Global Nutrition Experience, Inc. On November 21, 2019 (see Note 8), the Company merged with Global Nutrition Experience, Inc. (“GNE”) in exchange for the issuance of a total of 193,000,000 shares of our common stock to GNE’s stockholder. The GNE business plan is to license intellectual property to third parties. |
NOTE 3 - MUSIC INVENTORY (Table
NOTE 3 - MUSIC INVENTORY (Tables) | 6 Months Ended |
Nov. 30, 2020 | |
Inventory Disclosure [Abstract] | |
Music inventory | November 30, 2020 May 31, 2020 Digital music acquired for use in operations – at cost $ 21,489 $ 21,465 Accumulated depreciation (15,977 ) (14,243 ) Music inventory – net $ 5,512 $ 7,222 |
NOTE 5 - NOTES PAYABLE (Tables)
NOTE 5 - NOTES PAYABLE (Tables) | 6 Months Ended |
Nov. 30, 2020 | |
Debt Disclosure [Abstract] | |
Notes payable | November 30, 2020 May 31, 2020 Notes payable to an entity, non-interest bearing, due on demand, unsecured $ 7,500 $ 7,500 Note payable to an individual, due on May 22, 2015, in default (B) 25,000 25,000 Note payable to an entity, non-interest bearing, due on February 1, 2016, in default (D) 50,000 50,000 Note payable to a family trust, stated interest of $2,500, due on October 31, 2015, in default (E) 7,000 7,000 Note payable to a corporation, stated interest of $5,000, due on October 21, 2015, in default (G) 50,000 50,000 Note payable to a corporation, stated interest of $5,000, due on November 6, 2015, in default (H) 50,000 50,000 Note payable to an individual, due on December 20, 2015, in default, 24% default rate from January 20, 2016 (I) 25,000 25,000 Convertible note payable to an entity, interest at 12%, due on December 29, 2016, in default (M) 40,000 40,000 Note payable to a family trust, interest at 10%, due on November 30, 2016, in default (P) 25,000 25,000 Convertible note payable to an individual, interest at 10%, due on demand (V) 46,890 46,890 Convertible note payable to an individual, interest at 8%, due on demand (W) 29,000 29,000 Convertible note payable to an individual, interest at 8%, due on demand (X) 21,500 21,500 Convertible note payable to an entity, interest at 10%, due on demand (Y) 8,600 8,600 Convertible note payable to an entity, interest at 10%, due on January 11, 2019, in default, 15% default interest rate from January 11, 2019 (AA) 23,167 23,167 Convertible note payable to an entity, interest at 10%, due on demand (CC) 50,000 50,000 Convertible note payable to an entity, interest at 10%, due on March 5, 2019, in default (DD) 35,000 35,000 Convertible note payable to an entity, interest at 10%, due on April 4, 2019, in default (EE) 37,500 37,500 Convertible note payable to an entity, interest at 10%, due on September 18, 2019, in default (FF) 22,500 22,500 Convertible note payable to an entity, interest at 10%, due on September 18, 2019, in default (GG) 8,505 8,505 Convertible note payable to an entity, interest at 10%, due on September 19, 2019, in default (HH) 186,153 200,000 Convertible note payable to an entity, interest at 10%, due on August 4, 2019, in default (II) 125,841 170,000 Convertible note payable to an entity, interest at 10%, due on November 13, 2019, in default (JJ) 66,930 75,000 Convertible note payable to an entity, interest at 10%, due on November 15, 2019, in default (KK) 20,000 20,000 Convertible note payable to an entity, interest at 10%, due on November 30, 2019, in default (LL) 5,000 5,000 Convertible note payable to an entity, interest at 10%, due on December 6, 2019, in default (MM) 3,000 3,000 Convertible note payable to an entity, interest at 10%, due on December 11, 2019, in default (NN) 10,000 10,000 Convertible note payable to an entity, interest at 12%, due on March 10, 2020, in