NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
9 Months Ended |
Feb. 28, 2022 |
Accounting Policies [Abstract] |
|
SCHEDULE OF DERIVATIVE LIABILITIES |
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 |
|
Derivative
liabilities |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
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:
SCHEDULE OF CHANGES IN CONTRACT ASSET AND CONTRACT LIABILITY
|
|
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):
SCHEDULE OF DISAGGREGATION OF REVENUE
|
|
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.
SCHEDULE OF EARNING PER 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 |
|
|