Annual report pursuant to Section 13 and 15(d)

PROPERTY, PLANT AND EQUIPMENT

v3.20.2
PROPERTY, PLANT AND EQUIPMENT
 12 Months Ended
May 31, 2020
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Disclosure [Text Block]

NOTE 10 – PROPERTY, PLANT AND EQUIPMENT


Property, plant and equipment consisted of the following at May 31, 2020 and 2019:


   

May 31,

    

May 31,

  
   

2020

    

2019

  

Office equipment

   $ 94,887     $ 53,152  

Furniture & fixtures

     144,025       140,701  

Machinery & equipment

     1,741,830       969,196  

Leasehold improvements

     2,662,967       1,293,660  

Less: accumulated depreciation

     (868,200

)

     (546,408

)

Property and equipment, net 

   $ 3,775,509     $ 1,910,301  

The Company also made payments in the amount of $1,923,338 and $1,037,262 for property and equipment during the years ended May 31, 2020 and 2019, respectively; the Company also reclassified from deposits to property, plant and equipment the amounts of $281,966 and $0 during the years ended May 31, 2020 and 2019, respectively. During the year ended May 31, 2020, the Company disposed of fixed assets a net book value of $16,817 and recorded a loss on disposal of fixed assets in that amount; there was no such comparable transaction during the prior period. During the year ended May 31, 2019, the Company also acquired property, plant, and equipment with an aggregate fair value of $933,142 with the acquisition of Alternative Solutions. See note 4.


Depreciation expense totaled $323,279 and $173,277 for the years ended May 31, 2020 and 2019, respectively.