v3.22.1
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
9 Months Ended
Feb. 28, 2022
Accounting Policies [Abstract]  
SCHEDULE OF DERIVATIVE LIABILITIES

 

    Level 1     Level 2     Level 3  
Derivative liabilities as November 30, 2021     -       -       -  
Addition     -       -       8,417,296  
Changes in fair value     -       -       4,275,986  
Derivative liabilities as February 28, 2022   $ -     $ -     $ 12,693,282  
SCHEDULE OF CHANGES IN CONTRACT ASSET AND CONTRACT LIABILITY

Significant Changes in Contract Asset and Contract Liability Balances for the nine months ended February 28, 2022:

 

   

Contract

Assets

Increase
(Decrease)

   

Contract
Liabilities

(Increase)
Decrease

 
             
Reclassification of the beginning contract liabilities to revenue, as the result of performance obligation satisfied   $ -     $ -  
Cash Received in advance and not recognized as revenue     -       (10,403,335 )
Reclassification of the beginning contract assets to receivables, as the result of rights to consideration becoming unconditional     (32,052,573 )     -  
Contract assets recognized, net reclassification to receivables     44,759,230       -  
Net Change   $ 12,706,657     $ (10,403,335 )
SCHEDULE OF DISAGGREGATION OF REVENUE

The following table disaggregates gross revenue by significant geographic area for the three and nine months ended February 28, 2022 and 2021 based on origin of shipment (imports) or destination of shipment (exports):

 

   

For the Three

Months Ended

February 28, 2022

   

For the Three

Months Ended

February 28, 2021

 
China, Hong Kong & Taiwan   $ 82,006,657     $ 48,767,302  
Southeast Asia     121,340,162       23,395,258  
United States     5,049,985       5,947,013  
India Sub-continent     34,943,595       5,645,861  
Other     7,095,496       7,206,980  
Total revenue   $ 250,435,895     $ 90,962,414  

 

   

For the Nine

Months Ended

February 28, 2022

   

For the Nine

Months Ended

February 28, 2021

 
China, Hong Kong & Taiwan   $ 285,424,103     $ 143,818,543  
Southeast Asia     361,600,180       73,073,258  
United States     28,254,253       26,170,665  
India Sub-continent     134,393,170       16,032,190  
Other     35,966,738       13,922,445  
Total revenue   $ 845,638,444     $ 273,017,101  
SCHEDULE OF EARNING PER SHARE

The following table provides a reconciliation of the numerator and denominator used in computing basic and diluted net income attributable to common stockholders per common share.

 

    February 28, 2022     February 28, 2021  
    For the Three Months Ended  
    February 28, 2022     February 28, 2021  
Numerator:                
Net (loss) income available to common stockholders   $ (9,496,311 )     1,264,998  
Effect of dilutive securities:     -       431,163  
                 
Diluted net (loss) income   $ (9,496,311 )   $ 1,696,161  
                 
Denominator:                
Weighted average common shares outstanding – basic     655,781,078       357,891,040  
                 
Dilutive securities (a):                
Series A Preferred     -       1,177,041,100  
Series B Preferred     -       5,499,034,800  
Convertible notes     -       1,809,848,927  
Warrants     -       1,132,733,563  
Series C Preferred     -       -  
Series D Preferred     -       -  
                 
Weighted average common shares outstanding and assumed conversion – diluted     655,781,078       9,976,549,430  
                 
Basic net (loss) income per common share   $ (0.01 )   $ 0.00  
                 
Diluted net (loss) income per common share   $ (0.01 )   $ 0.00  

 

    February 28, 2022     February 28, 2021  
    For the Nine Months Ended  
    February 28, 2022     February 28, 2021  
Numerator:                
Net income available to common stockholders   $ (2,984,670 )     2,088,044  
Effect of dilutive securities:     -       606,519  
                 
Diluted net income   $ (2,984,670 )   $ 2,694,963  
                 
Denominator:                
Weighted average common shares outstanding – basic     582,680,746       230,663,175  
                 
Dilutive securities (a):                
Series A Preferred     -       1,177,041,100  
Series B Preferred     -       5,499,034,800  
Convertible notes             1,809,848,927  
Warrants             1,132,733,563  
Series C Preferred     -       -  
Series D Preferred     -       -  
                 
Weighted average common shares outstanding and assumed conversion – diluted     582,680,746       9,849,321,565  
                 
Basic net income per common share   $ (0.01 )   $ 0.01  
                 
Diluted net income per common share   $ (0.01 )   $ 0.00