Quarterly report pursuant to Section 13 or 15(d)

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

v3.23.3
Right of Use Assets and Liabilities – Operating Leases (Tables)
 3 Months Ended
Aug. 31, 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:
   

August 31,

2023

  

Amount at inception of leases

   $ 4,159,621  

Amount amortized

     (2,401,892

)

Prior Period Impairment of Quinn River Lease

     (205,888

)

Balance – August 31, 2023

   $ 1,551,841  
Lease, Cost [Table Text Block] Operating lease liabilities are summarized below:

Amount at inception of leases

   $ 4,116,221  

Amount amortized

     (2,284,853

)

Balance – August 31, 2023

   $ 1,831,368  

Warehouse and offices

   $ 1,619,629  

Land

     205,888  

Office equipment

     5,851  

Balance – August 31, 2023

   $ 1,831,368  
         
         

Lease liability

   $ 1,831,368  

Less: current portion

     (404,889

)

Lease liability, non-current

   $ 1,426,479  

 
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] Maturity analysis under these lease agreements is as follows:

Twelve months ended August 31, 2024

   $ 529,435  

Twelve months ended August 31, 2025

     519,444  

Twelve months ended August 31, 2026

     376,797  

Twelve months ended August 31, 2027

     227,999  

Twelve months ended August 31, 2028

     233,362  

Thereafter

     461,229  

Total

   $ 2,348,266  

Less: Present value discount

     (516,898

)

Lease liability

   $ 1,831,368