Quarterly report pursuant to Section 13 or 15(d)

Right to Use Assets and Liabilities ??? Operating Leases (Tables)

v3.21.4
Right to Use Assets and Liabilities – Operating Leases (Tables)
6 Months Ended
Nov. 30, 2021
Disclosure Text Block [Abstract]  
Lessee, Operating Lease, Disclosure [Table Text Block]

Right to use assets – operating leases are summarized below:

 

   

November 30,

2021

 

Amount at inception of leases

  $ 4,112,876  

Amount amortized

    (1,791,712

)

Balance – November 30, 2021

  $ 2,321,164  

 

Lease, Cost [Table Text Block]

Operating lease liabilities are summarized below:

 

Amount at inception of leases

  $ 4,069,476  

Amount amortized

    (1,713,628

)

Balance – November 30, 2021

  $ 2,355,848  

 

Warehouse and offices

  $ 2,091,664  

Land

    220,738  

Office equipment

    8,762  

Balance – November 30, 2021

  $ 2,355,848  
         
         

Lease liability

  $ 2,355,848  

Less: current portion

    (306,464

)

Lease liability, non-current

  $ 2,049,384  

 

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

Maturity analysis under these lease agreements is as follows:

 

Twelve months ended November 30, 2022

  $ 498,901  

Twelve months ended November 30, 2023

    495,845  

Twelve months ended November 30, 2024

    509,175  

Twelve months ended November 30, 2025

    522,901  

Twelve months ended November 30, 2026

    301,548  

Thereafter

    855,723  

Total

  $ 3,184,093  

Less: Present value discount

    (828,245

)

Lease liability

  $ 2,355,848