Annual report pursuant to Section 13 and 15(d)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
May 31, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) [Line Items]  
Property, Plant and Equipment [Table Text Block] Property, plant and equipment consisted of the following at May 31, 2024 and 2023:
   

May 31,

    

May 31,

  
   

2024

    

2023

  

Office equipment

   $ 163,126     $ 148,243  

Furniture & fixtures

     148,358       148,358  

Machinery & equipment

     2,519,455       2,392,458  

Leasehold improvements

     2,911,164       2,911,164  

Less: accumulated depreciation

     (3,318,550 )     (2,687,146 )

Property and equipment, net

   $ 2,423,553     $ 2,913,077  
Disaggregation of Revenue [Table Text Block] The following table represents a disaggregation of revenue for the years ended May 31, 2024 and 2023:
   

2024

    

2023

  

Cannabis Dispensary

   $ 12,733,418     $ 14,822,577  

Cannabis Production

     7,227,715       8,311,030  
    $ 19,961,133     $ 23,133,607  
Estimated Useful LIfe [Member]  
SUMMARY OF 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