default, 24% default interest rate from March 10, 2020 (OO) 58,750 58,750 Convertible note payable to an entity, interest at 10%, due on September 12, 2020, in default, net of discount of $-0- and $3,313, respectively (PP) 12,500 9,187 Convertible note payable to an entity, interest at 10%, due on April 23, 2020, in default (QQ) — 250,000 Convertible note payable to an entity, interest at 10%, due on August 20, 2021 – net of discount of $265,808 and $-0-, respectively (RR) 119,191 — Note payable to the Small Business Administration under the Payroll Protection Program, interest at 1%, due in installments through May 4, 2022, forgivable in part or whole subject to certain requirements 70,000 70,000 Notes payable to individuals, non-interest bearing, due on demand 103,476 103,476 Total Notes Payable 1,343,003 1,536,575 Less: Current Portion (1,343,003 ) (1,536,575 ) Long-Term Notes Payable $ — $ — November 30, 2020 May 31, 2020 Lender A $ 23,167 $ 23,167 Lender B 186,153 258,750 Lender C 245,032 420,000 Lender D 90,500 110,500 14 other lenders 1,063,959 727,471 Total 1,608,811 1,539,888 Less debt discounts (265,808 ) (3,313 ) Net $ 1,343,003 $ 1,536,575 |
NOTE 6 - NOTES PAYABLE - RELA_2
NOTE 6 - NOTES PAYABLE - RELATED PARTIES (Tables) | 6 Months Ended |
Nov. 30, 2020 | |
Related Party Transactions [Abstract] | |
Notes payable - related parties | November 30, May 31, Note payable to Company law firm (and owner of 2,500 shares of common stock since August 16, 2018), non-interest bearing, due on demand, unsecured $ 2,073 $ 2,073 Notes payable to The OZ Corporation (owner of 2,500 shares of common stock since August 16, 2018), non-interest bearing, due on demand, unsecured 103,250 103,250 Note payable to the Chief Executive Officer, non-interest bearing, due on demand, unsecured 2,800 — Convertible note payable to John D. Thomas P.C. (Company law firm and owner of 2,500 shares of common stock since August 16, 2018), interest at 10%, due on demand, convertible at the option of the lender into shares of Company common stock equal to 60% of the lowest Trading Price during the 20 Trading Day period prior to the Conversion Date. See Note 7 (Derivative Liability) 50,000 50,000 Total Notes Payable 158,123 155,323 Less: Current Portion (158,123 ) (155,323 ) Long-Term Notes Payable $ — $ — |
NOTE 7 - DERIVATIVE LIABILITY (
NOTE 7 - DERIVATIVE LIABILITY (Tables) | 6 Months Ended |
Nov. 30, 2020 | |
Notes to Financial Statements | |
Derivative liability | November 30, 2020 May 31, 2020 Face Value Derivative Liability Face Value Derivative Liability Convertible note payable issued December 29, 2015, due December 29, 2016 (M) $ 40,000 $ 160,000 $ 40,000 $ 53,333 Convertible note payable issued April 5, 2017, due on demand (W) 29,000 145,000 29,000 38,667 Convertible note payable issued April 5, 2017, due on demand (X) 21,500 107,500 21,500 28,667 Convertible note payable issued January 11, 2018, due on January 11, 2019 (AA) 23,167 92,668 23,167 30,889 Convertible note payable issued December 1, 2017, due on demand (BB) 50,000 83,333 50,000 50,000 Convertible note payable issued December 1, 2017, due on demand (CC) 50,000 83,333 50,000 50,000 Convertible note payable issued March 5, 2018, due on March 5, 2019 (DD) 35,000 140,000 35,000 46,667 Convertible note payable issued April 4, 2018, due on April 4, 2019 (EE) 37,500 150,000 37,500 50,000 Convertible note payable issued September 18, 2018, due on September 18, 2019 (FF) 22,500 90,000 22,500 30,000 Convertible note payable issued September 18, 2018, due on September 18, 2019 (GG) 8,506 34,022 8,506 34,022 Convertible note payable issued December 19, 2018, due on September 19, 2019 (HH) 188,036 744,613 