Annual report pursuant to Section 13 and 15(d)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

v3.19.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
May 31, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) [Line Items]  
Property, Plant and Equipment [Table Text Block]
Property, plant and equipment consisted of the following at May 31, 2019 and 2018.

   

May 31,

    

May 31,

  
   

2019

    

2018

  

Office equipment

   $ 53,152     $ 2,674  

Furniture & fixtures

     140,701       -  

Machinery & equipment

     969,196       -  

Leasehold improvements

     1,293,660       -  

Less: accumulated depreciation

     (546,408

)

     (2,674

)

Property and equipment, net 

   $ 1,910,301     $ -  
Disaggregation of Revenue [Table Text Block]
The following table represents a disaggregation of revenue for the years ended May 31, 2019 and 2018:

   

2019

    

2018

  

Cannabis Dispensary

   $ 5,492,312     $ -  

Cannabis Production

     2,966,736       -  
    $ 8,459,048     $ -  
Estimated Useful LIfe [Member]  
SUMMARY OF 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