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

PROPERTY, PLANT AND EQUIPMENT

v3.22.1
PROPERTY, PLANT AND EQUIPMENT
 6 Months Ended 12 Months Ended
Nov. 30, 2021
May 31, 2021
Property, Plant and Equipment [Abstract]    
Property, Plant and Equipment Disclosure [Text Block]

Note 8 – Property, Plant and Equipment

 

Property, plant and equipment consisted of the following at November 30, 2021 and May 31, 2021.

 

 

 

November 30,

2021

 

 

May 31,

2021

 

Office equipment

 

$

126,824

 

 

$

120,068

 

Furniture and fixtures

 

 

148,358

 

 

 

145,103

 

Machinery & Equipment

 

 

1,927,801

 

 

 

1,823,094

 

Leasehold improvements

 

 

2,852,314

 

 

 

2,822,017

 

Less: accumulated depreciation

 

 

(1,732,920

)

 

 

(1,434,614

)

Property, plant, and equipment, net

 

$

3,322,377

 

 

$

3,475,668

 

 

The Company made payments in the amounts of $145,015 and $163,019 for property and equipment during the six months ended November 30, 2021 and 2020, respectively.

 

Depreciation of property, plant, and equipment was $150,428 and $142,856 for the three months ended November 30, 2021 and 2020 respectively. Depreciation of property, plant, and equipment was $298,306 and $283,748 for the six months ended November 30, 2021 and 2020 respectively.

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.