200,000 266,667 Convertible note payable issued February 4, 2019, due on August 4, 2019 (II) 132,007 503,364 170,000 226,667 Convertible note payable issued February 13, 2019, due on November 13, 2019 (JJ) 66,929 267,718 75,000 100,000 Convertible note payable issued November 15, 2018, due on November 15, 2019 (KK) 20,000 80,000 20,000 26,667 Convertible note payable issued November 30, 2018, due on November 30, 2019 (LL) 5,000 20,000 5,000 6,667 Convertible note payable issued December 6, 2018, due on December 6, 2019 (MM) 3,000 12,000 3,000 4,000 Convertible note payable issued December 11, 2018, due on December 11, 2019 (NN) 10,000 40,000 10,000 13,333 Convertible note payable issued June 10, 2019, due on March 10, 2020 (OO) 58,750 235,000 58,750 78,333 Convertible note payable issued September 5, 2019, due on September 5, 2020 (PP) 12,500 50,000 12,500 20,833 Convertible note payable issued October 23, 2019, due on April 23, 2020 (QQ) — — 250,000 333,333 Convertible note payable issued August 20, 2020, due on August 20, 2021 (RR) 385,000 770,000 250,000 333,333 Totals $ 1,198,395 $ 3,808,551 $ 1,121,423 $ 1,488,745 |
NOTE 3 - MUSIC INVENTORY - Musi
NOTE 3 - MUSIC INVENTORY - Music inventory (Details) - USD ($) | Nov. 30, 2020 | May 31, 2020 |
Inventory Disclosure [Abstract] | ||
Digital music acquired for use in operations at cost | $ 21,489 | $ 21,465 |
Accumulated depreciation | (15,977) | (14,243) |
Music inventory net | $ 5,512 | $ 7,222 |
NOTE 5 - NOTES PAYABLE - Notes
NOTE 5 - NOTES PAYABLE - Notes payable (Details) - USD ($) | Nov. 30, 2020 | May 31, 2020 |
Notes payable to an entity | ||
Long-term notes payable | $ 7,500 | $ 75,000 |
Notes payable to an individual (B) | ||
Long-term notes payable | 25,000 | 25,000 |
Notes payable to an entity (D) | ||
Long-term notes payable | 50,000 | 50,000 |
Notes payable to a family trust (E) | ||
Long-term notes payable | 7,000 | 7,000 |
Notes payable to a corporation (G) | ||
Long-term notes payable | 50,000 | 50,000 |
Notes payable to a corporation (H) | ||
Long-term notes payable | 50,000 | 50,000 |
Notes payable to an individual (I) | ||
Long-term notes payable | 25,000 | 25,000 |
Notes payable to an entity (M) | ||
Long-term notes payable | 40,000 | 40,000 |
Notes payable to a family trust (P) | ||
Long-term notes payable | 25,000 | 25,000 |
Convertibl note payable to an individual (V) | ||
Long-term notes payable | 46,890 | 46,890 |
Convertibl note payable to an individual (W) | ||
Long-term notes payable | 29,000 | 29,000 |
Convertibl note payable to an individual (X) | ||
Long-term notes payable | 21,500 | 21,500 |
Convertibl note payable to an individual (Y) | ||
Long-term notes payable | 8,600 | 8,600 |
Convertibl note payable to an individual (AA) | ||
Long-term notes payable | 23,167 | 23,167 |
Convertibl note payable to an individual (CC) | ||
Long-term notes payable | 50,000 | 50,000 |
Convertibl note payable to an individual (DD) | ||
Long-term notes payable | 35,000 | 35,000 |
Convertibl note payable to an individual (EE) | ||
Long-term notes payable | 37,500 | 37,500 |
Convertibl note payable to an individual (FF) | ||
Long-term notes payable | 22,500 | 22,500 |
Convertibl note payable to an individual (GG) | ||
Long-term notes payable | 8,505 | 8,505 |
Note payable to an entity (HH) | ||
Long-term notes payable | 188,036 | 200,000 |
Note payable to an entity (II) | ||
Long-term notes payable | 125,841 | 170,000 |
Note payable to an entity (JJ) | ||
Long-term notes payable | 66,930 | 75,000 |
Note payable to an entity (KK) | ||
Long-term notes payable | 20,000 | 20,000 |
Note payable to an entity (LL) | ||
Long-term notes payable | 5,000 | 5,000 |
Note payable to an entity (MM) | ||
