Leases (Tables)

12 Months Ended

May 31, 2021

Leases [Abstract]

Schedule of Financing Lease

Financing leases consist of the following as of May 31:

	2021			2020
Non-cancelable financing leases	$	3,594,007		$	5,455,656
Less: Current portion of financing leases		(1,745,535	)		(1,838,251	)
Non-cancelable financing leases, net of current portion	$	1,848,472		$	3,617,405

Schedule of Non-cancelable Financing Leases

The production equipment under the non-cancelable financing leases at May 31, 2021 and 2020 is as follows:

	2021			2020
Production equipment under financing leases	$	8,473,357		$	8,473,357
Less: Accumulated amortization		(2,534,688	)		(1,521,818	)
Production equipment under financing leases, net	$	5,938,669		$	6,951,539

Schedule of Operating Leases

The outstanding liability for right to use assets under operating leases as of May 31, 2021 and 2020 is as follows:

	2021			2020
Liability under operating leases	$	109,013		$	181,525
Less: Current portion		(56,443	)		(74,024	)
Long-term portion of liability under operating leases	$	52,570		$	107,051

Summary of Lease Activity

For the years ended May 31, 2021 and 2020, a summary of lease activity follows:

	2021			2020
Lease Expense
Financing lease expense -
Amortization of right-of-use assets	$	1,012,870		$	906,909
Interest on lease liabilities		267,729			435,593
Operating lease expense		77,284			80,590
Short-term lease expense		1,481,270			1,595,311
Total	$	2,839,153		$	3,018,403
Other Information
Cash paid for amounts included in the measurement of lease liabilities for finance leases -
Operating cash flows	$	267,729		$	435,593
Financing cash flows	$	1,861,650		$	1,911,287
Cash paid for amounts included in the measurement of lease liabilities for operating leases -
Operating cash flows	$	77,284		$	80,590
Right-of-use assets obtained in exchange for lease liabilities -
Financing leases	$	-		$	612,124
Operating leases	$	-		$	67,750
Weighted-average remaining lease term (in years) -
Financing leases		2.0			3.0
Operating leases		2.1			2.8
Weighted-average discount rate -
Financing leases		7.4	%		7.4	%
Operating leases		5.3	%		5.2	%

Schedule of Future Minimum Lease Payments

Future minimum lease payments under non-cancelable operating and financing leases as of May 31, 2021, are approximately:

	Operating Leases			Financing Leases
Year ended May 31, 2021	$	61,881		$	1,948,534
Year ended May 31, 2022		33,881			1,666,035
Year ended May 31, 2023		19,018			253,192
Year ended May 31, 2024		1,990			12,304
Total lease payments		116,770			3,880,065
Less: Imputed interest		(7,757	)		(286,058	)
Present value of minimum lease payments	$	109,013		$	3,594,007