Quarterly report pursuant to Section 13 or 15(d)

Property, Plant and Equipment

v3.24.1.u1
Property, Plant and Equipment
 9 Months Ended
Feb. 29, 2024
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Disclosure [Text Block]

Note 8: Property, Plant and Equipment

 

Property, plant and equipment consisted of the following at February 29, 2024 and May 31, 2023:

 

   

February 29,

2024

    

May 31,

2023

  

Office equipment

   $ 159,401     $ 148,243  

Furniture and fixtures

     148,358       148,358  

Machinery & Equipment

     2,431,960       2,392,458  

Leasehold improvements

     2,911,164       2,911,164  

Less: accumulated depreciation

     (3,162,030 )     (2,687,146 )

Property, plant, and equipment, net

   $ 2,488,853     $ 2,913,077  

 

The Company made payments in the amounts of $50,659 and $141,465 for property and equipment during the nine months ended February 29, 2024 and February 28, 2023, respectively.

 

Depreciation expense totaled $157,634 and $210,187 for the three months ended February 29, 2024 and February 28, 2023, respectively. Depreciation expense totaled $474,884 and $629,920 for the nine months ended February 29, 2024 and February 28, 2023, respectively.