Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
May 31, 2024
May 31, 2023
Current assets    
Cash and cash equivalents $ 600,007 $ 998,421
Accounts Receivable 682,894 431,204
Inventory 1,968,573 3,012,932
Prepaid expenses and other current assets 49,309 148,953
Total current assets 3,300,783 4,591,510
Property, plant and equipment, net of accumulated depreciation of $3,318,550 and $2,687,146 2,423,553 2,913,077
Right of use assets, operating leases 1,475,351 1,641,577
Intangible assets, net of accumulated amortization of $348,015 and $588,217 9,978 209,088
Goodwill 557,896 557,896
Other assets 157,500 157,500
Total assets 7,925,061 10,070,648
Current liabilities    
Accounts payable and accrued liabilities 3,356,059 2,728,572
Accrued interest 3,600 634,594
Loans payable 0 471,380
Lease liability - operating leases, current 443,467 374,004
Lease liability - financing leases, current 96,224 86,887
Taxes Payable 8,899,863 6,752,457
Total current liabilities 14,229,035 16,340,529
Noncurrent liabilities    
Lease liability - operating leases, non-current 1,318,644 1,544,283
Lease liability - financing leases, non-current 100,252 200,280
Total Liabilities 20,833,859 23,871,220
Commitments and contingencies 0 0
Stockholder's deficit    
Preferred stock, $0.001 par value; 5,000,000 shares authorized; no shares issued 0 0
Common stock, $0.0001 par value; 345,000,000 shares authorized at May 31, 2024 and 187,500,000 at May 31, 2023; 124,500,873 shares and 72,543,141 issued and outstanding at May 31, 2024 and May 31, 2023, respectively 12,450 7,255
Additional paid-in capital 101,519,599 96,147,784
Common stock subscribed 65,702 65,702
Accumulated deficit (113,367,050) (108,879,446)
Stockholder's deficit attributable to CLS Holdings, Inc. (11,769,299) (12,658,705)
Non-controlling interest (1,139,499) (1,141,867)
Total stockholder's deficit (12,908,798) (13,800,572)
Total liabilities and stockholders' deficit 7,925,061 10,070,648
Nonrelated Party [Member]    
Current liabilities    
Notes payable, current 139,345 1,439,584
Convertible notes payable - current 302,005 2,952,160
Noncurrent liabilities    
Notes payable, non-current 407,951 2,033,077
Convertible notes payable, non-current 3,699,426 2,852,159
Related Party [Member]    
Current liabilities    
Notes payable, current 988,472 0
Convertible notes payable - current 0 900,891
Noncurrent liabilities    
Notes payable, non-current 1,078,551 0
Convertible notes payable, non-current $ 0 $ 900,892