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v3.23.2

PROPERTY AND EQUIPMENT | 12 Months Ended
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May 31, 2023
Property, Plant and Equipment [Abstract] |
PROPERTY AND EQUIPMENT | PROPERTY AND EQUIPMENT Property and equipment consisted of the following as of May 31, 2023 and 2022:
(in thousands) |  | Estimated Useful Life |  | May 31, 2023 |  | May 31, 2022
Hosting Equipment |  |  |  |  |  |
Electric Generation and Transformers |  | 15 years |  | $ | 4,655 |  |  | $ | 4,338 |
Other Equipment and Fixtures |  | 6 years |  | 1,685 |  |  | 588 |
Construction in Progress |  |  |  | 106,226 |  |  | 18,305 |
Information Systems and Software |  | 5 years |  | 21,173 |  |  | 9,608 |
Land & Building |  |  |  |  |  |
Land |  |  |  | 2,152 |  |  | 1,074 |
Land Improvements |  | 15 years |  | 1,293 |  |  | 1,180 |
Building |  | 39 years |  | 63,350 |  |  | 30,176 |
Total cost of property and equipment |  |  |  | 200,534 |  |  | 65,269 |
Accumulated Depreciation |  |  |  | (4,940) |  |  | (1,009) |
Property and Equipment, Net |  |  |  | $ | 195,593 |  |  | $ | 64,260 |
Depreciation expense totaled $3.9 million and $1 million for the years ended May 31, 2023 and 2022, respectively. Depreciation is computed on the straight-line basis for the period assets are in service. Construction in progress represents assets received but not placed into service as of May 31, 2023.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-7 + Details
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