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v3.23.4

Property and Equipment | 6 Months Ended
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Nov. 30, 2023
Property, Plant and Equipment [Abstract] |
Property and Equipment | Property and Equipment Property and equipment consisted of the following as of November 30, 2023, and May 31, 2023 (in thousands):
| Estimated Useful Life |  | November 30, 2023 |  | May 31, 2023
Electric generation and transformers | 15 years |  | $ | 13,169 |  |  | $ | 4,655 |
Other equipment and fixtures | 5 years - 7 years |  | 5,074 |  |  | 1,684 |
Construction in progress |  |  | 70,846 |  |  | 106,226 |
Information systems and software | 5 years |  | 41,295 |  |  | 21,173 |
Land and building |  |  |  |  |
Land |  |  | 6,213 |  |  | 2,152 |
Land improvements | 15 years |  | 1,391 |  |  | 1,293 |
Building | 39 years |  | 129,815 |  |  | 63,350 |
Leasehold improvements | 3 years - 7 years |  | 468 |  |  | — |
Total cost of property and equipment |  |  | 268,271 |  |  | 200,533 |
Accumulated depreciation |  |  | (9,763) |  |  | (4,940) |
Property and equipment, net |  |  | $ | 258,508 |  |  | $ | 195,593 |
Depreciation expense totaled $2.6 million and $4.9 million for the three and six months ended November 30, 2023 and $0.8 million and $1.7 million for the three and six months ended November 30, 2022.

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