Schmitt Industries (SMIT) 10-Q/A 12 Oct 22 2022 Q3 Quarterly report (amended) Financial data

Cover

Cover - shares	9 Months Ended
	Feb. 28, 2022	Mar. 31, 2022
Cover [Abstract]
Document Type	10-Q/A
Amendment Flag	true
Amendment Description	This Form 10-Q/A amends the Original Filing to reflect the correction of errors in the previously issued unaudited interim condensed consolidated financial statements as of and for the nine months ended February 28, 2022 related to the Company's accounting treatment of certain liabilities and expenses incurred that the Company failed to accrue for within the proper reporting period.
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Feb. 28, 2022
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--05-31
Entity File Number	001-38964
Entity Registrant Name	SCHMITT INDUSTRIES, INC.
Entity Central Index Key	0000922612
Entity Tax Identification Number	93-1151989
Entity Incorporation, State or Country Code	OR
Entity Address, Address Line One	2765 N.W. Nicolai Street
Entity Address, City or Town	Portland
Entity Address, State or Province	OR
Entity Address, Postal Zip Code	97210
City Area Code	(503)
Local Phone Number	227-7908
Title of 12(b) Security	Common Stock - no par value
Trading Symbol	SMIT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		3,822,683

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Feb. 28, 2022	May 31, 2021	Feb. 28, 2021	May 31, 2020
Current assets
Cash and cash equivalents	$ 1,999,241	$ 4,032,690
Accounts receivable, net	936,809	1,154,645
Inventories, net	2,197,556	1,553,310
Prepaid expenses	31,726	198,345
Income taxes receivable	16,380	18,057
Total current assets	5,181,712	6,957,047
Leasehold assets	11,423,035	10,448,486
Property and equipment, net	2,311,940	2,824,017
Property and equipment held for sale, net	433,410	174,847
Leasehold, utilities and ERP deposits	901,129	431,808
Other assets
Intangible assets, net	242,088	337,725
TOTAL ASSETS	20,493,314	21,173,930
Current liabilities
Accounts payable	546,711	583,750
Accrued commissions	55,550	60,614
Accrued payroll liabilities	505,248	527,608
Accrued liabilities	328,994	465,146
Customer deposits and prepayments	112,791	93,364
Other accrued liabilities	1,016,918	694,590
Current portion of long-term lease liabilities	1,417,386	1,042,331
Current portion of long-term debt	472,431	541,691
Total current liabilities	4,456,029	4,009,094
Long-term debt, net current portion	1,527,569	3,253,389
Long-term leasehold liabilities, net current portion	10,833,399	10,141,864
Total liabilities	16,816,997	17,404,347
Stockholders’ equity
Common stock, no par value, 20,000,000 shares authorized, 4,236,821 and 3,818,770 shares issued and outstanding at February 28, 2022, respectively; and 4,204,553 and 3,786,502 shares issued and outstanding at May 31, 2021, respectively	12,318,375	12,223,359
Accumulated deficit	(8,642,058)	(8,453,776)
Total stockholders’ equity	3,676,317	3,769,583	$ 7,120,596	$ 11,893,202
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 20,493,314	$ 21,173,930

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - shares	Feb. 28, 2022	May 31, 2021
Statement of Financial Position [Abstract]
Common stock, shares authorized	20,000,000	20,000,000
Common stock, shares issued	4,236,821	4,204,553
Common stock, shares outstanding	3,818,770	3,786,502

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Feb. 28, 2022	Feb. 28, 2021
Income Statement [Abstract]
Net sales	$ 1,848,913	$ 1,668,444	$ 8,570,053	$ 5,205,641
Cost of revenue	1,029,221	837,254	3,839,651	2,804,694
Gross profit	819,692	831,190	4,730,402	2,400,947
Operating expenses
Selling, general and administrative	3,352,829	3,313,918	11,890,526	8,492,150
Transaction costs	0	0	0	125,167
Research and development	13,271	21,732	28,116	57,062
Total operating expenses	3,366,100	3,335,650	11,918,642	8,674,379
Operating loss	(2,546,408)	(2,504,460)	(7,188,240)	(6,273,432)
Bargain purchase gain	0	(2,277)	0	1,187,235
Gain on sale of property and equipment	0	0	4,598,095	0
Forgiveness of PPP loan	1,471,292	0	2,059,826	0
Interest expense	(8,232)	(5,400)	(37,811)	(12,854)
Other income, net	38,286	90,703	395,716	58,777
Loss before income taxes	(1,045,062)	(2,421,434)	(172,414)	(5,040,274)
Income tax provision (benefit)	8,268	(1,637)	15,868	(404,667)
Net loss	$ (1,053,330)	$ (2,419,797)	$ (188,282)	$ (4,635,607)
Net loss per common share
Basic	$ (0.28)	$ (0.64)	$ (0.05)	$ (1.23)
Weighted-average number of common shares, basic	3,788,315	3,764,536	3,790,022	3,759,369
Diluted	$ (0.28)	$ (0.64)	$ (0.05)	$ (1.23)
Weighted-average number of common shares, diluted	3,788,315	3,764,536	3,813,675	3,759,369

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Feb. 28, 2022	Feb. 28, 2021
Cash flows relating to operating activities
Net loss	$ (188,282)	$ (4,635,607)
Adjustments to reconcile net loss to net cash used in operating activities:
Bargain purchase gain	0	(1,187,235)
Forgiveness of Paycheck Protection Program loan	(2,059,826)	0
Depreciation and amortization	401,448	307,732
Gain on sale of property and equipment	(4,598,095)	0
Stock-based compensation	95,016	163,493
Deferred income taxes	0	(406,304)
Non-cash lease costs	92,042	596,188
Increase (decrease) in:
Accounts receivable, net	217,836	(381,945)
Inventories, net	(644,246)	(313,012)
Prepaid expenses	166,619	(39,253)
Deposits on capital improvements to factory	0	(417,794)
Rent, utility deposits and ERP deposits	(469,321)	(173,294)
Accounts payable	(37,039)	476,589
Accrued liabilities and customer deposits	180,126	352,537
Net cash used in operating activities	(6,843,722)	(5,657,905)
Cash flows relating to investing activities
Acquisition of Ample Hills	0	(1,713,404)
Purchases of property and equipment	(252,127)	(510,321)
Proceeds from the sale of property and equipment	4,797,924	35,500
Net cash provided by (used in) investing activities	4,545,797	(2,188,225)
Cash flows relating to financing activities
Proceeds from Paycheck Protection Program, net of repayment	264,476	1,795,080
Payments on short-term borrowing	0	(48,625)
Repurchase of common stock	0	(300,492)
Net cash provided by financing activities	264,476	1,445,963
Decrease in cash and cash equivalents	(2,033,449)	(6,400,167)
Cash and cash equivalents, beginning of period	4,032,690	10,566,531
Cash and cash equivalents, end of period	1,999,241	4,166,364
Supplemental disclosure of cash flow information
Cash paid for income taxes, net of refunds	19,200	80,600
Cash paid for interest	$ 63	$ 616

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - USD ($)	Common Stock	Accumulated Deficit	Total
Beginning balance, value at May. 31, 2020	$ 12,257,306	$ (364,104)	$ 11,893,202
Shares outstanding at May. 31, 2020	3,784,554
Shares issued to directors and officers upon vesting of RSUs	$ 0	0	0
Shares issued to directors and officers upon vesting of RSUs, shares	77,281
Stock-based compensation	$ 163,493	0	163,493
Net loss	0	(4,635,607)	(4,635,607)
Share repurchases	$ (234,517)	0	(234,517)
Share repurchases, shares	(72,101)
Repurchase of restricted stock units	$ (65,975)	0	$ (65,975)
Repurchase of restricted stock units, shares			(14,400)
Ending balance, value at Feb. 28, 2021	$ 12,120,307	(4,999,711)	$ 7,120,596
Shares outstanding at Feb. 28, 2021	3,775,334
Beginning balance, value at May. 31, 2021	$ 12,223,359	(8,453,776)	3,769,583
Shares outstanding at May. 31, 2021	3,786,502
Shares issued to directors and officers upon vesting of RSUs	$ 0	0	0
Shares issued to directors and officers upon vesting of RSUs, shares	32,268
Stock-based compensation	$ 95,016	0	95,016
Net loss	0	(188,282)	(188,282)
Ending balance, value at Feb. 28, 2022	$ 12,318,375	$ (8,642,058)	$ 3,676,317
Shares outstanding at Feb. 28, 2022	3,818,770

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Feb. 28, 2022
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation In the opinion of management of Schmitt Industries, Inc. (the “Company”, “Schmitt”, “we” or “our”), the accompanying unaudited interim condensed consolidated financial statements, (collectively hereinafter the “consolidated financial statements”), have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and contain all adjustments, consisting only of normal recurring adjustments, necessary to present fairly its financial position as of February 28, 2022 and its results of operations and its cash flows for the periods presented. The consolidated balance sheet at May 31, 2021 has been derived from the Annual Report on Form 10-K for the fiscal year ended May 31, 2021. The accompanying unaudited consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended May 31, 2021. Operating results for the interim periods presented are not necessarily indicative of the results that may be experienced for the fiscal year ending May 31, 2022. Significant Accounting Policies The Company’s significant accounting policies are described in “Note 2: Summary of Significant Accounting Policies” of our most recent Form 10-K for the fiscal year ended May 31, 2021. Principles of Consolidation These consolidated financial statements include those of the Company and its wholly owned subsidiaries: Schmitt Measurement Systems, Inc. and Ample Hills Acquisition LLC. All significant intercompany accounts and transactions have been eliminated in the preparation of the consolidated financial statements. Reclassifications Certain amounts in the prior period consolidated statements of operations have been reclassified to conform to the presentation of the current period. These reclassifications had no effect on previously recorded net income (loss). Use of Estimates The preparation of the consolidated financial statements in conformity with Generally Accepted Accounting Principles in the U.S. (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. New Accounting Standards The Company assesses the adoption impacts of recently issued accounting standards by the Financial Accounting Standards Board (“FASB”) on the Company’s financial statements as well as material updates to previous assessments, if any, from the Company’s Annual Report on Form 10-K for the fiscal year ended May 31, 2021. There were no new material accounting standards issued in the nine months ended February 28, 2022 that impacted the Company. Recently Adopted Accounting Standards There were no new material accounting standards adopted in the nine months ended February 28, 2022. Liquidity Our primary source of liquidity is our cash flows from operating activities resulting from net income and management of working capital. As of February 28, 2022, our available funds consisted of $ 1,999,241 Investor On August 7, 2021, the Company received The Commitment Letter to Schmitt Industries (“Commitment”) from our CEO. The Commitment states that Sententia Capital Management LLC (“SCM”) or its affiliated entities will provide additional capital as required to Schmitt up to $ 1,300,000 On November 10, 2021, the Company closed on the sale of its building located at 2451 NW 28th Avenue, Portland, OR 97210 for $ 5,100,000 4,753,724 4,598,095 Business Combinations The Company accounts for business combinations in accordance with Accounting Standard Codification (“ASC”) 805 - Business Combinations Acquisition of Ample Hills Assets Held for Sale Assets held for sale are stated at the lower of cost less depreciation or expected net realizable value. Depreciation is computed using the straight-line method over estimated useful lives of 25 The Company owned a two story 35,050 5,100,000 4,753,724 4,598,095 Leases The Company owns two industrial office buildings totaling 11,667 Leases As of February 28, 2022 and May 31, 2021, assets held for sale consisted of the following: Summary of Significant Accounting Policies - Schedule of Assets Held for Sale February 28, 2022 May 31, 2021 Land $ 159,000 $ 140,000 Buildings and improvements 1,616,250 246,135 Total property and equipment held for sale 1,775,250 386,135 Less accumulated depreciation (1,341,840 ) (211,288 ) Total property and equipment held for sale, net $ 433,410 $ 174,847 Concentration of Credit Risk Financial instruments that potentially expose the Company to concentration of credit risk are trade accounts receivable. Credit terms generally require an invoice to be paid within 30 to 60 days or include a discount of up to 1.5% if the invoice is paid within ten days, with the net amount payable in 30 days. Terms are set for each account depending on the customer's credit standing with the Company. Financial Instruments The carrying value of all other financial instruments potentially subject to valuation risk (principally consisting of cash and cash equivalents, accounts receivable, accounts payable, the current portion of the PPP loans, customer deposits and prepayments) approximates fair value because of their short-term maturities.

