Quarterly report pursuant to Section 13 or 15(d)

Nature of Business and Significant Accounting Policies (Tables)

v3.22.1
Nature of Business and Significant Accounting Policies (Tables)
 9 Months Ended
Feb. 28, 2022
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 February 28, 2022 and May 31, 2021.

 

   

February 28,

2022

    

May 31,

2021

  

Office equipment

   $ 126,824     $ 120,068  

Furniture and fixtures

     148,358       145,103  

Machinery & Equipment

     1,950,500       1,823,094  

Leasehold improvements

     2,850,475       2,822,017  

Less: accumulated depreciation

     (1,883,803

)

     (1,434,614

)

Property, plant, and equipment, net

   $ 3,192,354     $ 3,475,668  

 
Disaggregation of Revenue [Table Text Block]

The following table represents a disaggregation of revenue for the three and nine months ended February 28, 2022 and 2021:

 

   

For the Nine

   

For the Nine

  
   

Months Ended

    

Months Ended

  
   

February 28, 2022

    

February 28, 2021

  

Cannabis Dispensary

     10,670,203       10,202,638  

Cannabis Production

     5,832,775       3,030,202  
    $ 16,502,978     $ 13,232,840  

 

   

For the Three

    

For the Three

  
   

Months Ended

    

Months Ended

  
   

February 28, 2022

    

February 28, 2021

  

Cannabis Dispensary

     3,333,229       3,384,139  

Cannabis Production

     2,255,037       1,159,943  
    $ 5,588,266     $ 4,544,082  

 
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