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v3.23.2

LEASES (Tables) | 12 Months Ended
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May 31, 2023
Leases [Abstract] |
Summary of Lease Cost, Supplemental Cash Flow and Other Information | The Company presents lease costs as follows:
(in thousands) |  |  | Fiscal Year Ended
Lease Type | Consolidated Statements of Operations Presentation |  | May 31, 2023 |  | May 31, 2022
Operating lease cost: |  |  |  |  |
Operating lease expense | Selling, General and Administrative |  | $ | 347 |  |  | $ | 328 |
Short-term lease expense | Selling, General and Administrative |  | 187 |  |  | 126 |
Sublease Income | Selling, General and Administrative |  | (103) |  |  | (159) |
Total operating lease cost |  |  | $ | 431 |  |  | $ | 295 |
Finance lease expense: |  |  |  |  |
Amortization of ROU assets related to revenue production | Cost of Sales |  | 554 |  |  | 85 |
Amortization of ROU assets not related to revenue production | Depreciation and Amortization Expense |  | 2,782 |  |  | 26 |
Interest on finance leases | Interest Expense |  | 773 |  |  | 50 |
Variable finance lease expense | Selling, General and Administrative |  | 3 |  |  | — |
Total finance lease cost |  |  | $ | 4,112 |  |  | $ | 161 |
Total Lease Cost |  |  | $ | 4,543 |  |  | $ | 456 |
Supplemental cash flow and other information related to leases is as follows:
| Fiscal Year Ended
| May 31, 2023 | May 31, 2022
Weighted-average years remaining (in years) |  |
Finance leases | 22 | 57
Operating leases | 3 | 4
Weighted-average discount rate |  |
Finance leases | 8 | % | 8 | %
Operating leases | 11 | % | 13 | %
Schedule of Future Minimum Finance Lease Payments | The following table represents the Company’s future minimum lease payments as of May 31, 2023:
(in thousands) |  |  |
Year | Operating Leases | Finance Leases | Total
FY24 | $ | 445 |  | $ | 6,687 |  | $ | 7,132 |
FY25 | 482 |  | 5,429 |  | 5,911 |
FY26 | 495 |  | 348 |  | 844 |
FY27 | 158 |  | 188 |  | 346 |
FY28 | — |  | 180 |  | 180 |
Beyond | — |  | 87,145 |  | 87,145 |
Total | $ | 1,580 |  | $ | 99,977 |  | $ | 101,557 |
Present value of lease liabilities | $ | (255) |  | $ | (85,921) |  | $ | (86,176) |
Less: Current portion of lease liability | $ | 320 |  | $ | 5,722 |  | $ | 6,042 |
Long-term portion of lease liability | $ | 1,005 |  | $ | 8,334 |  | $ | 9,339 |
Schedule of Future Minimum Operating Lease Payments | The following table represents the Company’s future minimum lease payments as of May 31, 2023:
(in thousands) |  |  |
Year | Operating Leases | Finance Leases | Total
FY24 | $ | 445 |  | $ | 6,687 |  | $ | 7,132 |
FY25 | 482 |  | 5,429 |  | 5,911 |
FY26 | 495 |  | 348 |  | 844 |
FY27 | 158 |  | 188 |  | 346 |
FY28 | — |  | 180 |  | 180 |
Beyond | — |  | 87,145 |  | 87,145 |
Total | $ | 1,580 |  | $ | 99,977 |  | $ | 101,557 |
Present value of lease liabilities | $ | (255) |  | $ | (85,921) |  | $ | (86,176) |
Less: Current portion of lease liability | $ | 320 |  | $ | 5,722 |  | $ | 6,042 |
Long-term portion of lease liability | $ | 1,005 |  | $ | 8,334 |  | $ | 9,339 |

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- Definition Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-6 + Details
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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-4 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-6 + Details
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