RESTATEMENT OF PREVIOUSLY ISSUE

RESTATEMENT OF PREVIOUSLY ISSUED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	9 Months Ended
	Feb. 28, 2022
Accounting Changes and Error Corrections [Abstract]
RESTATEMENT OF PREVIOUSLY ISSUED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	NOTE 2 – RESTATEMENT OF PREVIOUSLY ISSUED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS As previously disclosed on Form 8-K filed on September 20, 2022, the Company determined that the Company’s previously issued condensed consolidated financial statements for the period ended February 28, 2022 should no longer be relied upon due to errors in such condensed consolidated financial statements related to certain liabilities and expenses incurred that the Company failed to accrue for within the proper reporting periods, resulting primarily in the exclusion of certain general and administrative expenses from the statement of operations in the condensed consolidated financial statements. The following errors were identified as part of the restatement: A. The Company discovered expenses and liabilities incurred during the three- and nine- month period ended February 28, 2022, that it failed to accrue for properly. The additional expenses are primarily related to unpaid and unrecorded utility charges, professional fees and other operating expenses. B. The Company discovered that it did not properly record approximately $ 72,000 The following reflects the restatement adjustments recorded in connection with the Company’s restatement of its condensed consolidated financial statements: Restatement of Previously Issued Condensed Consolidated Financial Statements - Schedule of Prior Period Adjustments Balance Sheet As of February 28, 2022 As previously reported Total Adjustments As Restated Reference ASSETS Current Assets Cash and cash equivalents $ 1,999,241 $ — $ 1,999,241 Accounts receivable, net 936,809 — 936,809 Inventories, net 2,191,844 5,712 2,197,556 A Prepaid expenses 30,867 859 31,726 A Income tax receivable 17,730 (1,350 ) 16,380 A Total current assets 5,176,491 5,221 5,181,712 A Leasehold assets 11,423,035 — 11,423,035 Property and equipment, net 2,248,500 63,440 2,311,940 A Property and equipment held for sale, net 433,410 — 433,410 Leasehold, utilities, and ERP deposits 829,001 72,128 901,129 B Other assets Intangible assets, net 242,088 — 242,088 Total Assets $ 20,352,525 $ 140,789 $ 20,493,314 A, B LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 555,974 $ (9,263 ) $ 546,711 A Accrued commissions 59,208 (3,658 ) 55,550 A Accrued payroll liabilities 505,248 — 505,248 Accrued liabilities 329,492 (498 ) 328,994 A Customer deposits and prepayments 112,791 — 112,791 Other accrued liabilities 424,799 592,119 1,016,918 A Current portion of long-term lease liabilities 1,417,386 — 1,417,386 Current portion of long-term debt 472,431 — 472,431 Total current liabilities 3,877,329 578,700 4,456,029 A Long-term debt, net of current portion 1,527,569 — 1,527,569 Long-term leasehold liabilities, net of current portion 10,833,399 — 10,833,399 Total liabilities 16,238,297 578,700 16,816,997 A Total stockholders' equity Common stock, no par value, 20,000,000 shares authorized, 4,236,821 and 3,818,770 shares issued and outstanding at February 28, 2022, respectively 12,318,375 — 12,318,375 Accumulated deficit (8,204,147 ) (437,911 ) (8,642,058 ) A,B Total stockholders' equity 4,114,228 (437,911 ) 3,676,317 A,B TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 20,352,525 $ 140,789 $ 20,493,314 A,B Statement of Operations For the three months ended February 28, 2022 As previously reported Total Adjustments As Restated Reference Net sales $ 1,848,913 $ — $ 1,848,913 Cost of revenue 912,076 117,145 1,029,221 A Gross profit 936,837 (117,145 ) 819,692 A Selling, general and administrative 3,312,388 40,441 3,352,829 A Research and development 10,771 2,500 13,271 A Total operating expenses 3,323,159 42,941 3,366,100 A Operating loss (2,386,322 ) (160,086 ) (2,546,408 ) A Forgiveness of PPP loans 1,471,292 — 1,471,292 Interest expense (8,232 ) — (8,232 ) Other income, net 38,286 — 38,286 A Loss before income taxes (884,976 ) (160,086 ) (1,045,062 ) A Income tax provision from continuing operations 8,268 — 8,268 Net loss $ (893,244 ) $ (160,086 ) $ (1,053,330 ) A Net loss per common share: Basic $ (0.24 ) $ (0.04 ) $ (0.28 ) A Weighted average number of common shares, basic 3,788,315 — 3,788,315 Diluted $ (0.24 ) $ (0.04 ) $ (0.28 ) A Weighted average number of common shares, diluted 3,788,315 — 3,788,315 For the nine months ended February 28, 2022 As previously reported Total Adjustments As Restated Reference Net Sales $ 8,570,053 $ — $ 8,570,053 Cost of revenue 3,618,925 220,726 3,839,651 A Gross profit 4,951,128 (220,726 ) 4,730,402 A Selling, general and administrative 11,604,964 285,562 11,890,526 A Research and development 25,616 2,500 28,116 A Total operating expenses 11,630,580 288,062 11,918,642 A Operating loss (6,679,452 ) (508,788 ) (7,188,240 ) A Gain on sale of property and equipment 4,598,095 — 4,598,095 Forgiveness of PPP loans 2,059,826 — 2,059,826 Interest expense (37,811 ) — (37,811 ) Other income, net 323,589 72,127 395,716 B Income (loss) before income taxes 264,247 (436,661 ) (172,414 ) A, B Income tax provision from continuing operations 14,618 1,250 15,868 A Net income (loss) $ 249,629 $ (437,911 ) $ (188,282 ) A, B Net income (loss) per common share Basic $ 0.07 $ (0.12 ) $ (0.05 ) A, B Weighted average number of common shares, basic 3,790,022 — 3,790,022 Diluted $ 0.07 $ (0.12 ) $ (0.05 ) A, B Weighted average number of common shares, diluted 3,813,675 — 3,813,675 Statement of Cash Flows For the nine months ended February 28, 2022 As previously reported Total Adjustments As Restated Reference Cash flows relating to operating activities Net income (loss) $ 249,629 $ (437,911 ) $ (188,282 ) A, B Adjustments to reconcile net income (loss) to net cash used in operating activities: Forgiveness of PPP Loan (2,059,826 ) — (2,059,826 ) Depreciation and amortization 401,448 — 401,448 Gain on disposal of property and equipment (4,598,095 ) — (4,598,095 ) Stock-based compensation 95,016 — 95,016 Non-cash lease costs 92,042 — 92,042 (Increase) decrease in: Accounts receivable, net 217,836 — 217,836 Inventories, net (638,534 ) (5,712 ) (644,246 ) A Prepaid expenses 167,478 (859 ) 166,619 A Rent, Utility Deposits, & ERP Deposits (397,193 ) (72,128 ) (469,321 ) A, B (Increase) decrease in: Accounts payable (27,776 ) (9,263 ) (37,039 ) A Accrued liabilities and customer deposits (409,187 ) 589,313 180,126 A Net cash used in operating activities $ (6,907,162 ) $ 63,440 $ (6,843,722 ) A, B Cash flows relating to investing activities Purchases of property and equipment $ (188,687 ) $ (63,440 ) $ (252,127 ) A Proceeds from the sale of property and equipment 4,797,924 — 4,797,924 Net cash provided by investing activities $ 4,609,237 $ (63,440 ) $ 4,545,797 A Cash flows relating to financing activities Proceeds from Paycheck Protection Program $ 264,476 $ — $ 264,476 Net cash provided by financing activities $ 264,476 $ — $ 264,476 Decrease in cash and cash equivalents $ (2,033,449 ) $ — $ (2,033,449 ) Cash and cash equivalents, beginning of period 4,032,690 — 4,032,690 Cash and cash equivalents, end of period $ 1,999,241 $ — $ 1,999,241 Supplemental disclosure of cash flow information Cash paid during the period for income taxes $ 19,200 $ — $ 19,200 Cash paid during the period for interest $ 63 $ — $ 63 Segment Information-Ice Cream For the three months ended February 28, 2022 As previously reported Total Adjustments As Restated Reference Revenue, net $ 972,920 $ — $ 972,920 Gross Margin $ 389,710 $ (76,317 ) $ 313,393 A Gross Margin % 40.1 % (7.8 %) 32.2 % A Operating loss $ (1,837,593 ) $ (152,414 ) $ (1,990,007 ) A Depreciation expense $ 70,761 $ — $ 70,761 Amortization expense $ 5,734 $ — $ 5,734 Capital expenditures $ 10,200 $ 48,932 $ 59,132 A For the nine months ended February 28, 2022 As previously reported Total Adjustments As Restated Reference Revenue, net $ 5,908,291 $ — $ 5,908,291 Gross Margin $ 3,527,555 $ (173,840 ) $ 3,353,715 A Gross Margin % 59.7 % (2.9 %) 56.8 % A Operating loss $ (4,975,684 ) $ (374,742 ) $ (5,350,426 ) A Depreciation expense $ 285,400 $ — $ 285,400 Amortization expense $ 17,200 $ — $ 17,200 Capital expenditures $ 188,687 $ 61,653 $ 250,340 A Segment Information-Measurement For the three months ended February 28, 2022 As previously reported Total Adjustments As Restated Reference Revenue, net $ 875,993 $ — $ 875,993 Gross Margin $ 547,127 $ (40,828 ) $ 506,299 A Gross Margin % 62.5 % (4.7 %) 57.8 % A Operating loss $ (548,729 ) $ (7,672 ) $ (556,401 ) A Depreciation expense $ 4,211 $ — $ 4,211 Amortization expense $ 26,145 $ — $ 26,145 Capital expenditures $ — $ 1,787 $ 1,787 A For the nine months ended February 28, 2022 As previously reported Total Adjustments As Restated Reference Revenue, net $ 2,661,762 $ — $ 2,661,762 Gross Margin $ 1,423,573 $ (46,886 ) $ 1,376,687 A Gross Margin % 53.5 % (1.8 %) 51.7 % A Operating loss $ (1,703,768 ) $ (134,046 ) $ (1,837,814 ) A Depreciation expense $ 20,411 $ — $ 20,411 Amortization expense $ 78,437 $ — $ 78,437 Capital expenditures $ — $ 1,787 $ 1,787 A Segment Information- Assets As of February 28, 2022 As previously reported Total Adjustments As Restated Reference Ice Cream Segment $ 7,911,579 $ 139,493 $ 8,051,072 A, B Measurement Segment 2,521,490 1,296 2,522,786 A Corporate assets 9,919,456 — 9,919,456 Total Assets $ 20,352,525 $ 140,789 $ 20,493,314 A, B

