Quarterly report [Sections 13 or 15(d)]

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

v3.25.1
Right of Use Assets and Liabilities – Operating Leases (Tables)
 9 Months Ended
Feb. 28, 2025
Disclosure Text Block [Abstract]  
Lease, Cost [Table Text Block]

Right of use assets – operating leases are summarized below:

 

    February 28,
2025		  
Amount at inception of leases   $ 4,504,921  
Amount amortized     (3,021,908 )
Prior Period Impairment of Quinn River Lease     (205,888 )
Balance – February 28, 2025   $ 1,277,125  

 

Operating lease liabilities are summarized below:

 

Amount at inception of leases   $ 4,461,521  
Amount amortized     (2,896,490 )
Balance – February 28, 2025   $ 1,565,031  
Warehouse and offices   $ 1,356,131  
Land     205,888  
Office equipment     3,012  
Balance – February 28, 2025   $ 1,565,031  
         
Lease liability   $ 1,565,031  
Less: current portion     (510,480 )
Lease liability, non-current   $ 1,054,551  
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]

Maturity analysis under these lease agreements is as follows:

 

Twelve months ended February 28, 2025   $ 691,606  
Twelve months ended February 28, 2026     320,797  
Twelve months ended February 28, 2027     327,976  
Twelve months ended February 29, 2028     306,876  
Twelve months ended February 28, 2029     257,291  
Thereafter     91,000  
Total   $ 1,995,546  
Less: Present value discount     (430,515 )
Lease liability   $ 1,565,031