Annual report pursuant to Section 13 and 15(d)

PREPAID EXPENSES AND OTHER CURRENT ASSETS

v3.20.2
PREPAID EXPENSES AND OTHER CURRENT ASSETS
 12 Months Ended
May 31, 2020
Disclosure Text Block Supplement [Abstract]  
Other Assets Disclosure [Text Block]

NOTE 7 – PREPAID EXPENSES AND OTHER CURRENT ASSETS


Prepaid expenses and other current assets consisted of the following at May 31, 2020 and 2019:


   

May 31,

    

May 31,

  
   

2020

    

2019

  

Deposits

   $ 2,315       211,493  

Prepaid expenses

     231,777       178,920  

Total

   $ 234,092     $ 390,413  

Deposits consist of amounts paid in advance for the acquisition of property and equipment. Prepaid expenses consist primarily of annual license fees charged by the State of Nevada; these fees are paid in advance, and amortized over the one year term of the licenses.


During the year ended May 31, 2020, the Company applied deposits in the amount of $281,966 to the acquisition of fixed assets.