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Business Combination (Tables)

6 Months Ended

Nov. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of estimated fair value of the assets acquired

Schedule of estimated fair value of the assets acquired
Cash		$	1,066,414
Accounts receivable			227,786
Inventory			1,342,461
Prepaid expenses			62,452
Other assets			108,030
Accounts payable			(285,665	)
Contract liabilities			(1,043,332	)
Other current liabilities			(79,826	)
Net tangible assets acquired		$	1,398,320
Identifiable intangible assets
Licensing rights		$	11,945
Customer relationships			70,000
Tradenames			275,000
Website			100,000
Total Identifiable intangible assets		$	456,945
Consideration paid		$	4,007,480
Total net assets acquired			1,855,265
Goodwill purchased		$	2,152,215

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- References

No definition available.

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- Definition

Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479907/805-20-50-1

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