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Note 7 - Leases

12 Months Ended

May 31, 2024

7.	Leases

The Company has operating 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.

		*May 31,*		*May 31,*
	*Classification on Balance Sheet*	*2024*		*2023*
Assets
Finance lease, right-of-use assets	Capital assets	$	43,993	$	—
Operating lease, right-of-use assets	Operating lease, right-of-use assets		16,101		5,941
Total right-of-use asset		$	60,094	$	5,941
Liabilities
Current:
Current portion of finance lease liabilities	Current portion of lease liabilities	$	1,092	$	—
Current portion of operating lease liabilities	Current portion of lease liabilities		3,999		2,423
Non-current:
Finance lease liabilities	Lease liabilities		43,948		—
Operating lease liabilities	Lease liabilities		16,474		7,936
Total lease liabilities		$	65,513	$	10,359

For the year ended May 31, 2024 the Company had $4,582 of operating lease expenses which included an offset of $738 for sublease income compared to $3,140 and $662 respectively for the year ended May 31, 2023.

The following table presents the future undiscounted payments associated with lease liabilities as of May 31, 2024:

	*Operating*			*Finance*
	*leases*			*leases*
2025	$	5,821		$	4,036
2026		5,540			4,036
2027		4,893			4,036
2028		3,997			4,036
Thereafter		6,101			79,993
Total minimum lease payments	$	26,352		$	96,137
Imputed interest		(5,879	)		(51,097	)
Obligations recognized	$	20,473		$	45,040