v2.4.1.9
PROMISSORY NOTES (Tables)
6 Months Ended
Nov. 30, 2015
Schedule of Short-term Debt [Table Text Block]
Promissory notes – short-term consisted of the following:
  
 
 
November 30,
2015
 
May 31, 2015
 
 
 
(Unaudited)
 
 
 
Beginning balance – Principal
 
$
51,598
 
$
-
 
Promissory note – Sterling National Bank (current portion)
 
 
166,435
 
 
1,705,000
 
Payments
 
 
(51,598)
 
 
(1,653,402)
 
Total short-term promissory notes
 
 
166,435
 
 
51,598
 
 
 
 
 
 
 
 
 
Current portion of long-term promissory notes:
 
 
 
 
 
 
 
Promissory notes – Seller note - Staffing (UK) – current portion
 
 
55,689
 
 
55,689
 
Promissory notes – Seller note - PS – current portion
 
 
789,155
 
 
789,155
 
Promissory notes – Seller note – The JM Group
 
 
770,300
 
 
-
 
Promissory notes – Midcap Financial Trust Term Loan – current portion
 
 
750,000
 
 
750,000
 
Promissory notes – ABN AMRO Term Loan – current portion
 
 
577,725
 
 
-
 
 
 
 
2,991,013
 
 
1,594,844
 
 
 
 
 
 
 
 
 
Total Promissory notes – short-term
 
$
3,109,304
 
$
1,646,442
 
Schedule of Long-term Debt Instruments [Table Text Block]
Promissory notes – long-term consisted of the following:
 
 
 
November 30,
2015
 
May 31, 2015
 
 
 
(Unaudited)
 
 
 
Promissory notes – Staffing (UK):
 
 
 
 
 
 
 
Beginning balance - Principal
 
$
199,520
 
$
3,616,874
 
Payments
 
 
(27,845)
 
 
(361,324)
 
Conversions
 
 
-
 
 
(3,056,030)
 
 
 
 
171,675
 
 
199,520
 
Less current portion
 
 
(55,689)
 
 
(55,689)
 
 
 
 
115,986
 
 
143,831
 
Promissory note – PS:
 
 
 
 
 
 
 
Beginning balance - Principal
 
 
1,578,311
 
 
2,367,466
 
Payments
 
 
(394,578)
 
 
(789,155)
 
 
 
 
1,183,733
 
 
1,578,311
 
Less current portion
 
 
(789,155)
 
 
(789,155)
 
 
 
 
394,578
 
 
789,156
 
Promissory note – Sterling National Bank
 
 
 
 
 
 
 
Beginning balance - Principal
 
 
-
 
 
-
 
Proceeds
 
 
350,000
 
 
-
 
Payment
 
 
-
 
 
 
 
 
 
 
350,000
 
 
-
 
Less current portion
 
 
(166,435)
 
 
-
 
 
 
 
183,565
 
 
-
 
 
 
 
 
 
 
 
 
Promissory note – Midcap Financial Trust – Term Loan
 
 
 
 
 
 
 
Beginning balance - Principal
 
 
2,937,500
 
 
-
 
Proceeds
 
 
-
 
 
3,000,000
 
Payment
 
 
(375,000)
 
 
(62,500)
 
 
 
 
2,562,500
 
 
2,937,500
 
Less current portion
 
 
(750,000)
 
 
(750,000)
 
 
 
 
1,812,500
 
 
2,187,500
 
Promissory note – Midcap Financial Trust – Additional Term Loan
 
 
 
 
 
 
 
Beginning balance - Principal
 
 
700,000
 
 
-
 
Proceeds
 
 
50,000
 
 
700,000
 
Payment
 
 
-
 
 
-
 
 
 
 
750,000
 
 
700,000
 
Less current portion
 
 
-
 
 
-
 
 
 
 
750,000
 
 
700,000
 
Promissory note – ABN AMRO – Term Loan
 
 
 
 
 
 
 
Beginning balance – Principal
 
 
-
 
 
-
 
Proceeds
 
 
1,155,450
 
 
-
 
Payment
 
 
-
 
 
-
 
 
 
 
1,155,450
 
 
-
 
Less current portion
 
 
(577,725)
 
 
-
 
 
 
 
577,725
 
 
-
 
 
 
 
 
 
 
 
 
Total Promissory notes – long-term
 
$
3,834,354
 
$
3,820,487
 
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block]
The future payments related to the Initio Promissory Notes are as follows:
 
Year ended
May 31,
 
Amount
 
Twelve months ended
November 30,
 
Amount
 
2016
 
$
27,844
 
2016
 
$
55,689
 
2017
 
 
143,831
 
2017
 
 
115,986
 
Total
 
$
171,675
 
Total
 
$
171,675
 
Promissory note - PeopleSERVE [Member]  
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block]
Year ended
May 31,
 
Amount
 
Twelve months
ended
November 30,
 
Amount
 
2016
 
$
394,578
 
2016
 
$
789,155
 
2017
 
 
789,155
 
2017
 
 
394,578
 
Total
 
$
1,183,733
 
Total
 
$
1,183,733
 
Promissory note Midcap Financial Trust Term Loan [Member]  
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block]
Year ended
May 31,
 
Amount
 
Twelve months
ended
November 30,
 
Amount
 
2016
 
$
375,000
 
2016
 
$
750,000
 
2017
 
 
750,000
 
2017
 
 
750,000
 
2018
 
 
750,000
 
2018
 
 
750,000
 
2019
 
 
687,500
 
2019
 
 
312,500
 
Total
 
$
2,562,500
 
Total
 
$
2,562,500
 
Promissory Note Midcap Financial Trust Additional Term Loan [Member]  
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block]
 
 
 
 
Twelve months
 
 
 
Year ended
 
 
 
ended
 
 
 
May 31,
 
Amount
 
November 30,
 
Amount
 
2016
 
$
-
 
2016
 
$
-
 
2017
 
 
-
 
2017
 
 
-
 
2018
 
 
-
 
2018
 
 
-
 
2019
 
 
750,000
 
2019
 
 
750,000
 
Total
 
$
750,000
 
Total
 
$
750,000
 
Promissory note - Sterling National Bank [Member]  
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block]
 
 
 
 
Twelve months
 
 
 
Year ended
 
 
 
ended
 
 
 
May 31,
 
Amount
 
November 30,
 
Amount
 
2016
 
$
79,412
 
2016
 
$
167,878
 
2017
 
 
185,197
 
2017
 
 
182,122
 
2018
 
 
85,391
 
2018
 
 
-
 
Total
 
$
350,000
 
Total
 
$
350,000
 
Promissory Note - ABN Amro Term Loan [Member]  
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block]
 
 
 
 
Twelve months
 
 
 
Year ended
 
 
 
ended
 
 
 
May 31,
 
Amount
 
November 30,
 
Amount
 
2016
 
$
288,863
 
2016
 
$
577,725
 
2017
 
 
577,725
 
2017
 
 
577,725
 
2018
 
 
288,862
 
2018
 
 
-
 
Total
 
$
1,155,450
 
Total
 
$
1,155,450