PROMISSORY NOTES (Tables)
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6 Months Ended |
Nov. 30, 2015
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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] |
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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] |
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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] |
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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] |
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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] |
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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 | | |