Quarterly report pursuant to Section 13 or 15(d)

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

v3.22.2.2
Right to Use Assets and Liabilities – Operating Leases (Tables)
 3 Months Ended
Aug. 31, 2022
Disclosure Text Block [Abstract]  
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Table Text Block]

Right of use assets – operating leases are summarized below:

 

   

August 31,

2022

  

Amount at inception of leases

   $ 4,159,621  

Amount amortized

     (2,045,108

)

Balance – August 31, 2022

   $ 2,114,513  

 
Lease, Cost [Table Text Block]

Operating lease liabilities are summarized below:

 

Amount at inception of leases

   $ 4,116,221  

Amount amortized

     (1,946,043

)

Balance – August 31, 2022

   $ 2,170,178  

 

Warehouse and offices

   $ 1,948,886  

Land

     213,727  

Office equipment

     7,565  

Balance – August 31, 2022

   $ 2,170,178  
         
         

Lease liability

   $ 2,170,178  

Less: current portion

     (341,625

)

Lease liability, non-current

   $ 1,828,553  

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

Maturity analysis under these lease agreements is as follows:

 

Twelve months ended August 31, 2023

   $ 517,658  

Twelve months ended August 31, 2024

     529,431  

Twelve months ended August 31, 2025

     519,444  

Twelve months ended August 31, 2026

     376,797  

Twelve months ended August 31, 2027

     227,999  

Thereafter

     684,095  

Total

   $ 2,855,424  

Less: Present value discount

     (685,246

)

Lease liability

   $ 2,170,178