Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
May 31, 2021
May 31, 2020
Current assets    
Cash and cash equivalents $ 1,665,263 $ 2,925,568
Accounts Receivable 684,935 161,409
Inventory 1,228,052 575,242
Prepaid expenses and other current assets 262,313 234,092
Interest receivable - current portion 0 3,322
Notes receivable - current portion 0 4,042,175
Total current assets 3,840,563 7,941,808
Property, plant and equipment, net of accumulated depreciation of $1,434,614 and $868,200 3,475,668 3,775,509
Right of use assets, operating leases 2,250,009 1,403,429
Intangible assets, net of accumulated amortization of $358,403 and $242,389 1,305,190 1,421,204
Goodwill 557,896 557,896
Other assets 167,455 167,455
Total assets 11,596,781 15,267,301
Current liabilities    
Accounts payable and accrued liabilities 1,608,625 1,172,883
Accrued interest 267,945 222,433
Lease liability - operating leases, current 287,125 336,900
Taxes Payable 2,490,295 0
Notes payable, net of discount 330,495 0
Contingent liability 0 150,000
Total current liabilities 4,984,485 1,882,216
Noncurrent liabilities    
Lease liability - operating leases, non-current 1,979,294 1,136,151
Convertible notes payable - Long Term, net of discount of $0 and $2,238,730 19,729,822 17,644,482
Total Liabilities 26,693,601 20,662,849
Commitments and contingencies 0 0
Stockholder's equity (deficit)    
Preferred stock, $0.001 par value; 20,000,000 shares authorized; no shares issued 0 0
Common stock, $0.0001 par value; 750,000,000 shares authorized at May 31, 2021 and 2020; 127,221,416 and 126,521,416 shares issued and outstanding at May 31, 2021 and 2020 12,723 12,653
Additional paid-in capital 77,561,393 71,196,814
Common stock subscribed 65,702 241,109
Accumulated deficit (92,736,638) (76,846,124)
Total stockholder's equity (deficit) (15,096,820) (5,395,548)
Total liabilities and stockholders' equity (deficit) $ 11,596,781 $ 15,267,301