AMPLE HILLS BUSINESS ACQUISITIO

AMPLE HILLS BUSINESS ACQUISITION	9 Months Ended
	Feb. 28, 2022
Business Combination and Asset Acquisition [Abstract]
AMPLE HILLS BUSINESS ACQUISITION	NOTE 3 - AMPLE HILLS BUSINESS ACQUISITION On July 9, 2020, Ample Hills Acquisition LLC ("Buyer"), a New York limited liability company and wholly owned subsidiary of the Company, entered into an Asset Purchase Agreement (the "Agreement"), dated as of June 29, 2020, with Ample Hills Holdings, Inc., a Delaware corporation, Ample Hills Creamery, Inc., a New York corporation, and their subsidiaries (collectively, "Ample Hills"). The transactions contemplated by the Agreement (the "Transactions") closed on July 9, 2020, the day after a sale order approving the Transactions was entered by the Bankruptcy Court (defined below). The Ample Hills entities were debtors-in-possession under title 11 of the United States Code, 11 U.S.C. § 101 et seq. pursuant to voluntary petitions for relief filed under chapter 11 of the Bankruptcy Code on March 15, 2020 in the United States Bankruptcy Court for the Eastern District of New York (the "Bankruptcy Court"). The Transactions were conducted through a Bankruptcy Court-supervised process, subject to Bankruptcy Court-approved bidding procedures, approval of the Transactions by the Bankruptcy Court, and the satisfaction of certain closing conditions. The Agreement assigned to Buyer, or one or more of its affiliates, the Acquired Assets (as defined in the Agreement) and Buyer, or one or more of its affiliates, assumed the Assumed Liabilities (as defined in the Agreement) for a purchase price of $ 1,000,000 700,000 125,167 The Company's strategy includes utilizing its capital for value opportunities. Accordingly, the primary purpose of the Ample Hills acquisition was to capitalize on this strategy by purchasing a business with a good brand name, which in light of the purchase price paid in bankruptcy, could have a significant upside. The Transactions were funded by the Company with cash on hand and has been accounted for in accordance with ASC 805. Our estimates of fair value are based upon assumptions believed to be reasonable, yet are inherently uncertain and, as a result, may differ from actual performance. During the measurement period, not to exceed one year from the date of acquisition, the Company recorded adjustments to the estimated fair values of the assets acquired and liabilities assumed with a corresponding adjustment to goodwill or bargain purchase gain, as appropriate, in the period in which such revised estimates are identified. The purchase price allocation has been finalized as of May 31, 2021, within the measurement period, and no further adjustments will be made. In accordance with ASC 805 , The following table summarizes the Company's fair value of the assets acquired, and liabilities assumed, as of July 9, 2020, for the Company's acquisition of Ample Hills. Ample Hills Business Acquisition - Schedule of Purchase Price Allocation Purchase Price Cash paid to sellers $ 1,000,000 Cash paid for cure costs 713,404 Total Purchase Price $ 1,713,404 Purchase Price Allocation Assets Acquired Right-of-use operating lease assets 10,645,098 Website 25,445 Tradename and trademarks 903,422 Proprietary recipes 146,739 Security deposits 225,180 Machinery and equipment 564,553 Leasehold improvements 815,798 Inventory 632,100 Total assets acquired $ 13,958,335 Liabilities Assumed Right-of-use operating lease liabilities 10,645,098 Deferred tax liability 405,688 Customer deposits 20,204 Gift card liabilities 35,133 Total liabilities assumed $ 11,106,123 Net assets acquired 2,852,212 Gain on bargain purchase $ 1,138,808 As a result of additional information obtained during the measurement period about the facts and circumstances that existed as of the acquisition date, the Company recorded measurement period adjustments which resulted in a reduction in the bargain purchase gain, which reduced it to $ 1,138,808 Ample Hills was a privately held company that was acquired out of bankruptcy. Management has performed a thorough evaluation of the pre-bankruptcy books and found the records to not be auditable. Therefore, management engaged a third-party consultant to assist in evaluating alternative means by which to provide historic financial data in future periods. For further information see Note 13 – Intangible Assets, net

STOCK OPTIONS AND STOCK-BASED C

STOCK OPTIONS AND STOCK-BASED COMPENSATION	9 Months Ended
	Feb. 28, 2022
Share-Based Payment Arrangement [Abstract]
STOCK OPTIONS AND STOCK-BASED COMPENSATION	NOTE 4 - STOCK OPTIONS AND STOCK-BASED COMPENSATION Stock-based compensation includes expense charges for all stock-based awards to employees and directors granted under the Company's stock option plan. Stock-based compensation recognized during the period is based on the portion of the grant date fair value of the stock-based award that will vest during the period, adjusted for forfeitures as they occur. Compensation cost for all stock-based awards is recognized using the straight-line method. Stock Options As of February 28, 2022, the Company had outstanding stock options to purchase 22,500 1.70 Outstanding Options Exercisable Options Number of Shares Weighted- Average Exercise Price Weighted-Average Remaining Contractual Life (years) Number of Shares Weighted- Average Exercise Price 22,500 $ 1.70 5.1 22,500 $ 1.70 No stock options were granted, exercised, canceled or expired under the Company's stock-based compensation plans during the nine months ended February 28, 2022. Restricted Stock Units Service-based and market-based restricted stock units (“RSUs”) are granted to key employees, members of the Company's Board of Directors and others. Service-based RSUs generally fully vest on the first anniversary date of the award. Market-based RSUs are contingent on continued service and vest based on the 15-day average closing price of the Company's common stock equal or exceeding certain targets established by the Compensation Committee of the Board of Directors. No market-based RSUs were granted in the nine months ended February 28, 2022. During the nine months ended February 28, 2022, 12,332 RSU activity under the Company's stock-based compensation plans during the nine months ended February 28, 2022 is summarized as follows: Stock Options and Stock-Based Compensation - Schedule of Restricted Stock Unit Activity Number of Units Weighted-Average Price at Grant Date Aggregate Intrinsic Value Non-vested RSUs - May 31, 2021 34,237 $ 4.71 $ 161,400 RSUs granted 12,332 $ 4.41 54,358 RSUs forfeited (2,058 ) $ 4.86 (10,000 ) RSUs vested (28,376 ) $ 4.26 (120,913 ) Non-vested RSUs – February 28, 2022 16,135 $ 5.26 $ 84,845 During the three and nine months ended February 28, 2022, total restricted stock-compensation expense recognized was $ 25,647 95,016 30,424

WEIGHTED-AVERAGE SHARES AND REC

WEIGHTED-AVERAGE SHARES AND RECONCILIATION	9 Months Ended
	Feb. 28, 2022
Net loss per common share
WEIGHTED-AVERAGE SHARES AND RECONCILIATION	NOTE 5 – WEIGHTED-AVERAGE SHARES AND RECONCILIATION Basic net (loss) income per share is computed using the weighted-average number of shares of common stock outstanding. Diluted net (loss) income per share is computed using the weighted-average number of shares of common stock outstanding, adjusted for dilutive incremental shares attributed to outstanding options to purchase common stock and RSUs vested but not issued. Common stock equivalents for stock options are computed using the treasury stock method. In periods in which a net loss is incurred, no common stock equivalents are included since they are antidilutive and as such all stock options outstanding are excluded from the computation of diluted net loss in those periods. For the three and nine months ended February 28, 2022, potentially dilutive securities consisted of options to purchase 22,500 1.70 Basic weighted-average shares for the three and nine months ended February 28, 2022 and February 28, 2021 were as follows: Weighted-Average Shares and Reconciliation - Schedule of Weighted-Average Number of Shares Three Months Ended Nine Months Ended 2022 2021 2022 2021 Weighted-average shares (basic) 3,788,315 3,764,536 3,790,022 3,759,369 Effect of dilutive stock options — — 23,653 — Weighted-average shares (diluted) 3,788,315 3,764,536 3,813,675 3,759,369

LEASES

LEASES	9 Months Ended
	Feb. 28, 2022
Leases [Abstract]
LEASES	NOTE 6 – LEASES Leases – as a Lessor On November 22, 2019, the Company entered into a triple-net lease agreement with Tosei America, Inc. (“Tosei”), whereby Tosei leased the Company's building located at 2451 NW 28th Avenue, Portland, OR 97210 for a base monthly fee of $ 23,282 120 On October 1, 2020, the Company entered into the “Humboldt Lease, whereby Humboldt Street Collective, LLC (“Humboldt”) will lease the Company's building located at 2765 NW Nicolai Street, Portland, OR 97210 for a monthly fee of $ 3,185 62 Years Ending May 31, 2022 $ 9,841 2023 40,151 2024 41,356 2025 42,597 2026 14,338 Total undiscounted cash flow $ 148,283 On December 1, 2020, the Company entered into the Second Humboldt Lease, whereby Humboldt leased a portion of the Company’s building located at 2451 NW 28th Avenue, Portland, OR 97210 for a monthly fee of $ 4,596 59 Leases – as a Lessee In connection with the acquisition of Ample Hills, the Company assumed multiple real estate leases for retail store locations as well as a manufacturing facility, all of which are classified as operating leases. On November 12, 2021, the Company signed an additional retail lease agreement in conjunction with its new retail store located in New York. The store is scheduled to open during the summer of 2022. Payments on this lease will commence on April 22, 2022. To determine whether a contract is or contains a lease, the Company determines at contract inception whether it contains the right to control the use of an identified asset for a period of time in exchange for consideration to the counterparty in the transaction. If the Company determines that the contract provides the right to obtain substantially all of the economic benefit from the use of the leased asset, as well as the right for the Company to direct the asset's use, the Company recognizes a right-of-use asset and liability upon contract inception. The initial carrying value of the operating lease liability is determined by calculating the present value of future lease payments under the contract. The Company considers the future lease payments under the original terms of the contract, and also includes explicitly enumerated renewal periods where management is reasonably certain that such renewal options will be exercised. The Company’s operating leases contain varying terms and expire at various dates through 2032. For the three months ended February 28, 2022 and February 28, 2021, lease expenses under fixed term leases amounted to $ 478,890 400,609 1,347,522 1,099,993 Certain of the Company’s operating leases contain variable lease payments related to certain performance targets by the Company at the underlying store locations. These variable lease costs are recognized as incurred in accordance with ASC 842 - Leases The Company's future minimum lease payments required under operating leases that have commenced as of February 28, 2022 were as follows: Leases - Schedule of Future Minimum Lease Payments for Operating Leases Years Ending May 31, 2022 $ 446,148 2023 1,886,203 2024 1,793,510 2025 1,748,643 2026 1,529,082 Thereafter 7,221,582 Total lease payments 14,625,168 Less: imputed interest (2,374,383 ) Present value of lease payments 12,250,785 less: current lease obligations (1,417,386 ) Long-term lease obligations $ 10,833,399 In order to calculate the operating lease asset and liability for a lease, ASC 842 - Leases The Company’s weighted-average remaining lease term and discount rates under operating leases that have commenced as of February 28, 2022 were as follows: Leases - Schedule of Lease Terms and Discount Rates as of February 28, 2022 Weighted-average remaining lease term (years) 8.94 Weighted-average discount rate 3.87 %

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET	9 Months Ended
	Feb. 28, 2022
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT, NET	NOTE 7 – PROPERTY AND EQUIPMENT, NET The Company’s property and equipment, net consisted of the following: Property and Equipment, Net - Schedule of Property, Plant and Equipment, Net February 28, 2022 (As Restated) May 31, 2021 Land Land $ — $ 159,000 Buildings and improvements Buildings and Improvements 1,506,107 2,989,140 Furniture, fixtures and equipment Furniture, Fixtures and Equipment 1,871,580 1,788,784 Total property and equipment 3,377,687 4,936,924 Less: accumulated depreciation (1,065,747 ) (2,112,907 ) Total property and equipment, net $ 2,311,940 $ 2,824,017 Depreciation expense for the three months ended February 28, 2022 and 2021 was $ 74,972 93,068 305,811 217,834

