Annual report pursuant to Section 13 and 15(d)

PROPERTY, PLANT AND EQUIPMENT

v3.23.2
PROPERTY, PLANT AND EQUIPMENT
 12 Months Ended
May 31, 2023
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Disclosure [Text Block]

NOTE 9 – PROPERTY, PLANT AND EQUIPMENT

 

Property, plant and equipment consisted of the following at May 31, 2023 and 2022:

 

   

May 31,

    

May 31,

  
   

2023

    

2022

  

Office equipment

   $ 148,243     $ 132,859  

Furniture & fixtures

     148,358       148,358  

Machinery & equipment

     2,392,458       2,447,715  

Leasehold improvements

     2,911,164       3,686,951  

Less: accumulated depreciation

     (2,687,146

)

     (2,073,449

)

Property and equipment, net

   $ 2,913,077     $ 4,342,434  

 

The Company made payments in the amounts of $152,275 and $1,104,806 for property and equipment during the years ended May 31, 2023 and 2022, respectively.

 

Depreciation expense totaled $837,224 and $638,835 for the years ended May 31, 2023 and 2022, respectively.

 

During the year ended May 31, 2023, the Company recorded an impairment of the assets of Kealii Okamalu in the amount of $756,808. See note 4.