Annual report pursuant to Section 13 and 15(d)

RIGHT TO USE ASSETS AND LIABILITIES ??? OPERATING LEASES (Tables)

v3.22.2.2
RIGHT TO USE ASSETS AND LIABILITIES – OPERATING LEASES (Tables)
 12 Months Ended
May 31, 2022
Disclosure Text Block [Abstract]  
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Table Text Block]

Right to use assets – operating leases are summarized below:

 

   

May 31,

2022

  

Amount at inception of leases

   $ 4,112,876  

Amount amortized

     (1,958,359

)

Balance – May 31, 2022

   $ 2,154,517  

 
Lease, Cost [Table Text Block]

Operating lease liabilities are summarized below:

 

Amount at inception of leases

   $ 4,069,476  

Amount amortized

     (1,866,069

)

Balance – May 31, 2022

   $ 2,203,407  

 

Warehouse and offices

   $ 1,979,285  

Land

     216,151  

Office equipment

     7,971  

Balance – May 31, 2022

   $ 2,203,407  
         
         

Lease liability

   $ 2,203,407  

Less: current portion

     (309,597

)

Lease liability, non-current

   $ 1,893,810  

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

Maturity analysis under these lease agreements is as follows:

 

Twelve months ended May 31, 2023

   $ 493,327  

Twelve months ended May 31, 2024

     502,461  

Twelve months ended May 31, 2025

     515,988  

Twelve months ended May 31, 2026

     451,671  

Twelve months ended May 31, 2027

     227,053  

Thereafter

     741,756  

Total

   $ 2,932,256  

Less: Present value discount

     (728,849

)

Lease liability

   $ 2,203,407