CUSTOMER CONCENTRATION

CUSTOMER CONCENTRATION	9 Months Ended
	Feb. 28, 2022
Risks and Uncertainties [Abstract]
CUSTOMER CONCENTRATION	NOTE 8 - CUSTOMER CONCENTRATION Accounts Receivable Revenues The Company had one customer who accounted for 18 11 21 11 18 The Company had two customers who accounted for 23 12 21

ACCOUNTS RECEIVABLE, NET

ACCOUNTS RECEIVABLE, NET	9 Months Ended
	Feb. 28, 2022
Receivables [Abstract]
ACCOUNTS RECEIVABLE, NET	NOTE 9 – ACCOUNTS RECEIVABLE, NET The Company’s accounts receivable, net consisted of the following: Accounts Receivable, Net - Schedule of Accounts Receivable, Net February 28, May 31, 2022 2021 Accounts receivable $ 1,034,729 $ 1,252,968 Less: allowance for doubtful accounts (97,920 ) (98,323 ) Accounts receivable, net $ 936,809 $ 1,154,645

INVENTORIES, NET

INVENTORIES, NET	9 Months Ended
	Feb. 28, 2022
Inventory Disclosure [Abstract]
INVENTORIES, NET	NOTE 10 – INVENTORIES, NET The Company’s inventories, net consisted of the following: Inventories, Net - Schedule of Inventories, Current February 28, 2022 (As Restated) May 31, 2021 Raw materials $ 1,217,338 $ 901,464 Work-in-process 45,561 35,160 Finished goods 1,035,436 731,826 Total inventories 2,298,335 1,668,450 Less: inventory reserves (100,779 ) (115,140 ) Inventories, net $ 2,197,556 $ 1,553,310

INCOME TAXES

INCOME TAXES	9 Months Ended
	Feb. 28, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 11 - INCOME TAXES The Company accounts for income taxes using the asset and liability method. This approach requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities. Deferred tax assets are reduced by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Management continues to review the level of the valuation allowance on a quarterly basis. There can be no assurance that the Company's future operations will produce sufficient earnings to allow for the deferred tax asset to be fully utilized. The Company currently maintains a full valuation allowance against net deferred tax assets. Each year the Company files income tax returns in the various national, state and local income taxing jurisdictions in which it operates. These tax returns are subject to examination and possible challenge by the taxing authorities. Positions challenged by the taxing authorities may be settled or appealed by the Company. As a result, there is an uncertainty in income taxes recognized in the Company's consolidated financial statements in accordance with ASC Topic 740. The Company applies this guidance by defining criteria that an individual income tax position must meet for any part of the benefit of that position to be recognized in an enterprise's financial statements and provides guidance on measurement, de-recognition, classification, accounting for interest and penalties, accounting in interim periods, disclosure, and transition. As of February 28, 2022 and of May 31, 2021, the Company had no other long-term liabilities related to income tax contingencies. Interest and penalties associated with uncertain tax positions are recognized as components of the "Provision for income taxes." The Company had no liability for payment of interest and penalties as of February 28, 2022 and May 31, 2021. Several tax years are subject to examination by major tax jurisdictions. In the United States, federal tax years ended May 31, 2018 and after are subject to examination. Effective Tax Rate The effective tax rate was 0.9 5.5 0.1 8.0

SEGMENT INFORMATION

SEGMENT INFORMATION	9 Months Ended
	Feb. 28, 2022
Segment Reporting [Abstract]
SEGMENT INFORMATION	NOTE 12 - SEGMENT INFORMATION As described in Note 2 - Ample Hills Business Acquisition two The foregoing information presents the balances and activities of the Measurement Segment for the three and nine months ended February 28, 2022 and February 28, 2021. For the Ice Cream Segment, the balances and activities for the three and nine months ended February 28, 2022 are included, however, due to the acquisition occurring on July 9, 2020, only a portion of balances and activities are presented for the three and nine months ended February 28, 2021. The following table present the activity for the three months ended February 28, 2022 and 2021: Segment Information - Schedule of Segment Reporting Information by Segment Three Months Ended February 28, 2022 (As Restated) 2021 Ice Cream Measurement Ice Cream Measurement Revenue, net $ 972,920 $ 875,993 $ 621,730 $ 1,046,714 Gross margin $ 313,393 $ 506,299 $ 263,355 $ 567,834 Gross margin % 32.2 % 57.8 % 42.4 % 54.2 % Operating loss $ (1,990,007 ) $ (556,401 ) $ (2,200,003 ) $ (304,458 ) Depreciation expense $ 70,761 $ 4,211 $ 82,480 $ 10,588 Amortization expense $ 5,734 $ 26,145 $ 6,017 $ 21,562 Capital expenditures $ 59,132 $ 1,787 $ 249,012 $ 2,938 The following table present the activity for the nine months ended February 28, 2022 and 2021: Nine Months Ended February 28, 2022 (As Restated) 2021 Ice Cream Measurement Ice Cream Measurement Revenue, net $ 5,908,291 $ 2,661,762 $ 2,282,139 $ 2,923,502 Gross margin $ 3,353,715 $ 1,376,687 $ 944,493 $ 1,456,454 Gross margin % 56.8 % 51.7 % 41.4 % 49.8 % Operating loss $ (5,350,426 ) $ (1,837,814 ) $ (4,901,933 ) $ (1,371,500 ) Depreciation expense $ 285,400 $ 20,411 $ 176,966 $ 40,868 Amortization expense $ 17,200 $ 78,437 $ 16,045 $ 73,853 Capital expenditures $ 250,340 $ 1,787 $ 481,063 $ 29,258 Segment Assets February 28, 2022 (As Restated) May 31, 2021 Segment assets to total assets Ice Cream Segment $ 8,051,072 $ 10,713,832 Measurement Segment 2,522,786 2,565,701 Corporate assets 9,919,456 7,894,397 Total assets $ 20,493,314 $ 21,173,930

INTANGIBLE ASSETS

INTANGIBLE ASSETS	9 Months Ended
	Feb. 28, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS	NOTE 13 - INTANGIBLE ASSETS Indefinite-Lived Intangible Assets In connection with the acquisition of Ample Hills on July 9, 2020, the Company acquired tradenames and trademarks related to the Ample Hills business. The Company estimated the fair value of these assets utilizing the relief-from-royalty method. These assets were determined to be indefinite-lived and are not amortized, but instead are reviewed for impairment at least annually or whenever events or changes in circumstances indicate that such carrying values may not be recoverable as required by ASC 350, Intangibles — Goodwill and Other During the fourth quarter of the fiscal year ended May 31, 2021, the Company made an evaluation based on factors such as changes in the Ice Cream Segment’s growth rate and recent trends in the Ice Cream Segment’s forecasted financial information and concluded that a triggering event for an interim impairment analysis had occurred. As part of qualitative assessment, it was determined that the carrying value of the Ample Hills tradenames exceeded the estimated fair value. The tradename was valued using the relief-from-royalty method – a variation of the income approach – which was used for the initial valuation of the tradename in connection with the Company’s acquisition of Ample Hills. Due to a reduction in estimated total enterprise value as a result of the change in financial projections, there is no incremental fair value to allocate to the tradenames. Therefore, during the fiscal year ended May 31, 2021, the Company recognized an impairment loss in the amount of $ 903,422 Finite-lived Intangible Assets Amortizable intangible assets include purchased technology and patents for the Company’s Measurement Segment and proprietary recipes and the Company’s website for its Ice Cream Segment. These assets are amortized over their estimated useful lives ranging from three to fifteen years. In total, the weighted-average remaining amortization period of the Company’s intangible assets was 4.71 As of February 28, 2022 and May 31, 2021, for the Measurement Segment, the gross carrying value of amortizable intangible assets was $ 1,663,538 1,554,372 1,475,935 26,145 21,562 78,437 73,853 1.0 As of February 28, 2022 and May 31, 2021, for the Ice Cream Segment, the gross carrying value of amortizable intangible assets was $ 172,184 39,262 22,062 5,734 17,200 7.76 The following tables present the major components of finite-intangible assets which are subject to amortization as of February 28, 2022 and May 31, 2021: Intangible Assets - Schedule of Finite-Lived Intangible Assets As of February 28, 2022 Useful Life (Years) Gross Carrying Value Accumulated Amortization Net Carrying Value Finite-lived intangible assets subject to amortization: Measurement Segment Patented technology 15 $ 1,663,538 $ (1,554,372 ) $ 109,166 Measurement Segment finite-lived assets 1,663,538 (1,554,372 ) 109,166 Ice Cream Segment Proprietary recipes 10 146,739 (24,900 ) 121,839 Company website 3 25,445 (14,362 ) 11,083 Ice Cream Segment finite-lived intangible assets 172,184 (39,262 ) 132,922 Total finite-lived intangible assets $ 1,835,722 $ (1,593,634 ) $ 242,088 As of May 31, 2021 Useful Life (Years) Gross Carrying Value Accumulated Amortization Net Carrying Value Finite-lived intangible assets subject to amortization: Measurement Segment Patented technology 15 $ 1,663,538 $ (1,475,935 ) $ 187,603 Measurement Segment finite-lived assets 1,663,538 (1,475,935 ) 187,603 Ice Cream Segment Proprietary recipes 10 146,739 (13,934 ) 132,805 Company website 3 25,445 (8,128 ) 17,317 Ice Cream Segment finite-lived intangible assets 172,184 (22,062 ) 150,122 Total finite-lived intangible assets $ 1,835,722 $ (1,497,997 ) $ 337,725 Estimated amortization expense remaining for each of the following years is as follows: Intangible Assets - Schedule of Finite-Lived Intangible Assets Future Amortization Expense Year Ending May 31, 2022 $ 36,462 2023 101,370 2024 15,313 2025 14,621 2026 14,621 Thereafter 59,701 Total expected amortization expense $ 242,088 Finite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of the asset may not be recoverable. Recoverability is determined by comparing the forecasted future net undiscounted cash flows from the operations to which the assets relate, based on management's best estimates using the appropriate assumptions and projections at the time, to the carrying amount of the assets. If the carrying value is determined to be in excess of such undiscounted cash flows, the asset is considered impaired and a loss is recognized equal to the amount by which the carrying amount exceeds the estimated fair value of the assets, which is determined by discounting future projected cash flows.