Long-term notes payable | 3,000 | |
Note payable to an entity (MM) | ||
Long-term notes payable | 3,000 | |
Note payable to an entity (NN) | ||
Long-term notes payable | 10,000 | 10,000 |
Note payable to an entity (OO) | ||
Long-term notes payable | 58,750 | 58,750 |
Note payable to an entity (PP) | ||
Long-term notes payable | 12,329 | 9,187 |
Note Payable to an entity (QQ) | ||
Long-term notes payable | 0 | 250,000 |
Notes payable to an individuals | ||
Long-term notes payable | $ 1,237,127 | $ 1,536,575 |
NOTE 6 - NOTES PAYABLE - RELA_3
NOTE 6 - NOTES PAYABLE - RELATED PARTIES - (Details) - USD ($) | Nov. 30, 2020 | May 31, 2020 |
Note payable to Company law firm | ||
Current portion | $ 2,073 | $ 2,073 |
Long-term notes payable | 2,073 | 2,073 |
Total notes payable | 0 | 0 |
Notes payable to The OZ Corporation | ||
Current portion | 103,250 | 103,250 |
Long-term notes payable | 103,250 | 103,250 |
Total notes payable | 0 | 0 |
Convertible note payable to John D. Thomas PC | ||
Current portion | 50,000 | 50,000 |
Long-term notes payable | 50,000 | 50,000 |
Total notes payable | $ 0 | $ 0 |
NOTE 7 - DERIVATIVE LIABILITY -
NOTE 7 - DERIVATIVE LIABILITY - Derivative liabilities (Details) - USD ($) | Nov. 30, 2020 | May 31, 2020 |
Convertible note payable, Derivative Liability | $ 3,808,551 | $ 1,488,745 |
Convertible note payable issued December 29, 2016 (M) | ||
Convertible note payable, Face Value | 40,000 | 40,000 |
Convertible note payable, Derivative Liability | 16,000 | 53,333 |
Convertible note payable issued April 5, 2017 (W) | ||
Convertible note payable, Face Value | 29,000 | 29,000 |
Convertible note payable, Derivative Liability | 145,000 | 38,667 |
Convertible note payable issued April 5, 2017 (X) | ||
Convertible note payable, Face Value | 21,500 | 21,500 |
Convertible note payable, Derivative Liability | 107,500 | 28,667 |
Convertible note payable issued January 11, 2018 (AA) | ||
Convertible note payable, Face Value | 23,167 | 23,167 |
Convertible note payable, Derivative Liability | 92,668 | 30,889 |
Convertible note payable issued December 1, 2017 (BB) | ||
Convertible note payable, Face Value | 50,000 | 50,000 |
Convertible note payable, Derivative Liability | 83,333 | 50,000 |
Convertible note payable issued December 1, 2017 (CC) | ||
Convertible note payable, Face Value | 50,000 | 50,000 |
Convertible note payable, Derivative Liability | 83,333 | 50,000 |
Convertible note payable issued March 5, 2018 (DD) | ||
Convertible note payable, Face Value | 35,000 | 35,000 |
Convertible note payable, Derivative Liability | 140,000 | 46,667 |
Convertible note payable issued April 4, 2018 (EE) | ||
Convertible note payable, Face Value | 37,500 | 37,500 |
Convertible note payable, Derivative Liability | 150,000 | 50,000 |
Convertible note payale issued September 18, 2018 (FF) | ||
Convertible note payable, Face Value | 22,500 | 22,500 |
Convertible note payable, Derivative Liability | 90,000 | 30,000 |
Convertible note payable issued September 18, 2018 (GG) | ||
Convertible note payable, Face Value | 8,505 | 8,506 |
Convertible note payable, Derivative Liability | 34,022 | 34,022 |
Conbertible note payable issued December 19, 2018 (HH) | ||
Convertible note payable, Face Value | 188,036 | |
Convertible note payable, Derivative Liability | 752,147 | |
Conbertible note payable issued December 19, 2018 (HH) | ||
Convertible note payable, Face Value | 200,000 | |
Convertible note payable, Derivative Liability | 266,667 | |
Convertible note payable issued February 4, 2019 (II) | ||
Convertible note payable, Face Value | 132,007 | 170,000 |
Convertible note payable, Derivative Liability | 528,029 | 226,667 |
