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Warrant Liability (Tables)

6 Months Ended

Nov. 30, 2021

Warrants And Rights Note Disclosure [Abstract]

Warrants outstanding at November 30, 2021:

			Balance							Balance
	Classification	Exercise Price	May 31, 2021		Issued		Exercised/Expired			November 30, 2021
Expiration date – September 26, 2021	Equity	3.08		166,000		—		(166,000	)		—
Expiration date – January 30, 2022	Equity	9.08		5,828,651		—		—			5,828,651
Expiration date – March 17, 2025	Liability	5.95		6,209,000		—		—			6,209,000
				12,203,651		—		(166,000	)		12,037,651

	November 30, 2021					November 30, 2020
				Weighted				Weighted
	Number of			average		Number of		average
	warrants			price		warrants		price
Outstanding, opening		12,203,651		$	7.41		5,994,651	$	8.91
Exercised during the period		—			—		—		—
Issued during the period		—			—		—		—
Cancelled during the period		—			—		—		—
Expired during the period		(166,000	)	$	3.08		—		—
Outstanding, ending		12,037,651		$	7.47		5,994,651	$	8.91

Schedule of Estimated Fair Value of Convertible Debenture / Warrant Liability, Contingent Consideration and Debt Securities Classified under Available-for-sale Method

The Company estimated the fair value of the Warrant liability at November 30, 2021 at $6.51 per warrant using the Black-Scholes pricing model (Level 3) with the following weighted-average assumptions:

Risk-free interest rate		1.40	%
Expected volatility		70	%
Expected term	3.80 years
Expected dividend yield		0.0	%
Strike price	$	5.95
Fair value of common stock	$	10.12

The unrealized gain (loss) on fair value for the convertible debenture, the warrant liability, contingent consideration, and debt securities classified under available-for-sale method is recognized in non-operating income (loss) using the following inputs:

Financial asset / financial liability	Valuation technique	Significant unobservable input	Inputs
APHA Convertible debentures	Black-Scholes	Volatility, expected life	70% 2.5 years
Warrant liability	Black-Scholes	Volatility, expected life	70% 3.8 years
Contingent consideration	Discounted cash flows	Discount rate, achievement	5% 100%
Debt securities classified under available-for-sale method	Black-Scholes	Interest rate, conversion	20% 0% to 60%