COMMITMENTS AND CONTINGENCIES (Tables)
|
9 Months Ended |
Feb. 28, 2022 |
|---|
| Commitments and Contingencies Disclosure [Abstract] |
|
| SCHEDULE OF COMPONENTS OF LEASE EXPENSE |
The
components of lease expense were as follows:
SCHEDULE OF COMPONENTS OF LEASE EXPENSE
| |
|
For the Three Months Ended |
|
|
For the Three Months Ended |
|
| |
|
February 28, 2022 |
|
|
February 28, 2021 |
|
| Operating lease |
|
$ |
310,965 |
|
|
$ |
387,657 |
|
| Interest on lease liabilities |
|
|
16,910 |
|
|
|
43,200 |
|
| Total net lease cost |
|
$ |
327,875 |
|
|
$ |
430,857 |
|
| |
|
For the Nine Months Ended
|
|
|
For the Nine Months Ended
|
|
| |
|
February 28, 2022 |
|
|
February 28, 2021 |
|
| Operating lease |
|
$ |
1,103,649 |
|
|
$ |
1,125,081 |
|
| Interest on lease liabilities |
|
|
104,242 |
|
|
|
141,265 |
|
| Total net lease cost |
|
$ |
1,207,891 |
|
|
$ |
1,266,346 |
|
|
| SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION |
Supplemental
balance sheet information related to leases was as follows:
SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION
| |
|
February 28, 2022 |
|
|
May 31, 2021 |
|
| |
|
|
|
|
|
|
| Operating leases: |
|
|
|
|
|
|
|
|
| Operating lease ROU assets – net |
|
$ |
2,693,878 |
|
|
$ |
3,797,527 |
|
| |
|
|
|
|
|
|
|
|
| Current operating lease liabilities, included in current liabilities |
|
|
(1,141,902 |
) |
|
|
(1,466,409 |
) |
| Noncurrent operating lease liabilities, included in long-term liabilities |
|
|
(1,656,882 |
) |
|
|
(2,431,144 |
) |
| Total operating lease liabilities |
|
$ |
(2,798,784 |
) |
|
$ |
(3,897,553 |
) |
|
| SCHEDULE OF SUPPLEMENTAL CASH FLOW AND OTHER INFORMATION |
Supplemental
cash flow and other information related to leases was as follows:
SCHEDULE OF SUPPLEMENTAL CASH FLOW AND OTHER INFORMATION
| |
|
For the Nine Months Ended
February 28, 2022
|
|
|
For the Nine Months Ended
February 28, 2021
|
|
| |
|
|
|
|
|
|
| Cash paid for amounts included in the measurement of lease liabilities: |
|
|
|
|
|
|
|
|
| Operating leases |
|
$ |
1,098,769 |
|
|
$ |
981,967 |
|
| ROU assets obtained in exchange for lease liabilities: |
|
|
|
|
|
|
|
|
| Operating leases |
|
$ |
- |
|
|
$ |
223,242 |
|
| Weighted average remaining lease term (in years): |
|
|
|
|
|
|
|
|
| Operating leases |
|
|
3.98 |
|
|
|
4.20 |
|
| Weighted average discount rate: |
|
|
|
|
|
|
|
|
| Operating leases |
|
|
4.25 |
% |
|
|
4.25 |
% |
|
| SCHEDULE OF MINIMUM LEASE PAYMENTS |
Future
minimum lease payments under noncancelable operating leases are as follows:
SCHEDULE OF MINIMUM LEASE PAYMENTS
| Twelve Months Ending February 28, |
|
|
|
| 2022 |
|
$ |
1,234,111 |
|
| 2023 |
|
|
535,217 |
|
| 2024 |
|
|
427,463 |
|
| 2025 |
|
|
310,223 |
|
| 2026 |
|
|
211,383 |
|
| Thereafter |
|
|
373,181 |
|
| Total lease payments |
|
|
3,091,578 |
|
| Less: imputed interest |
|
|
(292,794 |
) |
| Total lease obligations |
|
$ |
2,798,784 |
|
|