Quarterly report pursuant to Section 13 or 15(d)

Nature of Business and Significant Accounting Policies (Tables)

v3.21.4
Nature of Business and Significant Accounting Policies (Tables)
6 Months Ended
Nov. 30, 2021
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 November 30, 2021 and May 31, 2021.

 

   

November 30,

2021

   

May 31,

2021

 

Office equipment

  $ 126,824     $ 120,068  

Furniture and fixtures

    148,358       145,103  

Machinery & Equipment

    1,927,801       1,823,094  

Leasehold improvements

    2,852,314       2,822,017  

Less: accumulated depreciation

    (1,732,920

)

    (1,434,614

)

Property, plant, and equipment, net

  $ 3,322,377     $ 3,475,668  

 

Disaggregation of Revenue [Table Text Block]

The following table represents a disaggregation of revenue for the three and six months ended November 30, 2021 and 2020:

 

   

For the Six

   

For the Six

 
   

Months Ended

   

Months Ended

 
   

November 30, 2021

   

November 30, 2020

 

Cannabis Dispensary

    7,336,974       6,818,499  

Cannabis Production

    3,577,738       1,870,259  
      10,914,712       8,688,758  

 

   

For the Three

   

For the Three

 
   

Months Ended

   

Months Ended

 
   

November 30, 2021

   

November 30, 2020

 

Cannabis Dispensary

    3,591,399       3,732,974  

Cannabis Production

    1,822,603       1,174,915  
      5,414,002       4,907,889  

 

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

The following is a reconciliation for the calculation of basic and diluted earnings per share for the three and six months ended November 30, 2021 and 2020:

 

   

For the Three Months Ended November 30,

 
   

2021

   

2020

 
                 

Net income (loss) attributable to CLS Holdings USA, Inc.

  $ (345,472

)

  $ (849,376

)

Weighted average number of common shares outstanding

    128,158,080       126,548,887  

Dilutive effect of shares issuable

    -       -  

Diluted weighted average number of common shares outstanding

    128,158,080       126,548,887  

Basic loss per share

  $ (0.00

)

  $ (0.01

)

Diluted loss per share

  $ (0.00

)

  $ (0.01

)

 

   

For the Six Months Ended November 30,

 
   

2021

   

2020

 
                 

Net income (loss) attributable to CLS Holdings USA, Inc.

  $ 82,127     $ (1,994,412

)

Weighted average number of common shares outstanding

    128,071,067       126,535,075  

Dilutive effect of shares issuable

    70,000       -  

Diluted weighted average number of common shares outstanding

    128,141,067       126,535,075  

Basic earnings (loss) per share

  $ 0.00     $ (0.02

)

Diluted earnings (loss) per share

  $ 0.00     $ (0.02

)

 

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