Quarterly report pursuant to Section 13 or 15(d)

Right of Use Assets and Liabilities ??? Operating Leases (Tables)

v3.23.1
Right of Use Assets and Liabilities – Operating Leases (Tables)
 9 Months Ended
Feb. 28, 2023
Disclosure Text Block [Abstract]  
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Table Text Block]

Right of use assets – operating leases are summarized below:

 

   

February 28,

2023

  

Amount at inception of leases

   $ 4,159,621  

Amount amortized

     (2,221,423

)

Balance – February 28, 2023

   $ 1,938,198  

 
Lease, Cost [Table Text Block]

Operating lease liabilities are summarized below:

 

Amount at inception of leases

   $ 4,116,221  

Amount amortized

     (2,110,080

)

Balance – February 28, 2023

   $ 2,006,141  

 

Warehouse and offices

   $ 1,722,874  

Land

     208,599  

Office equipment

     6,725  

Balance – February 28, 2023

   $ 1,938,198  
         
         

Lease liability

   $ 2,006,141  

Less: current portion

     (362,917

)

Lease liability, non-current

   $ 1,643,224  

 
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]

Maturity analysis under these lease agreements is as follows:

 

Twelve months ended February 28, 2024

   $ 524,554  

Twelve months ended February 28, 2025

     523,265  

Twelve months ended February 28, 2026

     526,358  

Twelve months ended February 28, 2027

     226,296  

Twelve months ended February 28, 2028

     230,641  

Thereafter

     568,775  

Total

   $ 2,599,889  

Less: Present value discount

     (593,748

)

Lease liability

   $ 2,006,141