LONG-TERM DEBT

LONG-TERM DEBT	9 Months Ended
	Feb. 28, 2022
Debt Disclosure [Abstract]
LONG-TERM DEBT	NOTE 14 – LONG-TERM DEBT Paycheck Protection Program Loan On March 21, 2020, the Coronavirus Aid Relief and Economic Security Ace (“CARES ACT”) was enacted. The CARES ACT established the PPP, which funds eligible businesses through federally guaranteed loans. Under the PPP, companies are eligible for forgiveness of principal and accrued interest if the proceeds are used for eligible costs, which include, but are not limited to, payroll, benefits, mortgage, lease and utility expenses. The Company received three PPP loans during the fiscal year ended May 31, 2021, two of which were forgiven during the nine months ended February 28, 2022. The remaining PPP loan is as follows: Loan Amount Issuance Date Maturity Period Interest Rate Second Draw PPP Loan (Ample Hills) $ 2,000,000 April 6, 2021 5 1.0 % Total PPP Loan Balance $ 2,000,000 The first two loans (both of which were forgiven during the nine months ended February 28, 2022 and therefore excluded from the table) were granted on July 30, 2020 (collectively the “First Draw PPP Loans”) under two notes payable. Both notes were issued July 30, 2020 and funds were disbursed on August 3, 2020. The third loan was granted and issued on April 6, 2021 (the “Second Draw PPP Loan”) to Ample Hills under a note payable which matures five years from the date of issuance and bears interest annually of 1.0%. Interest is accrued monthly, commencing on the date of issuance. Principal and interest is paid monthly through the maturity date, commencing on April 6, 2021 for the Second Draw PPP Loan, unless forgiven as described below. The note may be prepaid at any time prior to maturity with no prepayment penalties. As noted above, Loan proceeds may be used only for eligible expense. Ample Hills has used and intends to use the remaining funds for eligible purposes, including the re-hiring of its workforce. Ample Hills is currently seeking forgiveness of the balance of the Second Draw PPP Loan. Forgiveness of the Second Draw PPP Loan is available for principal that is used for the limited purposes that qualify for forgiveness under the requirements of the Small Business Administration (“SBA”), in addition to accrued interest. To obtain forgiveness, the Company must request it, provide documentation in accordance with SBA requirements and certify that the amounts requested to be forgiven qualify under those requirements. There is no guarantee that the remaining Second Draw Loan will be forgiven by the SBA and therefore, the Company has recorded a $ 2,000,000 472,431 On August 2, 2021, the Company requested forgiveness of the First Draw PPP Loan and provided documentation in accordance with SBA requirements and certified the amounts requested to be forgiven qualified under the requirements. On August 28, 2021, the Company received correspondence from Bank of America, which included a Notice of Paycheck Protection Program Forgiveness Payment from SBA for a portion of the First Draw PPP Loan in the amount of $ 588,534 264,476 Schmitt Industries On December 15, 2021 and December 22, 2021, respectively, for the remaining portion of the First Draw PPP Loan and the Second Draw PPP Loan, the Company provided documentation in accordance with SBA requirements and certified the amounts requested to be forgiven qualified under the requirements. During the three months ended February 28, 2022, the Company received notification that the remaining First Draw PPP Loan had been forgiven by the SBA and subsequently recognized a $ 1,471,022 As of February 28, 2022 and May 31, 2021, the Company has the following current and long-term liabilities recorded for the PPP loans: Long-Term Debt - Schedule of Debt February 28, 2022 May 31, 2021 Current portion $ 472,431 $ 541,691 Long-term portion 1,527,569 3,253,389 Total PPP loan balance $ 2,000,000 $ 3,795,080

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Feb. 28, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 15 – COMMITMENTS AND CONTINGENCIES In a transaction related to the acquisition of Schmitt Measurement Systems, Inc., formerly TMA Technologies, Inc. ("TMA"), the Company established a royalty pool and vested in each shareholder and debt holder of the acquired company an interest in the royalty pool equal to the amount invested or loaned including interest payable through March 1995. The royalty pool is funded at 5% of net revenues (defined as gross sales less returns, allowances and sales commissions) of the Company's surface measurement products and future derivative products developed by Schmitt Industries, Inc., which utilize these technologies. As part of the royalty pool agreement, each former shareholder and debt holder released TMA from any claims with regards to the acquisition except their rights to future royalties. Royalty expense for the nine months ended February 28, 2022 and February 28, 2021 amounted to $ 19,429 18,992 During the Company’s fiscal year ended May 31, 2020 (“Fiscal 2020”), the Company determined that it was more likely than not that the Company had a pre-existing tax liability related to prior periods. The Company has analyzed the liability and estimated it to be $ 265,349

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Feb. 28, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 16 - SUBSEQUENT EVENTS On March 4, 2022, March 15, 2022, and April 13, 2022, the Company signed three new retail lease agreements in conjunction with its plans to expand its Ample Hills store footprint. Subsequent Events On April 13, 2022, the Company formalized drawdown terms on its existing $1,300,000 Commitment Letter with its CEO, which states that SCM or its affiliates will provide the Company with additional capital of up to $1,300,000 for the Company’s operations, as needed, through February 28, 2023. Drawdown terms include: 1.0% origination fee, 18-month term after drawdown, 8.0% payment-in-kind interest rate.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Feb. 28, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation In the opinion of management of Schmitt Industries, Inc. (the “Company”, “Schmitt”, “we” or “our”), the accompanying unaudited interim condensed consolidated financial statements, (collectively hereinafter the “consolidated financial statements”), have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and contain all adjustments, consisting only of normal recurring adjustments, necessary to present fairly its financial position as of February 28, 2022 and its results of operations and its cash flows for the periods presented. The consolidated balance sheet at May 31, 2021 has been derived from the Annual Report on Form 10-K for the fiscal year ended May 31, 2021. The accompanying unaudited consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended May 31, 2021. Operating results for the interim periods presented are not necessarily indicative of the results that may be experienced for the fiscal year ending May 31, 2022. Significant Accounting Policies The Company’s significant accounting policies are described in “Note 2: Summary of Significant Accounting Policies” of our most recent Form 10-K for the fiscal year ended May 31, 2021.
Principles of Consolidation	Principles of Consolidation These consolidated financial statements include those of the Company and its wholly owned subsidiaries: Schmitt Measurement Systems, Inc. and Ample Hills Acquisition LLC. All significant intercompany accounts and transactions have been eliminated in the preparation of the consolidated financial statements.
Reclassifications	Reclassifications Certain amounts in the prior period consolidated statements of operations have been reclassified to conform to the presentation of the current period. These reclassifications had no effect on previously recorded net income (loss).
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with Generally Accepted Accounting Principles in the U.S. (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
New Accounting Standards	New Accounting Standards The Company assesses the adoption impacts of recently issued accounting standards by the Financial Accounting Standards Board (“FASB”) on the Company’s financial statements as well as material updates to previous assessments, if any, from the Company’s Annual Report on Form 10-K for the fiscal year ended May 31, 2021. There were no new material accounting standards issued in the nine months ended February 28, 2022 that impacted the Company. Recently Adopted Accounting Standards There were no new material accounting standards adopted in the nine months ended February 28, 2022.
Liquidity	Liquidity Our primary source of liquidity is our cash flows from operating activities resulting from net income and management of working capital. As of February 28, 2022, our available funds consisted of $ 1,999,241 Investor On August 7, 2021, the Company received The Commitment Letter to Schmitt Industries (“Commitment”) from our CEO. The Commitment states that Sententia Capital Management LLC (“SCM”) or its affiliated entities will provide additional capital as required to Schmitt up to $ 1,300,000 On November 10, 2021, the Company closed on the sale of its building located at 2451 NW 28th Avenue, Portland, OR 97210 for $ 5,100,000 4,753,724 4,598,095
Business Combinations	Business Combinations The Company accounts for business combinations in accordance with Accounting Standard Codification (“ASC”) 805 - Business Combinations Acquisition of Ample Hills
Assets Held for Sale	Assets Held for Sale Assets held for sale are stated at the lower of cost less depreciation or expected net realizable value. Depreciation is computed using the straight-line method over estimated useful lives of 25 The Company owned a two story 35,050 5,100,000 4,753,724 4,598,095 Leases The Company owns two industrial office buildings totaling 11,667 Leases As of February 28, 2022 and May 31, 2021, assets held for sale consisted of the following: Summary of Significant Accounting Policies - Schedule of Assets Held for Sale February 28, 2022 May 31, 2021 Land $ 159,000 $ 140,000 Buildings and improvements 1,616,250 246,135 Total property and equipment held for sale 1,775,250 386,135 Less accumulated depreciation (1,341,840 ) (211,288 ) Total property and equipment held for sale, net $ 433,410 $ 174,847
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially expose the Company to concentration of credit risk are trade accounts receivable. Credit terms generally require an invoice to be paid within 30 to 60 days or include a discount of up to 1.5% if the invoice is paid within ten days, with the net amount payable in 30 days. Terms are set for each account depending on the customer's credit standing with the Company.
Financial Instruments	Financial Instruments The carrying value of all other financial instruments potentially subject to valuation risk (principally consisting of cash and cash equivalents, accounts receivable, accounts payable, the current portion of the PPP loans, customer deposits and prepayments) approximates fair value because of their short-term maturities.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Feb. 28, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies - Schedule of Assets Held for Sale	As of February 28, 2022 and May 31, 2021, assets held for sale consisted of the following: Summary of Significant Accounting Policies - Schedule of Assets Held for Sale February 28, 2022 May 31, 2021 Land $ 159,000 $ 140,000 Buildings and improvements 1,616,250 246,135 Total property and equipment held for sale 1,775,250 386,135 Less accumulated depreciation (1,341,840 ) (211,288 ) Total property and equipment held for sale, net $ 433,410 $ 174,847

