Ample Hills Business Acquisition (Tables)

3 Months Ended

Aug. 31, 2020

Business Combination, Step Acquisition [Abstract]

Purchase price allocation

Purchase Price
Cash paid to sellers	$	1,000,000
Cure payments	$	668,877
Total Purchase Price	$	1,668,877
Purchase Price Allocation
Assets Acquired
Right-of-use operating lease assets		10,645,098
Website		26,601
Tradename and trademarks		938,863
Proprietary Recipes		152,006
Security deposits		225,180
Machinery and equipment		581,616
Leasehold improvements		852,848
Inventory		665,163
Total Assets Acquired	$	14,087,375
Liabilities Assumed
Right-of-use operating lease liabilities		10,645,098
Deferred Tax Liability		453,238
Customer Deposits		20,204
Gift card liabilities		28,343
Total Liabilities Assumed	$	11,146,883
Net Assets Acquired	$	2,940,492
Gain on bargain purchase	$	1,271,615