Quarterly report pursuant to Section 13 or 15(d)

Nature of Business and Significant Accounting Policies (Tables)

v3.19.3.a.u2
Nature of Business and Significant Accounting Policies (Tables)
6 Months Ended
Nov. 30, 2019
Nature of Business and Significant Accounting Policies (Tables) [Line Items]  
Property, Plant and Equipment [Table Text Block]
Property, plant and equipment consisted of the following at November 30, 2019 and May 31, 2019.

   

November 30, 

2019

   

May 31,

2019

 

Office equipment

    53,152       53,152  

Furniture and fixtures

    141,984       140,701  

Machinery & Equipment

    1,177,345       969,196  

Leasehold improvements

  $ 2,787,804     $ 1,293,660  

Less: accumulated depreciation

    (660,092

)

    (546,408

)

Property, plant, and equipment, net

  $ 3,500,193     $ 1,910,301  
Disaggregation of Revenue [Table Text Block]
The following table represents a disaggregation of revenue for the three and six months ended November 30, 2019 and 2018:

   

For the Six

   

For the Six

   

For the Three

   

For the Three

 
   

Months Ended

   

Months Ended

   

Months Ended

   

Months Ended

 
   

November 30, 2019

   

November 30, 2018

   

November 30, 2019

   

November 30, 2018

 

Cannabis Dispensary

    4,398,262       2,459,973       2,312,362       1,683,266  

Cannabis Production

    1,517,184       696,290       744,069       293,644  
      5,915,446       3,156,263       3,056,431       1,976,910  
Estimated Useful LIfe [Member]  
Nature of Business and Significant Accounting Policies (Tables) [Line Items]  
Property, Plant and Equipment [Table Text Block]
Property and equipment is recorded at the lower of cost or estimated net recoverable amount, and is depreciated using the straight-line method over its estimated useful life. Property acquired in a business combination is recorded at estimated initial fair value. Property, plant, and equipment are depreciated using the straight-line method based on the lesser of the estimated useful lives of the assets or the lease term based upon the following life expectancy:

   

Years

 

Office equipment

    3 to 5  

Furniture & fixtures

    3 to 7  

Machinery & equipment

    3 to 10  

Leasehold improvements

 

Term of lease