RESTATEMENT OF PREVIOUSLY ISS_2

RESTATEMENT OF PREVIOUSLY ISSUED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Tables)	9 Months Ended
	Feb. 28, 2022
Accounting Changes and Error Corrections [Abstract]
Restatement of Previously Issued Condensed Consolidated Financial Statements - Schedule of Prior Period Adjustments	The following reflects the restatement adjustments recorded in connection with the Company’s restatement of its condensed consolidated financial statements: Restatement of Previously Issued Condensed Consolidated Financial Statements - Schedule of Prior Period Adjustments Balance Sheet As of February 28, 2022 As previously reported Total Adjustments As Restated Reference ASSETS Current Assets Cash and cash equivalents $ 1,999,241 $ — $ 1,999,241 Accounts receivable, net 936,809 — 936,809 Inventories, net 2,191,844 5,712 2,197,556 A Prepaid expenses 30,867 859 31,726 A Income tax receivable 17,730 (1,350 ) 16,380 A Total current assets 5,176,491 5,221 5,181,712 A Leasehold assets 11,423,035 — 11,423,035 Property and equipment, net 2,248,500 63,440 2,311,940 A Property and equipment held for sale, net 433,410 — 433,410 Leasehold, utilities, and ERP deposits 829,001 72,128 901,129 B Other assets Intangible assets, net 242,088 — 242,088 Total Assets $ 20,352,525 $ 140,789 $ 20,493,314 A, B LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 555,974 $ (9,263 ) $ 546,711 A Accrued commissions 59,208 (3,658 ) 55,550 A Accrued payroll liabilities 505,248 — 505,248 Accrued liabilities 329,492 (498 ) 328,994 A Customer deposits and prepayments 112,791 — 112,791 Other accrued liabilities 424,799 592,119 1,016,918 A Current portion of long-term lease liabilities 1,417,386 — 1,417,386 Current portion of long-term debt 472,431 — 472,431 Total current liabilities 3,877,329 578,700 4,456,029 A Long-term debt, net of current portion 1,527,569 — 1,527,569 Long-term leasehold liabilities, net of current portion 10,833,399 — 10,833,399 Total liabilities 16,238,297 578,700 16,816,997 A Total stockholders' equity Common stock, no par value, 20,000,000 shares authorized, 4,236,821 and 3,818,770 shares issued and outstanding at February 28, 2022, respectively 12,318,375 — 12,318,375 Accumulated deficit (8,204,147 ) (437,911 ) (8,642,058 ) A,B Total stockholders' equity 4,114,228 (437,911 ) 3,676,317 A,B TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 20,352,525 $ 140,789 $ 20,493,314 A,B Statement of Operations For the three months ended February 28, 2022 As previously reported Total Adjustments As Restated Reference Net sales $ 1,848,913 $ — $ 1,848,913 Cost of revenue 912,076 117,145 1,029,221 A Gross profit 936,837 (117,145 ) 819,692 A Selling, general and administrative 3,312,388 40,441 3,352,829 A Research and development 10,771 2,500 13,271 A Total operating expenses 3,323,159 42,941 3,366,100 A Operating loss (2,386,322 ) (160,086 ) (2,546,408 ) A Forgiveness of PPP loans 1,471,292 — 1,471,292 Interest expense (8,232 ) — (8,232 ) Other income, net 38,286 — 38,286 A Loss before income taxes (884,976 ) (160,086 ) (1,045,062 ) A Income tax provision from continuing operations 8,268 — 8,268 Net loss $ (893,244 ) $ (160,086 ) $ (1,053,330 ) A Net loss per common share: Basic $ (0.24 ) $ (0.04 ) $ (0.28 ) A Weighted average number of common shares, basic 3,788,315 — 3,788,315 Diluted $ (0.24 ) $ (0.04 ) $ (0.28 ) A Weighted average number of common shares, diluted 3,788,315 — 3,788,315 For the nine months ended February 28, 2022 As previously reported Total Adjustments As Restated Reference Net Sales $ 8,570,053 $ — $ 8,570,053 Cost of revenue 3,618,925 220,726 3,839,651 A Gross profit 4,951,128 (220,726 ) 4,730,402 A Selling, general and administrative 11,604,964 285,562 11,890,526 A Research and development 25,616 2,500 28,116 A Total operating expenses 11,630,580 288,062 11,918,642 A Operating loss (6,679,452 ) (508,788 ) (7,188,240 ) A Gain on sale of property and equipment 4,598,095 — 4,598,095 Forgiveness of PPP loans 2,059,826 — 2,059,826 Interest expense (37,811 ) — (37,811 ) Other income, net 323,589 72,127 395,716 B Income (loss) before income taxes 264,247 (436,661 ) (172,414 ) A, B Income tax provision from continuing operations 14,618 1,250 15,868 A Net income (loss) $ 249,629 $ (437,911 ) $ (188,282 ) A, B Net income (loss) per common share Basic $ 0.07 $ (0.12 ) $ (0.05 ) A, B Weighted average number of common shares, basic 3,790,022 — 3,790,022 Diluted $ 0.07 $ (0.12 ) $ (0.05 ) A, B Weighted average number of common shares, diluted 3,813,675 — 3,813,675 Statement of Cash Flows For the nine months ended February 28, 2022 As previously reported Total Adjustments As Restated Reference Cash flows relating to operating activities Net income (loss) $ 249,629 $ (437,911 ) $ (188,282 ) A, B Adjustments to reconcile net income (loss) to net cash used in operating activities: Forgiveness of PPP Loan (2,059,826 ) — (2,059,826 ) Depreciation and amortization 401,448 — 401,448 Gain on disposal of property and equipment (4,598,095 ) — (4,598,095 ) Stock-based compensation 95,016 — 95,016 Non-cash lease costs 92,042 — 92,042 (Increase) decrease in: Accounts receivable, net 217,836 — 217,836 Inventories, net (638,534 ) (5,712 ) (644,246 ) A Prepaid expenses 167,478 (859 ) 166,619 A Rent, Utility Deposits, & ERP Deposits (397,193 ) (72,128 ) (469,321 ) A, B (Increase) decrease in: Accounts payable (27,776 ) (9,263 ) (37,039 ) A Accrued liabilities and customer deposits (409,187 ) 589,313 180,126 A Net cash used in operating activities $ (6,907,162 ) $ 63,440 $ (6,843,722 ) A, B Cash flows relating to investing activities Purchases of property and equipment $ (188,687 ) $ (63,440 ) $ (252,127 ) A Proceeds from the sale of property and equipment 4,797,924 — 4,797,924 Net cash provided by investing activities $ 4,609,237 $ (63,440 ) $ 4,545,797 A Cash flows relating to financing activities Proceeds from Paycheck Protection Program $ 264,476 $ — $ 264,476 Net cash provided by financing activities $ 264,476 $ — $ 264,476 Decrease in cash and cash equivalents $ (2,033,449 ) $ — $ (2,033,449 ) Cash and cash equivalents, beginning of period 4,032,690 — 4,032,690 Cash and cash equivalents, end of period $ 1,999,241 $ — $ 1,999,241 Supplemental disclosure of cash flow information Cash paid during the period for income taxes $ 19,200 $ — $ 19,200 Cash paid during the period for interest $ 63 $ — $ 63 Segment Information-Ice Cream For the three months ended February 28, 2022 As previously reported Total Adjustments As Restated Reference Revenue, net $ 972,920 $ — $ 972,920 Gross Margin $ 389,710 $ (76,317 ) $ 313,393 A Gross Margin % 40.1 % (7.8 %) 32.2 % A Operating loss $ (1,837,593 ) $ (152,414 ) $ (1,990,007 ) A Depreciation expense $ 70,761 $ — $ 70,761 Amortization expense $ 5,734 $ — $ 5,734 Capital expenditures $ 10,200 $ 48,932 $ 59,132 A For the nine months ended February 28, 2022 As previously reported Total Adjustments As Restated Reference Revenue, net $ 5,908,291 $ — $ 5,908,291 Gross Margin $ 3,527,555 $ (173,840 ) $ 3,353,715 A Gross Margin % 59.7 % (2.9 %) 56.8 % A Operating loss $ (4,975,684 ) $ (374,742 ) $ (5,350,426 ) A Depreciation expense $ 285,400 $ — $ 285,400 Amortization expense $ 17,200 $ — $ 17,200 Capital expenditures $ 188,687 $ 61,653 $ 250,340 A Segment Information-Measurement For the three months ended February 28, 2022 As previously reported Total Adjustments As Restated Reference Revenue, net $ 875,993 $ — $ 875,993 Gross Margin $ 547,127 $ (40,828 ) $ 506,299 A Gross Margin % 62.5 % (4.7 %) 57.8 % A Operating loss $ (548,729 ) $ (7,672 ) $ (556,401 ) A Depreciation expense $ 4,211 $ — $ 4,211 Amortization expense $ 26,145 $ — $ 26,145 Capital expenditures $ — $ 1,787 $ 1,787 A For the nine months ended February 28, 2022 As previously reported Total Adjustments As Restated Reference Revenue, net $ 2,661,762 $ — $ 2,661,762 Gross Margin $ 1,423,573 $ (46,886 ) $ 1,376,687 A Gross Margin % 53.5 % (1.8 %) 51.7 % A Operating loss $ (1,703,768 ) $ (134,046 ) $ (1,837,814 ) A Depreciation expense $ 20,411 $ — $ 20,411 Amortization expense $ 78,437 $ — $ 78,437 Capital expenditures $ — $ 1,787 $ 1,787 A Segment Information- Assets As of February 28, 2022 As previously reported Total Adjustments As Restated Reference Ice Cream Segment $ 7,911,579 $ 139,493 $ 8,051,072 A, B Measurement Segment 2,521,490 1,296 2,522,786 A Corporate assets 9,919,456 — 9,919,456 Total Assets $ 20,352,525 $ 140,789 $ 20,493,314 A, B

AMPLE HILLS BUSINESS ACQUISIT_2

AMPLE HILLS BUSINESS ACQUISITION (Tables)	9 Months Ended
	Feb. 28, 2022
Business Combination and Asset Acquisition [Abstract]
Ample Hills Business Acquisition - Schedule of Purchase Price Allocation	The following table summarizes the Company's fair value of the assets acquired, and liabilities assumed, as of July 9, 2020, for the Company's acquisition of Ample Hills. Ample Hills Business Acquisition - Schedule of Purchase Price Allocation Purchase Price Cash paid to sellers $ 1,000,000 Cash paid for cure costs 713,404 Total Purchase Price $ 1,713,404 Purchase Price Allocation Assets Acquired Right-of-use operating lease assets 10,645,098 Website 25,445 Tradename and trademarks 903,422 Proprietary recipes 146,739 Security deposits 225,180 Machinery and equipment 564,553 Leasehold improvements 815,798 Inventory 632,100 Total assets acquired $ 13,958,335 Liabilities Assumed Right-of-use operating lease liabilities 10,645,098 Deferred tax liability 405,688 Customer deposits 20,204 Gift card liabilities 35,133 Total liabilities assumed $ 11,106,123 Net assets acquired 2,852,212 Gain on bargain purchase $ 1,138,808

STOCK OPTIONS AND STOCK-BASED_2

STOCK OPTIONS AND STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Feb. 28, 2022
Share-Based Payment Arrangement [Abstract]
Stock Options and Stock-Based Compensation - Schedule of Stock Option Activity	Outstanding Options Exercisable Options Number of Shares Weighted- Average Exercise Price Weighted-Average Remaining Contractual Life (years) Number of Shares Weighted- Average Exercise Price 22,500 $ 1.70 5.1 22,500 $ 1.70
Stock Options and Stock-Based Compensation - Schedule of Restricted Stock Unit Activity	RSU activity under the Company's stock-based compensation plans during the nine months ended February 28, 2022 is summarized as follows: Stock Options and Stock-Based Compensation - Schedule of Restricted Stock Unit Activity Number of Units Weighted-Average Price at Grant Date Aggregate Intrinsic Value Non-vested RSUs - May 31, 2021 34,237 $ 4.71 $ 161,400 RSUs granted 12,332 $ 4.41 54,358 RSUs forfeited (2,058 ) $ 4.86 (10,000 ) RSUs vested (28,376 ) $ 4.26 (120,913 ) Non-vested RSUs – February 28, 2022 16,135 $ 5.26 $ 84,845

WEIGHTED-AVERAGE SHARES AND R_2

WEIGHTED-AVERAGE SHARES AND RECONCILIATION (Tables)	9 Months Ended
	Feb. 28, 2022
Net loss per common share
Weighted-Average Shares and Reconciliation - Schedule of Weighted-Average Number of Shares	Basic weighted-average shares for the three and nine months ended February 28, 2022 and February 28, 2021 were as follows: Weighted-Average Shares and Reconciliation - Schedule of Weighted-Average Number of Shares Three Months Ended Nine Months Ended 2022 2021 2022 2021 Weighted-average shares (basic) 3,788,315 3,764,536 3,790,022 3,759,369 Effect of dilutive stock options — — 23,653 — Weighted-average shares (diluted) 3,788,315 3,764,536 3,813,675 3,759,369

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Feb. 28, 2022
Leases [Abstract]
Leases - Schedule of Future Minimum Lease Payments Receivable	Years Ending May 31, 2022 $ 9,841 2023 40,151 2024 41,356 2025 42,597 2026 14,338 Total undiscounted cash flow $ 148,283
Leases - Schedule of Future Minimum Lease Payments for Operating Leases	The Company's future minimum lease payments required under operating leases that have commenced as of February 28, 2022 were as follows: Leases - Schedule of Future Minimum Lease Payments for Operating Leases Years Ending May 31, 2022 $ 446,148 2023 1,886,203 2024 1,793,510 2025 1,748,643 2026 1,529,082 Thereafter 7,221,582 Total lease payments 14,625,168 Less: imputed interest (2,374,383 ) Present value of lease payments 12,250,785 less: current lease obligations (1,417,386 ) Long-term lease obligations $ 10,833,399
Leases - Schedule of Lease Terms and Discount Rates	The Company’s weighted-average remaining lease term and discount rates under operating leases that have commenced as of February 28, 2022 were as follows: Leases - Schedule of Lease Terms and Discount Rates as of February 28, 2022 Weighted-average remaining lease term (years) 8.94 Weighted-average discount rate 3.87 %

