Quarterly report pursuant to Section 13 or 15(d)

1. NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Property and Equipment (Policies)

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1. NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Property and Equipment (Policies)
9 Months Ended
Feb. 28, 2021
Policies  
Property and Equipment

Property and Equipment

 

Property and equipment are stated at cost less accumulated depreciation and impairment losses. Depreciation is provided for by the straight-line method over the estimated useful lives of the related assets.

 

Estimated useful lives of property and equipment are as follows:

 

Software

 

3 years

Computer equipment

 

3 – 5 years

Furniture and fixtures

 

5 – 7 years

Leasehold improvements

 

Shorter of estimated useful life or remaining term of the lease

 

Both the useful life of an asset and its residual value, if any, are reviewed annually.

 

Expenditures for repairs and maintenance are charged to expense as incurred. For assets sold or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts, and any related gain or loss is reflected in income for the period. The Company did not record any impairment for the three and nine months ended February 28, 2021 and for the period from October 28, 2019 (inception), through February 29, 2020.