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Leases | 12 Months Ended
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May 31, 2021
Leases [Abstract] |
Leases |
8. | Leases
The Company has operating and finance leases for facilities, office spaces, production equipment and vehicles. Leases have varying terms with remaining lease terms of up to approximately 20 years. Certain of our lease arrangements provide us with the option to extend or to terminate the lease early. The table below presents the lease-related assets and liabilities recorded on the balance sheet.
|  | Classification on Balance Sheet |  | May 31, 2021 |  |  | May 31, 2020 |
Assets |  |  |  |  |  |  |  |  |  |
Operating lease, right-of- use assets |  | Right of use assets |  | $ | 18,267 |  |  | $ | 5,356 |
Finance lease, right-of-use assets |  | Capital assets |  |  | 34,726 |  |  |  | — |
Total right-of-use asset |  |  |  | $ | 52,993 |  |  | $ | 5,356 |
Liabilities |  |  |  |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |  |  |  |
Operating lease liability |  | Accrued lease obligations - current |  | $ | 3,613 |  |  | $ | 954 |
Finance lease liability |  | Accrued lease obligations - current |  |  | 651 |  |  |  | — |
Non-current: |  |  |  |  |  |  |  |  |  |
Operating lease liability |  | Accrued lease obligations - non-current |  |  | 18,465 |  |  |  | 4,227 |
Finance lease liability |  | Accrued lease obligations - non-current |  |  | 35,481 |  |  |  | — |
Total lease liabilities |  |  |  | $ | 58,210 |  |  | $ | 5,181 |
The table below presents certain information related to the lease costs for finance and operating leases.
|  | May 31, 2021 |  |  | May 31, 2020 |
Finance lease cost: |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  | $ | 806 |  |  | $ | — |
Interest on lease liabilities |  |  | 765 |  |  |  | — |
Operating lease cost |  |  | 1,374 |  |  |  | 1,128 |
Total lease cost |  | $ | 2,945 |  |  | $ | 1,128 |
The Company does not have short term lease expense or sublease income for the year ending May 31, 2021. The table below presents supplemental cash flow information related to leases.
|  | May 31, 2021 |  |  | May 31, 2020 |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 1,466 |  |  | $ | 994 |
Operating cash flows from finance leases |  |  | 774 |  |  |  | — |
Financing cash flows from finance leases |  |  | 231 |  |  |  | — |
The following table presents the future undiscounted payment associated with lease liabilities as of May 31, 2021:
|  | Year ending May 31, |
|  | Operating leases |  |  | Finance leases |
2022 |  |  | 7,824 |  |  |  | 2,404 |
2023 |  |  | 4,272 |  |  |  | 7,183 |
2024 |  |  | 3,925 |  |  |  | 2,061 |
2025 |  |  | 3,023 |  |  |  | 2,122 |
2026 |  |  | 2,964 |  |  |  | 2,186 |
Thereafter |  |  | 4,102 |  |  |  | 39,586 |
Total minimum lease payments |  | $ | 26,110 |  |  | $ | 55,542 |
Less: amounts of leases related to interest payments |  |  | (419 | ) |  |  | (18,759 | )
Present value of minimum lease payments |  |  | 25,691 |  |  |  | 36,783 |
Less: current accrued lease obligation |  |  | (3,613 | ) |  |  | (651 | )
Obligation recognized |  | $ | 22,078 |  |  | $ | 36,132 |

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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