Note 6 – Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following at August 31, 2022 and May 31, 2022:

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.