General form of registration statement for all companies including face-amount certificate companies

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

v3.21.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
9 Months Ended 12 Months Ended
Feb. 28, 2021
May 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) [Line Items]    
Property, Plant and Equipment [Table Text Block]
Property, plant and equipment consisted of the following at February 28, 2021 and May 31, 2020.


   

February 28, 

2021

   

May 31,

2020

 

Office equipment

  $ 115,616     $ 94,887  

Furniture and fixtures

    145,103       144,025  

Machinery & Equipment

    1,785,906       1,741,830  

Leasehold improvements

    2,778,350       2,662,967  

Less: accumulated depreciation

    (1,291,937

)

    (868,200

)

Property, plant, and equipment, net

  $ 3,533,038     $ 3,775,509  
Property, plant and equipment consisted of the following at May 31, 2020 and 2019:


   

May 31,

   

May 31,

 
   

2020

   

2019

 

Office equipment

  $ 94,887     $ 53,152  

Furniture & fixtures

    144,025       140,701  

Machinery & equipment

    1,741,830       969,196  

Leasehold improvements

    2,662,967       1,293,660  

Less: accumulated depreciation

    (868,200

)

    (546,408

)

Property and equipment, net 

  $ 3,775,509     $ 1,910,301  
Disaggregation of Revenue [Table Text Block]
The following table represents a disaggregation of revenue for the three and nine months ended February 28, 2021 and February 29, 2020:


   

For the Nine

   

For the Nine

   

For the Three

   

For the Three

 
   

Months Ended

   

Months Ended

   

Months Ended

   

Months Ended

 
   

February 28, 2021

   

February 29, 2020

   

February 28, 2021

   

February 29, 2020

 

Cannabis Dispensary

    10,202,638       7,035,268       3,384,139       2,637,006  

Cannabis Production

    3,030,202       2,104,348       1,159,943       587,164  
      13,232,840       9,139,616       4,544,082       3,224,170  
The following table represents a disaggregation of revenue for the years ended May 31, 2020 and 2019:


   

2020

   

2019

 

Cannabis Dispensary

  $ 9,365,105     $ 5,492,312  

Cannabis Production

    2,552,524       2,966,736  
    $ 11,917,629     $ 8,459,048  
Estimated Useful LIfe [Member]    
SUMMARY OF 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

 
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