Convertible note payable issued February 13, 2019 (JJ) | ||
Convertible note payable, Face Value | 66,929 | 75,000 |
Convertible note payable, Derivative Liability | 267,718 | 187,500 |
Convertible note payable issued November 15, 2018 (KK) | ||
Convertible note payable, Face Value | 20,000 | 20,000 |
Convertible note payable, Derivative Liability | 80,000 | 26,667 |
Convertible note payable issued November 30, 2018 (LL) | ||
Convertible note payable, Face Value | 5,000 | 5,000 |
Convertible note payable, Derivative Liability | 20,000 | 6,667 |
Convertible note payable issued December 6, 2018 (MM) | ||
Convertible note payable, Face Value | 3,000 | 3,000 |
Convertible note payable, Derivative Liability | 12,000 | 4,000 |
Convertible note payable issued December 11, 2018 due on December 11, 2019 (NN) | ||
Convertible note payable, Face Value | 10,000 | 10,000 |
Convertible note payable, Derivative Liability | 40,000 | 13,333 |
Convertible note payable issued June 10, 2019 due on June 10, 2020 (OO) | ||
Convertible note payable, Face Value | 58,750 | 58,750 |
Convertible note payable, Derivative Liability | 235,000 | 78,333 |
Convertible note payable issued September 5, 2019 due on September 5, 2020 (PP) | ||
Convertible note payable, Face Value | 12,500 | 12,500 |
Convertible note payable, Derivative Liability | 50,000 | 20,833 |
Convertible note payable issued October 23, 2019 due on April 23, 2020 (QQ) | ||
Convertible note payable, Face Value | 0 | 250,000 |
Convertible note payable, Derivative Liability | $ 0 | $ 333,333 |
NOTE 1 - SUMMARY OF SIGNIFICA_3
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (Details Narrative) | 6 Months Ended |
Nov. 30, 2020 | |
Accounting Policies [Abstract] | |
Reverse stock split | Effective June 20, 2018, the Company effectuated a 1 share for 4,000 shares reverse stock split which reduced the issued and outstanding shares of common stock from 3,642,441,577 shares to 910,610 shares. Effective September 4, 2019, the Company effectuated a 1 share for 400 shares reverse stock split which reduced the issued and outstanding shares of common stock from 423,639,620 shares to 1,061,357 shares. The accompanying financial statements have been retroactively adjusted to reflect these reverse stock splits. |
Acquisition of The Marquie Group, Inc. | On August 16, 2018 (see Note 8), the Company merged with The Marquie Group, Inc. (“TMGI”) in exchange for the issuance of a total of 100,000 shares of our common stock to TMGI’s stockholders. Following the merger, the Company had 102,277 shares of common stock issued and outstanding. On December 5, 2018, the Company amended and restated its Articles of Incorporation providing for a change in the Company’s name from “Music of Your Life, Inc.” to “The Marquie Group, Inc.” The TMGI business plan is to license, develop and launch a direct-to-consumer, health and beauty product line called “Whim” that use innovative formulations of plant-based, amino-acids and other natural alternatives to chemical ingredients. |
NOTE 2 - LOANS RECEIVABLE - R_2
NOTE 2 - LOANS RECEIVABLE - RELATED PARTY (Details Narrative) | 6 Months Ended |
Nov. 30, 2020 | |
Receivables [Abstract] | |
Loans receivable - Related Party | During the year ended May 31, 2013, the Company loaned $174,950 to the Company’s current chief executive in anticipation of the merger agreement described in Note 1. The loans were non-interest bearing and due on demand. Effective May 31, 2015, the Company agreed to waive collection of $100,000 of the remaining $115,950 loans receivable balance in exchange for the chief executive officer’s agreement to waive payment of the $100,000 accrued consulting fees balance due him at May 31, 2015. Effective May 31, 2020, the Company agreed to waive collection of $15,950 of the remaining loans receivable balance in exchange for the chief executive officer’s agreement to waive payment of $15,950 accrued consulting fees balance due him at May 31, 2020 (see Note 11). As of November 30, 2020, the balance due on this loan was $-0-. |
