v3.21.2
Commitments and Contingencies (Tables)
 12 Months Ended
May 31, 2021
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Components of Lease Expense

The components of lease expense were as follows:

 

    For the
Year Ended
May 31, 2021		  
       
Operating lease   $ 1,506,090  
Interest on lease liabilities     148,039  
Total net lease cost   $ 1,654,129  
Schedule of Supplemental Balance Sheet Information

Supplemental balance sheet information related to leases was as follows:

 

    May 31, 2021     May 31, 2020  
             
Operating leases:                
Operating lease ROU assets – net   $ 3,797,527     $ 4,770,280  
                 
Current operating lease liabilities, included in current liabilities   $ 1,466,409     $ 1,288,216  
Noncurrent operating lease liabilities, included in long-term liabilities     2,431,144       3,482,064  
Total operating lease liabilities   $ 3,897,553     $ 4,770,280  
Schedule of Supplemental Cash Flow and Other Information

Supplemental cash flow and other information related to leases was as follows:

 

    For the
Year Ended
May 31, 2021		     For the Period from Inception, October 28, 2019 Through
May 31, 2020		  
             
ROU assets obtained in exchange for lease liabilities:                
Operating leases   $ 223,242     $ 4,770,280  
Weighted average remaining lease term (in years):                
Operating leases     4.04       4.48  
Weighted average discount rate:                
Operating leases     4.25 %     4.25 %
Schedule of Minimum Lease Payments

As of May 31, 2021, future minimum lease payments under noncancelable operating leases are as follows:

 

Future Minimum Payments for the Twelve Months Ending May 31,      
2022   $ 1,598,287  
2023     958,942  
2024     528,755  
2025     455,771  
2026     256,978  
Thereafter     467,008  
Total lease payments     4,265,740  
Less: imputed interest     (368,187 )
Total lease obligations   $ 3,897,553