Annual report pursuant to Section 13 and 15(d)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

v3.21.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
May 31, 2021
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, 2021 and 2020:


   

May 31,

    

May 31,

  
   

2021

    

2020

  

Office equipment

   $ 120,068     $ 94,887  

Furniture & fixtures

     145,103       144,025  

Machinery & equipment

     1,823,094       1,741,830  

Leasehold improvements

     2,822,017       2,662,967  

Less: accumulated depreciation

     (1,434,614

)

     (868,200

)

Property and equipment, net 

   $ 3,475,668     $ 3,775,509  
Disaggregation of Revenue [Table Text Block]
The following table represents a disaggregation of revenue for the years ended May 31, 2021 and 2020:


   

2021

    

2020

  

Cannabis Dispensary

   $ 14,595,115     $ 9,365,105  

Cannabis Production

     4,696,972       2,552,524  
    $ 19,292,087     $ 11,917,629  
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