Contingent Liability |
9 Months Ended |
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Feb. 29, 2020 | |
| Loss Contingency [Abstract] | |
| Contingencies Disclosure [Text Block] |
Note 16 – Contingent Liability The terms of the Company’s acquisition of Alternative Solutions, include a payment of $1,000,000 contingent upon the Oasis LLCs achieving certain revenue targets. (see note 3). The fair value of this contingent consideration at the time of the Acquisition Agreement was $678,111 as determined by the Company’s outside valuation consultants. Management has reviewed the value of the contingent consideration, and has concluded that, due to the increased revenue of Alternative Solutions, the fair value of this contingent liability was $1,000,000 at February 29, 2020 and May 31, 2019. The Company recorded a charge to operations in the amount of $321,889 during the year ended May 31, 2019. |
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- References No definition available.
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- Definition The entire disclosure for loss and gain contingencies. Describes any existing condition, situation, or set of circumstances involving uncertainty as of the balance sheet date (or prior to issuance of the financial statements) as to a probable or reasonably possible loss incurred by an entity that will ultimately be resolved when one or more future events occur or fail to occur, and typically discloses the amount of loss recorded or a range of possible loss, or an assertion that no reasonable estimate can be made. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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