Annual report pursuant to Section 13 and 15(d)

PROPERTY, PLANT AND EQUIPMENT

v3.21.2
PROPERTY, PLANT AND EQUIPMENT
 12 Months Ended
May 31, 2021
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Disclosure [Text Block]

NOTE 9 – PROPERTY, PLANT AND EQUIPMENT


Property, plant and equipment consisted of the following at May 31, 2021 and 2020:


   

May 31,

    

May 31,

  
   

2021

    

2020

  

Office equipment

   $ 120,068     $ 94,887  

Furniture & fixtures

     145,103       144,025  

Machinery & equipment

     1,823,094       1,741,830  

Leasehold improvements

     2,822,017       2,662,967  

Less: accumulated depreciation

     (1,434,614

)

     (868,200

)

Property and equipment, net 

   $ 3,475,668     $ 3,775,509  

The Company made payments in the amounts of $269,437 and $1,923,338 for property and equipment during the years ended May 31, 2021 and 2020, respectively. The Company also reclassified from deposits to property, plant and equipment the amounts of $0 and $281,966 during the years ended May 31, 2021 and 2020, respectively. During the year ended May 31, 2020, the Company disposed of fixed assets with a net book value of $16,817 and recorded a loss on disposal of fixed assets in that amount. There was no such comparable transaction during the year ended May 31, 2021.


Depreciation expense totaled $569,278 and $323,279 for the years ended May 31, 2021 and 2020, respectively.