Quarterly report pursuant to Section 13 or 15(d)

Nature of Business and Significant Accounting Policies (Tables)

v3.24.3
Nature of Business and Significant Accounting Policies (Tables)
3 Months Ended
Aug. 31, 2024
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, 2024 and May 31, 2024:
   

August 31,

2024

   

May 31,

2024

 

Office equipment

  $ 163,126     $ 163,126  

Furniture and fixtures

    148,358       148,358  

Machinery & Equipment

    2,519,455       2,519,455  

Leasehold improvements

    2,911,164       2,911,164  

Less: accumulated depreciation

    (3,452,211 )     (3,318,550 )

Property, plant, and equipment, net

  $ 2,289,892     $ 2,423,553  
Disaggregation of Revenue [Table Text Block] The following table represents a disaggregation of revenue for the three months ended August 31, 2024 and 2023:
   

For the Three

   

For the Three

 
   

Months Ended

   

Months Ended

 
   

August 31, 2024

   

August 31, 2023

 

Cannabis Dispensary

    3,067,075       3,308,542  

Cannabis Production

    1,738,090       1,805,985  
    $ 4,805,165     $ 5,114,527  
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