Quarterly report pursuant to Section 13 or 15(d)

Property, Plant and Equipment

v3.23.1
Property, Plant and Equipment
 9 Months Ended
Feb. 28, 2023
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Disclosure [Text Block]

Note 8 – Property, Plant and Equipment

 

Property, plant and equipment consisted of the following at February 28, 2023 and May 31, 2022:

 

   

February 28,

2023

    

May 31,

2022

  

Office equipment

   $ 136,476     $ 132,859  

Furniture and fixtures

     148,358       148,358  

Machinery & Equipment

     2,561,290       2,447,715  

Leasehold improvements

     3,711,224       3,686,951  

Less: accumulated depreciation

     (2,703,369

)

     (2,073,449

)

Property, plant, and equipment, net

   $ 3,853,979     $ 4,342,434  

 

The Company made payments in the amounts of $141,465 and $165,875 for property and equipment during the nine months ended February 28, 2023 and May 31, 2022, respectively.

 

Depreciation expense totaled $210,187 and $150,883 for the three months ended February 28, 2023 and 2022, respectively. Depreciation expense totaled $629,920 and $449,189 for the nine months ended February 28, 2023 and 2022, respectively.