General form of registration statement for all companies including face-amount certificate companies

PREPAID EXPENSES AND OTHER CURRENT ASSETS

v3.22.1
PREPAID EXPENSES AND OTHER CURRENT ASSETS
 6 Months Ended 12 Months Ended
Nov. 30, 2021
May 31, 2021
Disclosure Text Block Supplement [Abstract]    
Other Assets Disclosure [Text Block]

Note 5 – Prepaid Expenses and Other Current Assets

 

Prepaid expenses and other current assets consisted of the following:

 

 

 

November 30,

2021

 

 

May 31,

2021

 

Deposits

 

$

2,226

 

 

$

2,244

 

Prepaid expenses

 

 

196,501

 

 

 

250,069

 

Other receivable

 

 

60,000

 

 

 

10,000

 

Total

 

$

258,727

 

 

$

262,313

 

 

Deposits consist of amounts paid in advance for the acquisition of property and equipment. Prepaid expenses consist primarily of annual license fees charged by the State of Nevada; these fees are paid in advance, and amortized over the one-year term of the licenses.

NOTE 6 – PREPAID EXPENSES AND OTHER CURRENT ASSETS

 

Prepaid expenses and other current assets consisted of the following at May 31, 2021 and 2020:

 

 

 

May 31,

 

 

May 31,

 

 

 

2021

 

 

2020

 

Deposits

 

$

2,244

 

 

 

2,315

 

Prepaid expenses

 

 

250,069

 

 

 

231,777

 

Other receivables

 

 

10,000

 

 

 

-

 

Total

 

$

262,313

 

 

$

234,092

 

 

Deposits consist of amounts paid in advance for the acquisition of property and equipment. Prepaid expenses consist primarily of annual license fees charged by the State of Nevada; these fees are paid in advance, and amortized over the one year term of the licenses.

 

During the year ended May 31, 2020, the Company applied deposits in the amount of $281,966 to the acquisition of fixed assets.