NOTE 7 - DERIVATIVE LIABILITY_2
NOTE 7 - DERIVATIVE LIABILITY (Details Narrative) | 6 Months Ended |
Nov. 30, 2020 | |
Notes to Financial Statements | |
Assumptions used for calculations | Assumptions used for the calculations of the derivative liability of the notes at November 30, 2020 include (1) stock price of $0.0002 per share, (2) exercise prices ranging from $0.00004 to $0.001 per share, (3) terms ranging from -0- days to 263 days, (4) expected volatility of 946% and (5) risk free interest rates ranging from 0.08% to 0.11%. |
NOTE 8 - EQUITY TRANSACTIONS (D
NOTE 8 - EQUITY TRANSACTIONS (Details Narrative) - USD ($) | 9 Months Ended | ||
Feb. 29, 2020 | Nov. 30, 2020 | May 31, 2019 | |
Increase in common stock, authorized | 10,000,000,000 | ||
Common stock, issued | 2,992,682,598 | ||
Amended Articles of Incorporation, October 3, 2016 | |||
Increase in common stock, authorized | 2,000,000,000 | ||
Amended Articles of Incorporation, November 9, 2016 | |||
Increase in common stock, authorized | 10,000,000,000 | ||
Conversion of notes payable (1) | |||
Common stock, issued | 278,818 | ||
Common stock, value | $ 54,653 | ||
Common stock for cash | |||
Common stock, issued | 29,500 | ||
Common stock, value | $ 500 | ||
Merger Agreement | |||
Merger with The Marquie Group, Inc. | On August 16, 2018, the Company entered into a Merger Agreement by and among the Company, and The Marquie Group, Inc., a Utah Corporation ("TMG"), pursuant to with the Company merged with TMG. The Company is the surviving corporation. Each shareholder of TMG received one (1) share of common stock of the Company for every one (1) share of TMG common stock held as of August 16, 2018. In accordance with the terms of the merger agreement, all of the shares of TMG held by TMG shareholders were cancelled, and 40,000,002 shares of common stock of the Company were issued to the TMG shareholders. TMG was incorporated on August 3, 2018. The merger provides the Company with certain registered trademarks and intellectual property of TMG with respect to health, beauty, and social networking products. The three stockholders of TMG prior to the merger who received the 40,000,002 shares are (1) Marc Angell (CEO of the Company) and Jacquie Angell (20,000,002 shares), (2) The OZ Corporation (holder of $103,250 of Company notes payable at May 31, 2018 and February 28, 2019) (10,000,000 shares), and (3) John Thomas P.C. (Company law firm and holder of $52,073 of Company notes payable at May 31, 2018 and February 28, 2019) (10,000,000 shares). Pursuant to ASC 805-50-30-5 relating to transactions between entities under common control, the intellectual property of TMG (and the issuance of the 40,000,002 shares of common stock) was recorded at $-0-, the historical cost of the property to TMG. | ||
Conversion of notes payable (2) | |||
Common stock, issued | 16,787,266 | ||
Common stock, value | $ 145,480 | ||
Excess of the fair value | $ 1,500,106 | ||
Consulting Firm | |||
Common stock, issued | 2,000,000 | ||
Common stock, value | $ 41,000 | ||
Excess of the fair value | $ 333,750 |
NOTE 10 - GOING CONCERN (Detail
NOTE 10 - GOING CONCERN (Details Narrative) - USD ($) | 6 Months Ended | |
Nov. 30, 2020 | May 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Negative working capital | $ 6,486,286 | |
Accumulated deficit | $ (11,900,409) | $ (11,900,187) |