PROPERTY AND EQUIPMENT, NET (Ta

PROPERTY AND EQUIPMENT, NET (Tables)	9 Months Ended
	Feb. 28, 2022
Property, Plant and Equipment [Abstract]
Property and Equipment, Net - Schedule of Property, Plant and Equipment, Net	The Company’s property and equipment, net consisted of the following: Property and Equipment, Net - Schedule of Property, Plant and Equipment, Net February 28, 2022 (As Restated) May 31, 2021 Land Land $ — $ 159,000 Buildings and improvements Buildings and Improvements 1,506,107 2,989,140 Furniture, fixtures and equipment Furniture, Fixtures and Equipment 1,871,580 1,788,784 Total property and equipment 3,377,687 4,936,924 Less: accumulated depreciation (1,065,747 ) (2,112,907 ) Total property and equipment, net $ 2,311,940 $ 2,824,017

ACCOUNTS RECEIVABLE, NET (Table

ACCOUNTS RECEIVABLE, NET (Tables)	9 Months Ended
	Feb. 28, 2022
Receivables [Abstract]
Accounts Receivable, Net - Schedule of Accounts Receivable, Net	The Company’s accounts receivable, net consisted of the following: Accounts Receivable, Net - Schedule of Accounts Receivable, Net February 28, May 31, 2022 2021 Accounts receivable $ 1,034,729 $ 1,252,968 Less: allowance for doubtful accounts (97,920 ) (98,323 ) Accounts receivable, net $ 936,809 $ 1,154,645

INVENTORIES, NET (Tables)

INVENTORIES, NET (Tables)	9 Months Ended
	Feb. 28, 2022
Inventory Disclosure [Abstract]
Inventories, Net - Schedule of Inventories, Current	The Company’s inventories, net consisted of the following: Inventories, Net - Schedule of Inventories, Current February 28, 2022 (As Restated) May 31, 2021 Raw materials $ 1,217,338 $ 901,464 Work-in-process 45,561 35,160 Finished goods 1,035,436 731,826 Total inventories 2,298,335 1,668,450 Less: inventory reserves (100,779 ) (115,140 ) Inventories, net $ 2,197,556 $ 1,553,310

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	9 Months Ended
	Feb. 28, 2022
Segment Reporting [Abstract]
Segment Information - Schedule of Segment Reporting Information by Segment	The following table present the activity for the three months ended February 28, 2022 and 2021: Segment Information - Schedule of Segment Reporting Information by Segment Three Months Ended February 28, 2022 (As Restated) 2021 Ice Cream Measurement Ice Cream Measurement Revenue, net $ 972,920 $ 875,993 $ 621,730 $ 1,046,714 Gross margin $ 313,393 $ 506,299 $ 263,355 $ 567,834 Gross margin % 32.2 % 57.8 % 42.4 % 54.2 % Operating loss $ (1,990,007 ) $ (556,401 ) $ (2,200,003 ) $ (304,458 ) Depreciation expense $ 70,761 $ 4,211 $ 82,480 $ 10,588 Amortization expense $ 5,734 $ 26,145 $ 6,017 $ 21,562 Capital expenditures $ 59,132 $ 1,787 $ 249,012 $ 2,938 The following table present the activity for the nine months ended February 28, 2022 and 2021: Nine Months Ended February 28, 2022 (As Restated) 2021 Ice Cream Measurement Ice Cream Measurement Revenue, net $ 5,908,291 $ 2,661,762 $ 2,282,139 $ 2,923,502 Gross margin $ 3,353,715 $ 1,376,687 $ 944,493 $ 1,456,454 Gross margin % 56.8 % 51.7 % 41.4 % 49.8 % Operating loss $ (5,350,426 ) $ (1,837,814 ) $ (4,901,933 ) $ (1,371,500 ) Depreciation expense $ 285,400 $ 20,411 $ 176,966 $ 40,868 Amortization expense $ 17,200 $ 78,437 $ 16,045 $ 73,853 Capital expenditures $ 250,340 $ 1,787 $ 481,063 $ 29,258
Segment Information - Schedule of Segment Reporting by Segment Assets	February 28, 2022 (As Restated) May 31, 2021 Segment assets to total assets Ice Cream Segment $ 8,051,072 $ 10,713,832 Measurement Segment 2,522,786 2,565,701 Corporate assets 9,919,456 7,894,397 Total assets $ 20,493,314 $ 21,173,930

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	9 Months Ended
	Feb. 28, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets - Schedule of Finite-Lived Intangible Assets	The following tables present the major components of finite-intangible assets which are subject to amortization as of February 28, 2022 and May 31, 2021: Intangible Assets - Schedule of Finite-Lived Intangible Assets As of February 28, 2022 Useful Life (Years) Gross Carrying Value Accumulated Amortization Net Carrying Value Finite-lived intangible assets subject to amortization: Measurement Segment Patented technology 15 $ 1,663,538 $ (1,554,372 ) $ 109,166 Measurement Segment finite-lived assets 1,663,538 (1,554,372 ) 109,166 Ice Cream Segment Proprietary recipes 10 146,739 (24,900 ) 121,839 Company website 3 25,445 (14,362 ) 11,083 Ice Cream Segment finite-lived intangible assets 172,184 (39,262 ) 132,922 Total finite-lived intangible assets $ 1,835,722 $ (1,593,634 ) $ 242,088 As of May 31, 2021 Useful Life (Years) Gross Carrying Value Accumulated Amortization Net Carrying Value Finite-lived intangible assets subject to amortization: Measurement Segment Patented technology 15 $ 1,663,538 $ (1,475,935 ) $ 187,603 Measurement Segment finite-lived assets 1,663,538 (1,475,935 ) 187,603 Ice Cream Segment Proprietary recipes 10 146,739 (13,934 ) 132,805 Company website 3 25,445 (8,128 ) 17,317 Ice Cream Segment finite-lived intangible assets 172,184 (22,062 ) 150,122 Total finite-lived intangible assets $ 1,835,722 $ (1,497,997 ) $ 337,725
Intangible Assets - Schedule of Finite-Lived Intangible Assets Future Amortization Expense	Estimated amortization expense remaining for each of the following years is as follows: Intangible Assets - Schedule of Finite-Lived Intangible Assets Future Amortization Expense Year Ending May 31, 2022 $ 36,462 2023 101,370 2024 15,313 2025 14,621 2026 14,621 Thereafter 59,701 Total expected amortization expense $ 242,088

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	9 Months Ended
	Feb. 28, 2022
Debt Disclosure [Abstract]
Long-Term Debt - Schedule of Long-Term Debt	Loan Amount Issuance Date Maturity Period Interest Rate Second Draw PPP Loan (Ample Hills) $ 2,000,000 April 6, 2021 5 1.0 % Total PPP Loan Balance $ 2,000,000
Long-Term Debt - Schedule of Debt	As of February 28, 2022 and May 31, 2021, the Company has the following current and long-term liabilities recorded for the PPP loans: Long-Term Debt - Schedule of Debt February 28, 2022 May 31, 2021 Current portion $ 472,431 $ 541,691 Long-term portion 1,527,569 3,253,389 Total PPP loan balance $ 2,000,000 $ 3,795,080

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Schedule of Assets Held for Sale (Details) - USD ($)	Feb. 28, 2022	May 31, 2021
Long-Lived Assets Held-for-sale [Line Items]
Total property and equipment held for sale	$ 3,377,687	$ 4,936,924
Less accumulated depreciation	(1,065,747)	(2,112,907)
Total property and equipment held for sale, net	2,311,940	2,824,017
Assets Held for Sale
Long-Lived Assets Held-for-sale [Line Items]
Land	159,000	140,000
Buildings and improvements	1,616,250	246,135
Total property and equipment held for sale	1,775,250	386,135
Less accumulated depreciation	(1,341,840)	(211,288)
Total property and equipment held for sale, net	$ 433,410	$ 174,847

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)	9 Months Ended
	Feb. 28, 2022 USD ($) ft²	Feb. 28, 2021 USD ($)	Aug. 07, 2021 USD ($)	May 31, 2021 USD ($)
Property, Plant and Equipment [Line Items]
Cash and cash equivalents	$ 1,999,241			$ 4,032,690
Value of building sold		$ 5,100,000
Proceeds from sale of building, net	4,753,724
Gain on sale of property and equipment	$ 4,598,095	$ 0
Assets Held for Sale
Property, Plant and Equipment [Line Items]
Estimated useful life	25 years
Industrial building | ft²	35,050
Assets Held for Sale | 2765 NW Nicolai Street, Portland, Oregon
Property, Plant and Equipment [Line Items]
Industrial building | ft²	11,667
Investor
Property, Plant and Equipment [Line Items]
Commitment for additional capital			$ 1,300,000

