CLS Holdings USA, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Nature of Business and Significant Accounting Policies (Tables)

Nature of Business and Significant Accounting Policies (Tables)

3 Months Ended

Aug. 31, 2022

Nature of Business and Significant Accounting Policies (Tables) [Line Items]

Property, Plant and Equipment [Table Text Block]

Property, plant and equipment consisted of the following at August 31, 2022 and May 31, 2022:

	August 31, 2022			May 31, 2022
Office equipment	$	134,463		$	132,859
Furniture and fixtures		148,358			148,358
Machinery & Equipment		2,522,441			2,447,715
Leasehold improvements		3,698,854			3,686,951
Less: accumulated depreciation		(2,281,639	)		(2,073,449	)
Property, plant, and equipment, net	$	4,222,477		$	4,342,434

Disaggregation of Revenue [Table Text Block]

The following table represents a disaggregation of revenue for the three months ended August 31, 2022 and 2021:

	For the Three		For the Three
	Months Ended		Months Ended
	August 31, 2022		August 31, 2021
Cannabis Dispensary		3,888,557		3,745,575
Cannabis Production		2,156,370		1,755,135
	$	6,044,927	$	5,500,710

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

The following is a reconciliation for the calculation of basic and diluted earnings per share for the three months ended August 31, 2022 and 2021:

	For the Three Months Ended August 31,
	2022			2021

Net income (loss) attributable to CLS Holdings, Inc.	$	(1,148,478	)	$	427,599
Weighted average number of common shares outstanding		32,052,021			31,996,250
Dilutive effect of shares issuable		-			17,500
Diluted weighted average number of common shares outstanding		32,052,021			32,013,750
Basic earnings (loss) per share	$	(0.04	)	$	0.01
Diluted earnings (loss) per share	$	(0.04	)	$	0.01

Estimated Useful LIfe [Member]

Nature of Business and Significant Accounting Policies (Tables) [Line Items]

Property, Plant and Equipment [Table Text Block]

Property and equipment is recorded at the lower of cost or estimated net recoverable amount, and is depreciated using the straight-line method over its estimated useful life. Property acquired in a business combination is recorded at estimated initial fair value. Property, plant, and equipment are depreciated using the straight-line method based on the lesser of the estimated useful lives of the assets or the lease term based upon the following life expectancy:

	Years
Office equipment		3 to 5
Furniture & fixtures		3 to 7
Machinery & equipment		3 to 10
Leasehold improvements	Term of lease