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INCOME TAXES (Tables)

12 Months Ended

May 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

(in thousands)						For the Fiscal Year Ended
						May 31, 2023						May 31, 2022
Current expense / (benefit)
Federal						$	—					$	—
Foreign						—						—
State						18						—
Total current expense						$	18					$	—
Deferred expense / (benefit)
Federal						$	(540)					$	540
Foreign						—						—
State						—						—
Total deferred (benefit) expense						$	(540)					$	540
Total income tax (benefit) expense						$	(523)					$	540

Schedule of Effective Income Tax Rate Reconciliation

The following table reconciles the statutory rate to our effective tax rate:

						May 31, 2023						May 31, 2022
Expected income tax expense (benefit) at U.S. Statutory Rate						21.0		%				21.0		%
Stock-based compensation						(6.0)		%				—		%
State income taxes, net of federal tax benefit						—		%				4.5		%
Change in valuation allowance						(13.0)		%				(27.0)		%
Other, net						(0.8)		%				(0.9)		%
Income tax expense / (benefit)						1.2		%				(2.4)		%

Schedule of Deferred Tax Assets and Liabilities

The primary components of the temporary differences that gave rise to the Company's deferred tax assets and liabilities are as follows for the year ended May 31, 2023, and 2022:

(in thousands)						May 31, 2023						May 31, 2022
Deferred Tax Assets:
Net Operating Loss						$	15,137					$	11,971
Stock-Based Compensation						3,068						—
Capitalized Research and Development						897						—
Lease Liability						1,875						2,080
Other						360						248
Gross Deferred Tax Assets						21,337						14,298
Less: Valuation Allowances						(15,697)						(9,346)
Total Net Deferred Tax Asset						$	5,640					$	4,953
Deferred Tax Liabilities:
Property, Plant, and Equipment						$	(3,712)					$	(3,407)
Right of Use Assets						(1,929)						(2,086)
Other						—						—
Total Net Deferred Tax Liability						(5,640)						(5,493)
Net deferred tax assets (liabilities)						$	—					$	(540)

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
-Publisher FASB
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

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