Leases (Tables)

9 Months Ended

Feb. 28, 2022

Leases

Schedule of Financing Lease

Financing leases as of February 28, 2022 and May 31, 2021:

	February 28, 2022			May 31, 2021
Non-cancellable financing leases	$	2,370,077		$	3,594,007
Less: Current portion		(1,592,166	)		(1,745,535	)
Non-cancellable financing leases, net of current portion	$	777,911		$	1,848,472

Summary of Lease Activity

For the periods ending February 28, 2022 and 2021:

	2022			2021
Lease Expense
Financing lease expense -
Amortization of right-of-use assets	$	721,923		$	758,902
Interest on lease liabilities		119,000			218,088
Operating lease expense		53,411			61,411
Short-term lease expense		1,101,133			1,117,628
Total	$	1,995,467		$	2,156,029
Other Information
Cash paid for amounts included in the measurement of lease liabilities for finance leases -
Operating cash flows	$	119,000		$	218,088
Financing cash flows	$	1,248,371		$	1,407,081
Cash paid for amounts included in the measurement of lease liabilities for operating leases -
Operating cash flows	$	53,411		$	61,411
Weighted-average remaining lease term (in years) -
Financing leases		1.5			2.8
Operating leases		1.9			2.2
Weighted-average discount rate -
Financing leases		7.3	%		7.4	%
Operating leases		5.4	%		5.2	%

Schedule of Future Minimum Lease Payments

Future minimum lease payments under non-cancelable leases as of February 28, 2022, are approximately:

	Financing Leases		Operating Leases
Twelve months ended February 28, 2023	$	1,709,132	$	33,881
Twelve months ended February 29, 2024		771,741		24,550
Twelve months ended February 28, 2025		22,479		7,468
Twelve months ended February 28, 2026		7,807		-
Twelve months ended February 28, 2027		502		-
Total future minimum lease payments		2,511,661		65,899
Present value discount		141,584		3,657
Present value of minimum lease payments	$	2,370,077	$	62,242