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

PROPERTY, PLANT AND EQUIPMENT

v3.22.1
PROPERTY, PLANT AND EQUIPMENT
 9 Months Ended 12 Months Ended
Feb. 28, 2022
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 February 28, 2022 and May 31, 2021.

 

   

February 28,

2022

    

May 31,

2021

  

Office equipment

   $ 126,824     $ 120,068  

Furniture and fixtures

     148,358       145,103  

Machinery & Equipment

     1,950,500       1,823,094  

Leasehold improvements

     2,850,475       2,822,017  

Less: accumulated depreciation

     (1,883,803

)

     (1,434,614

)

Property, plant, and equipment, net

   $ 3,192,354     $ 3,475,668  

 

The Company made payments in the amounts of $165,875 and $181,266 for property and equipment during the nine months ended February 28, 2022 and 2021, respectively.

 

Depreciation of property, plant, and equipment was $150,883 and $139,989 for the three months ended February 28, 2022 and 2021 respectively. Depreciation of property, plant, and equipment was $449,189 and $423,737 for the nine months ended February 28, 2022 and 2021, 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.