Quarterly report pursuant to Section 13 or 15(d)

Nature of Business and Significant Accounting Policies (Tables)

v3.21.2
Nature of Business and Significant Accounting Policies (Tables)
 3 Months Ended
Aug. 31, 2021
Nature of Business and Significant Accounting Policies (Tables) [Line Items]  
Property, Plant and Equipment [Table Text Block]

Property, plant and equipment consisted of the following at August 31, 2021 and May 31, 2021.

 

   

August 31, 

2021

    

May 31,

2021

  

Office equipment

   $ 124,381     $ 120,068  

Furniture and fixtures

     145,103       145,103  

Machinery & Equipment

     1,893,091       1,823,094  

Leasehold improvements

     2,840,686       2,822,017  

Less: accumulated depreciation

     (1,582,492

)

     (1,434,614

)

Property, plant, and equipment, net

   $ 3,420,769     $ 3,475,668  

 
Disaggregation of Revenue [Table Text Block]

The following table represents a disaggregation of revenue for the three months ended August 31, 2021 and 2020:

 

   

For the Three

    

For the Three

  
   

Months Ended

    

Months Ended

  
   

August 31, 2021

    

August 31, 2020

  

Cannabis Dispensary

     3,745,575       3,085,525  

Cannabis Production

     1,755,135       695,344  
      5,500,710       3,780,869  

 
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

The following is a reconciliation for the calculation of basic and diluted earnings per share for the three months ended August 31, 2021 and 2020:

 

   

For the Three Months Ended August 31,

  
   

2021

    

2020

  
                 

Net income (loss)

   $ 427,599     $ (1,145,036

)

Weighted average number of common shares outstanding

     127,985,000       126,521,416  

Dilutive effect of shares issuable

     70,000       -  

Diluted weighted average number of common shares outstanding

     128,055,000       126,521,416  

Basic earnings (loss) per share

   $ 0.00     $ (0.01

)

Diluted earnings (loss) per share

   $ 0.00     $ (0.01

)

 
Estimated Useful LIfe [Member]  
Nature of Business and 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