Quarterly report pursuant to Section 13 or 15(d)

Nature of Business and Significant Accounting Policies (Tables)

v3.23.3
Nature of Business and Significant Accounting Policies (Tables)
 3 Months Ended
Aug. 31, 2023
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, 2023 and May 31, 2023:
   

August 31,

2023

    

May 31,

2023

  

Office equipment

   $ 151,026     $ 148,243  

Furniture and fixtures

     148,358       148,358  

Machinery & Equipment

     2,410,358       2,392,458  

Leasehold improvements

     2,911,164       2,911,164  

Less: accumulated depreciation

     (2,845,872

)

     (2,687,146

)

Property, plant, and equipment, net

   $ 2,775,034     $ 2,913,077  
Disaggregation of Revenue [Table Text Block] The following table represents a disaggregation of revenue for the three months ended August 31, 2023 and 2022:
   

For the Three

    

For the Three

  
   

Months Ended

    

Months Ended

  
   

August 31, 2023

    

August 31, 2022

  

Cannabis Dispensary

     3,308,542       3,888,557  

Cannabis Production

     1,805,985       2,156,370  
    $ 5,114,527     $ 6,044,927  
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