Quarterly report pursuant to Section 13 or 15(d)

COMMITMENTS AND CONTINGENCIES (Tables)

v3.22.1
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:

 

    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:

 

    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:

 

   

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:

 

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