Quarterly report pursuant to Section 13 or 15(d)

Nature of Business and Significant Accounting Policies (Tables)

v3.21.1
Nature of Business and Significant Accounting Policies (Tables)
 9 Months Ended
Feb. 28, 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 February 28, 2021 and May 31, 2020.


   

February 28, 

2021

    

May 31,

2020

  

Office equipment

   $ 115,616     $ 94,887  

Furniture and fixtures

     145,103       144,025  

Machinery & Equipment

     1,785,906       1,741,830  

Leasehold improvements

     2,778,350       2,662,967  

Less: accumulated depreciation

     (1,291,937

)

     (868,200

)

Property, plant, and equipment, net

   $ 3,533,038     $ 3,775,509  
Disaggregation of Revenue [Table Text Block]
The following table represents a disaggregation of revenue for the three and nine months ended February 28, 2021 and February 29, 2020:


   

For the Nine

    

For the Nine

    

For the Three

    

For the Three

  
   

Months Ended

    

Months Ended

    

Months Ended

    

Months Ended

  
   

February 28, 2021

    

February 29, 2020

    

February 28, 2021

    

February 29, 2020

  

Cannabis Dispensary

     10,202,638       7,035,268       3,384,139       2,637,006  

Cannabis Production

     3,030,202       2,104,348       1,159,943       587,164  
      13,232,840       9,139,616       4,544,082       3,224,170  
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