Quarterly report pursuant to Section 13 or 15(d)

Right to Use Assets and Liabilities ??? Operating Leases (Tables)

v3.22.1
Right to Use Assets and Liabilities – Operating Leases (Tables)
 9 Months Ended
Feb. 28, 2022
Disclosure Text Block [Abstract]  
Lessee, Operating Lease, Disclosure [Table Text Block]

Right to use assets – operating leases are summarized below:

 

   

February 28,

2022

  

Amount at inception of leases

   $ 4,112,876  

Amount amortized

     (1,874,191

)

Balance – February 28, 2022

   $ 2,238,685  

 
Lease, Cost [Table Text Block]

Operating lease liabilities are summarized below:

 

Amount at inception of leases

   $ 4,069,476  

Amount amortized

     (1,787,472

)

Balance – February 28, 2022

   $ 2,282,004  

 

Warehouse and offices

   $ 2,055,145  

Land

     218,488  

Office equipment

     8,371  

Balance – February 28, 2022

   $ 2,282,004  
         
         

Lease liability

   $ 2,282,004  

Less: current portion

     (311,540

)

Lease liability, non-current

   $ 1,970,464  

 
Lessee, Operating Lease, Liability, Maturity [Table Text Block]

Maturity analysis under these lease agreements is as follows:

 

Twelve months ended February 28, 2023

   $ 496,066  

Twelve months ended February 28, 2024

     499,103  

Twelve months ended February 28, 2025

     512,532  

Twelve months ended February 28, 2026

     526,358  

Twelve months ended February 28, 2027

     226,297  

Thereafter

     799,417  

Total

   $ 3,059,773  

Less: Present value discount

     (777,769

)

Lease liability

   $ 2,282,004