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Property and Equipment | 9 Months Ended
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Feb. 29, 2024
Property, Plant and Equipment [Abstract] |
Property and Equipment | Property and Equipment Property and equipment consisted of the following as of February 29, 2024, and May 31, 2023 (in thousands):
| Estimated Useful Life |  | February 29, 2024 |  | May 31, 2023
Networking equipment, electrical equipment, and software | 5 years |  | $ | 31,003 |  |  | $ | 21,173 |
Electric generation and transformers | 15 years |  | 5,983 |  |  | 4,655 |
Land and building |  |  |  |  |
Building | 39 years |  | 103,624 |  |  | 63,350 |
Land |  |  | 6,205 |  |  | 2,152 |
Land improvements | 15 years |  | 1,380 |  |  | 1,293 |
Leasehold improvements | 3 years - 7 years |  | 468 |  |  | — |
Construction in progress |  |  | 67,297 |  |  | 106,226 |
Other equipment and fixtures | 5 years - 7 years |  | 6,781 |  |  | 1,684 |
Total cost of property and equipment |  |  | 222,741 |  |  | 200,533 |
Accumulated depreciation |  |  | (11,569) |  |  | (4,940) |
Property and equipment, net |  |  | $ | 211,172 |  |  | $ | 195,593 |
Depreciation expense totaled $7.9 million and $12.9 million for the three and nine months ended February 29, 2024 and $0.9 million and $2.6 million for the three and nine months ended February 28, 2023. During the three months ended February 29, 2024, the Company recognized $2.8 million of accelerated depreciation expense related to the abandonment of certain transformers and $1.4 million of accelerated amortization on the related right of use assets. These expenses relate primarily to transformers at the Company’s Ellendale datacenter hosting facility that required additional repairs and upgrades. The accelerated expense amount is presented within Cost of revenues in the accompanying Condensed Consolidated Statements of Operations.

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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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