Quarterly report pursuant to Section 13 or 15(d)

Nature of Business and Significant Accounting Policies (Tables)

v3.23.1
Nature of Business and Significant Accounting Policies (Tables)
9 Months Ended
Feb. 28, 2023
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, 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  

 

Disaggregation of Revenue [Table Text Block]

The following table represents a disaggregation of revenue for the three and nine months ended February 28, 2023 and 2022:

 

   

For the Three

   

For the Three

 
   

Months Ended

   

Months Ended

 
   

February 28, 2023

   

February 28, 2022

 

Cannabis Dispensary

    3,592,261       3,333,229  

Cannabis Production

    1,908,014       2,255,037  
    $ 5,437,302     $ 5,588,266  

 

   

For the Nine

   

For the Nine

 
   

Months Ended

   

Months Ended

 
   

February 28, 2023

   

February 28, 2022

 

Cannabis Dispensary

    11,210,622       10,670,203  

Cannabis Production

    6,345,784       5,832,775  
    $ 17,556,406     $ 16,502,978  

 

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