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Warrants (Tables)

12 Months Ended

May 31, 2021

Warrants And Rights Note Disclosure [Abstract]

Schedule of Warrant Details

The warrant details of the Company are as follows:

Weighted

Expiry

Number of

average

Type of warrant

Classification

date

warrants

price

Warrant

Equity

September 26, 2021

166,000

$

3.14

Warrant

Equity

January 30, 2022

5,828,651

9.26

Warrant

Liability

March 17, 2025

6,209,000

5.95

12,203,651

$

7.41

		May 31, 2021								May 31, 2020
						Weighted								Weighted
		Number of				average				Number of				average
		warrants				price				warrants				price
Outstanding, beginning of the year			5,994,651			$	8.91				1,903,024			$	12.01
Exercised during the year			—				—				(636,089	)			1.47
Issued during the year			6,209,000				5.95				5,828,652				9.08
Cancelled during the year			—				—				—				—
Expired during the year			—				—				(1,100,936	)			19.46
Outstanding, end of the year			12,203,651			$	7.41				5,994,651			$	8.91

Schedule of Estimated Fair Value of Warrant Liability

The Company estimated the fair value of the warrant liability at May 31, 2021 at $12.59 per warrant using the Black Scholes pricing model (Level 3) with the following weighted-average assumptions:

Risk-free interest rate			0.90	%
Expected volatility			70	%
Expected term		4.3 years
Expected dividend yield			—	%
Strike price		$	5.95
Fair value of common stock		$	16.67

Financial asset / financial liability		Valuation technique		Significant unobservable input		Inputs
APHA Convertible debentures		Black-Scholes		Volatility, expected life		70% 3 years
Warrant liability		Black-Scholes		Volatility, expected life		70% 4 years
Contingent consideration		Discounted cash flows		Discount rate, achievement		5% 100%

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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X

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5047-113901

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 50
-Section S99
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6784392&loc=d3e188667-122775

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