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Subsequent Events
12 Months Ended
May 31, 2020
Subsequent Events [Abstract]  
Subsequent Events

Note V – Subsequent Events

 

On June 3, 2020 (the “Effective Date”), Nikola Corporation (“Nikola”) became a public company through a reverse merger with a subsidiary of VectoIQ Acquisition Corporation, a NASDAQ listed publicly traded company.  On the Effective Date, the investment had a readily determinable fair value and will be recorded at fair value each reporting period through the statement of earnings.  At the Effective Date, the Company owned 19,048,020 shares of Nikola common stock.  From July 6 to July 7, 2020, the Company sold an aggregate of 5,000,000 shares of Nikola common stock for aggregate proceeds of $237,875,856.  These proceeds are subject to tax.  After the sales, the Company owns 14,048,020 shares of Nikola common stock, 7,048,020 of which are subject to a lock-up agreement that restricts our ability to sell, transfer or otherwise monetize these shares until early December 2020, which may also adversely impact the value of this investment going forward.