Restatement of Previously Iss_3

Restatement of Previously Issued Condensed Consolidated Financial Statements - Schedule of Prior Period Adjustments (Details) - USD ($)	3 Months Ended		9 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Feb. 28, 2022	Feb. 28, 2021	May 31, 2021	May 31, 2020
Current Assets
Cash and cash equivalents	$ 1,999,241		$ 1,999,241		$ 4,032,690
Accounts receivable, net	936,809		936,809		1,154,645
Inventories, net	2,197,556		2,197,556		1,553,310
Prepaid expenses	31,726		31,726		198,345
Income tax receivable	16,380		16,380		18,057
Total current assets	5,181,712		5,181,712		6,957,047
Leasehold assets	11,423,035		11,423,035		10,448,486
Property and equipment, net	2,311,940		2,311,940		2,824,017
Property and equipment held for sale, net	433,410		433,410		174,847
Leasehold, utilities, and ERP deposits	901,129		901,129		431,808
Other assets
Intangible assets, net	242,088		242,088		337,725
Total assets	20,493,314		20,493,314		21,173,930
Current liabilities
Accounts payable	546,711		546,711		583,750
Accrued commissions	55,550		55,550		60,614
Accrued payroll liabilities	505,248		505,248		527,608
Accrued liabilities	328,994		328,994		465,146
Customer deposits and prepayments	112,791		112,791		93,364
Other accrued liabilities	1,016,918		1,016,918		694,590
Current portion of long-term lease liabilities	1,417,386		1,417,386		1,042,331
Current portion of long-term debt	472,431		472,431		541,691
Total current liabilities	4,456,029		4,456,029		4,009,094
Long-term debt, net of current portion	1,527,569		1,527,569		3,253,389
Long-term leasehold liabilities, net of current portion	10,833,399		10,833,399		10,141,864
Total liabilities	16,816,997		16,816,997		17,404,347
Total stockholders' equity
Common stock, no par value, 20,000,000 shares authorized, 4,236,821 and 3,818,770 shares issued and outstanding at February 28, 2022, respectively	12,318,375		12,318,375		12,223,359
Accumulated deficit	(8,642,058)		(8,642,058)		(8,453,776)
Total stockholders' equity	3,676,317	$ 7,120,596	3,676,317	$ 7,120,596	3,769,583	$ 11,893,202
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	20,493,314		20,493,314		21,173,930
Net Sales	1,848,913	1,668,444	8,570,053	5,205,641
Cost of revenue	1,029,221	837,254	3,839,651	2,804,694
Gross Margin	819,692	831,190	4,730,402	2,400,947
Selling, general and administrative	3,352,829	3,313,918	11,890,526	8,492,150
Research and development	13,271	21,732	28,116	57,062
Total operating expenses	3,366,100	3,335,650	11,918,642	8,674,379
Operating loss	(2,546,408)	(2,504,460)	(7,188,240)	(6,273,432)
Forgiveness of PPP loans	1,471,292	0	2,059,826	0
Interest expense	(8,232)	(5,400)	(37,811)	(12,854)
Other income, net	38,286	90,703	395,716	58,777
Income (loss) before income taxes	(1,045,062)	(2,421,434)	(172,414)	(5,040,274)
Income tax provision from continuing operations	8,268	(1,637)	15,868	(404,667)
Net income (loss)	$ (1,053,330)	$ (2,419,797)	$ (188,282)	$ (4,635,607)
Net income (loss) per common share
Basic	$ (0.28)	$ (0.64)	$ (0.05)	$ (1.23)
Weighted average number of common shares, basic	3,788,315	3,764,536	3,790,022	3,759,369
Diluted	$ (0.28)	$ (0.64)	$ (0.05)	$ (1.23)
Weighted average number of common shares, diluted	3,788,315	3,764,536	3,813,675	3,759,369
Gain on sale of property and equipment	$ 0	$ 0	$ 4,598,095	$ 0
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Forgiveness of PPP Loan	(1,471,292)	0	(2,059,826)	0
Depreciation and amortization			401,448	307,732
Gain on disposal of property and equipment			(4,598,095)	0
Stock-based compensation			95,016	163,493
Non-cash lease costs			92,042	596,188
(Increase) decrease in:
Accounts receivable, net			217,836	(381,945)
Inventories, net			(644,246)	(313,012)
Prepaid expenses			166,619	(39,253)
Rent, Utility Deposits, & ERP Deposits			(469,321)	(173,294)
Accounts payable			(37,039)	476,589
Accrued liabilities and customer deposits			180,126	352,537
Net cash used in operating activities			(6,843,722)	(5,657,905)
Cash flows relating to investing activities
Purchases of property and equipment			(252,127)	(510,321)
Proceeds from the sale of property and equipment			4,797,924	35,500
Net cash provided by investing activities			4,545,797	(2,188,225)
Cash flows relating to financing activities
Proceeds from Paycheck Protection Program			264,476	1,795,080
Net cash provided by financing activities			264,476	1,445,963
Decrease in cash and cash equivalents			(2,033,449)	(6,400,167)
Cash and cash equivalents, beginning of period			4,032,690	10,566,531
Cash and cash equivalents, end of period	1,999,241	4,166,364	1,999,241	4,166,364
Supplemental disclosure of cash flow information
Cash paid during the period for income taxes			19,200	80,600
Cash paid during the period for interest			63	616
Ice Cream
Other assets
Total assets	8,051,072		8,051,072		10,713,832
Total stockholders' equity
Gross Margin	313,393	263,355	3,353,715	944,493
Operating loss	(1,990,007)	(2,200,003)	(5,350,426)	(4,901,933)
Supplemental disclosure of cash flow information
Revenue, net	$ 972,920	$ 621,730	$ 5,908,291	$ 2,282,139
Gross margin %	32.20%	42.40%	56.80%	41.40%
Depreciation expense	$ 70,761	$ 82,480	$ 285,400	$ 176,966
Amortization expense	5,734	6,017	17,200	16,045
Capital expenditures	59,132	249,012	250,340	481,063
Measurement
Other assets
Total assets	2,522,786		2,522,786		2,565,701
Total stockholders' equity
Gross Margin	506,299	567,834	1,376,687	1,456,454
Operating loss	(556,401)	(304,458)	(1,837,814)	(1,371,500)
Supplemental disclosure of cash flow information
Revenue, net	$ 875,993	$ 1,046,714	$ 2,661,762	$ 2,923,502
Gross margin %	57.80%	54.20%	51.70%	49.80%
Depreciation expense	$ 4,211	$ 10,588	$ 20,411	$ 40,868
Amortization expense	26,145	21,562	78,437	73,853
Capital expenditures	1,787	$ 2,938	1,787	$ 29,258
Corporate Assets
Other assets
Total assets	9,919,456		9,919,456		$ 7,894,397
Previously Reported [Member]
Current Assets
Cash and cash equivalents	1,999,241		1,999,241
Accounts receivable, net	936,809		936,809
Inventories, net	2,191,844		2,191,844
Prepaid expenses	30,867		30,867
Income tax receivable	17,730		17,730
Total current assets	5,176,491		5,176,491
Leasehold assets	11,423,035		11,423,035
Property and equipment, net	2,248,500		2,248,500
Property and equipment held for sale, net	433,410		433,410
Leasehold, utilities, and ERP deposits	829,001		829,001
Other assets
Intangible assets, net	242,088		242,088
Total assets	20,352,525		20,352,525
Current liabilities
Accounts payable	555,974		555,974
Accrued commissions	59,208		59,208
Accrued payroll liabilities	505,248		505,248
Accrued liabilities	329,492		329,492
Customer deposits and prepayments	112,791		112,791
Other accrued liabilities	424,799		424,799
Current portion of long-term lease liabilities	1,417,386		1,417,386
Current portion of long-term debt	472,431		472,431
Total current liabilities	3,877,329		3,877,329
Long-term debt, net of current portion	1,527,569		1,527,569
Long-term leasehold liabilities, net of current portion	10,833,399		10,833,399
Total liabilities	16,238,297		16,238,297
Total stockholders' equity
Common stock, no par value, 20,000,000 shares authorized, 4,236,821 and 3,818,770 shares issued and outstanding at February 28, 2022, respectively	12,318,375		12,318,375
Accumulated deficit	(8,204,147)		(8,204,147)
Total stockholders' equity	4,114,228		4,114,228
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	20,352,525		20,352,525
Net Sales	1,848,913		8,570,053
Cost of revenue	912,076		3,618,925
Gross Margin	936,837		4,951,128
Selling, general and administrative	3,312,388		11,604,964
Research and development	10,771		25,616
Total operating expenses	3,323,159		11,630,580
Operating loss	(2,386,322)		(6,679,452)
Forgiveness of PPP loans	1,471,292		2,059,826
Interest expense	(8,232)		(37,811)
Other income, net	38,286		323,589
Income (loss) before income taxes	(884,976)		264,247
Income tax provision from continuing operations	8,268		14,618
Net income (loss)	$ (893,244)		$ 249,629
Net income (loss) per common share
Basic	$ (0.24)		$ 0.07
Weighted average number of common shares, basic	3,788,315		3,790,022
Diluted	$ (0.24)		$ 0.07
Weighted average number of common shares, diluted	3,788,315		3,813,675
Gain on sale of property and equipment			$ 4,598,095
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Forgiveness of PPP Loan	$ (1,471,292)		(2,059,826)
Depreciation and amortization			401,448
Gain on disposal of property and equipment			(4,598,095)
Stock-based compensation			95,016
Non-cash lease costs			92,042
(Increase) decrease in:
Accounts receivable, net			217,836
Inventories, net			(638,534)
Prepaid expenses			167,478
Rent, Utility Deposits, & ERP Deposits			(397,193)
Accounts payable			(27,776)
Accrued liabilities and customer deposits			(409,187)
Net cash used in operating activities			(6,907,162)
Cash flows relating to investing activities
Purchases of property and equipment			(188,687)
Proceeds from the sale of property and equipment			4,797,924
Net cash provided by investing activities			4,609,237
Cash flows relating to financing activities
Proceeds from Paycheck Protection Program			264,476
Net cash provided by financing activities			264,476
Decrease in cash and cash equivalents			(2,033,449)
Cash and cash equivalents, beginning of period			4,032,690
Cash and cash equivalents, end of period	1,999,241		1,999,241
Supplemental disclosure of cash flow information
Cash paid during the period for income taxes			19,200
Cash paid during the period for interest			63
Previously Reported [Member] | Ice Cream
Other assets
Total assets	7,911,579		7,911,579
Total stockholders' equity
Gross Margin	389,710		3,527,555
Operating loss	(1,837,593)		(4,975,684)
Supplemental disclosure of cash flow information
Revenue, net	$ 972,920		$ 5,908,291
Gross margin %	40.10%		59.70%
Depreciation expense	$ 70,761		$ 285,400
Amortization expense	5,734		17,200
Capital expenditures	10,200		188,687
Previously Reported [Member] | Measurement
Other assets
Total assets	2,521,490		2,521,490
Total stockholders' equity
Gross Margin	547,127		1,423,573
Operating loss	(548,729)		(1,703,768)
Supplemental disclosure of cash flow information
Revenue, net	$ 875,993		$ 2,661,762
Gross margin %	62.50%		53.50%
Depreciation expense	$ 4,211		$ 20,411
Amortization expense	26,145		78,437
Capital expenditures
Previously Reported [Member] | Corporate Assets
Other assets
Total assets	9,919,456		9,919,456
As Restated
Current Assets
Cash and cash equivalents
Accounts receivable, net
Inventories, net	5,712		5,712
Prepaid expenses	859		859
Income tax receivable	(1,350)		(1,350)
Total current assets	5,221		5,221
Leasehold assets
Property and equipment, net	63,440		63,440
Property and equipment held for sale, net
Leasehold, utilities, and ERP deposits	72,128		72,128
Other assets
Intangible assets, net
Total assets	140,789		140,789
Current liabilities
Accounts payable	(9,263)		(9,263)
Accrued commissions	(3,658)		(3,658)
Accrued payroll liabilities
Accrued liabilities	(498)		(498)
Customer deposits and prepayments
Other accrued liabilities	592,119		592,119
Current portion of long-term lease liabilities
Current portion of long-term debt
Total current liabilities	578,700		578,700
Long-term debt, net of current portion
Long-term leasehold liabilities, net of current portion
Total liabilities	578,700		578,700
Total stockholders' equity
Common stock, no par value, 20,000,000 shares authorized, 4,236,821 and 3,818,770 shares issued and outstanding at February 28, 2022, respectively
Accumulated deficit	(437,911)		(437,911)
Total stockholders' equity	(437,911)		(437,911)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	140,789		140,789
Net Sales
Cost of revenue	117,145		220,726
Gross Margin	(117,145)		(220,726)
Selling, general and administrative	40,441		285,562
Research and development	2,500		2,500
Total operating expenses	42,941		288,062
Operating loss	(160,086)		(508,788)
Forgiveness of PPP loans	0		0
Interest expense
Other income, net			72,127
Income (loss) before income taxes	(160,086)		(436,661)
Income tax provision from continuing operations			1,250
Net income (loss)	$ (160,086)		$ (437,911)
Net income (loss) per common share
Basic	$ (0.04)		$ (0.12)
Weighted average number of common shares, basic
Diluted	$ (0.04)		$ (0.12)
Weighted average number of common shares, diluted
Gain on sale of property and equipment
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Forgiveness of PPP Loan	$ 0		0
Depreciation and amortization
Gain on disposal of property and equipment			0
Stock-based compensation
Non-cash lease costs
(Increase) decrease in:
Accounts receivable, net
Inventories, net			(5,712)
Prepaid expenses			(859)
Rent, Utility Deposits, & ERP Deposits			(72,128)
Accounts payable			(9,263)
Accrued liabilities and customer deposits			589,313
Net cash used in operating activities			63,440
Cash flows relating to investing activities
Purchases of property and equipment			(63,440)
Proceeds from the sale of property and equipment
Net cash provided by investing activities			(63,440)
Cash flows relating to financing activities
Proceeds from Paycheck Protection Program			0
Net cash provided by financing activities
Decrease in cash and cash equivalents
Cash and cash equivalents, beginning of period
Cash and cash equivalents, end of period
Supplemental disclosure of cash flow information
Cash paid during the period for income taxes			0
Cash paid during the period for interest			0
As Restated | Ice Cream
Other assets
Total assets	139,493		139,493
Total stockholders' equity
Gross Margin	(76,317)		(173,840)
Operating loss	(152,414)		(374,742)
Supplemental disclosure of cash flow information
Revenue, net	$ 0		$ 0
Gross margin %	(7.80%)		(2.90%)
Depreciation expense	$ 0		$ 0
Amortization expense	0		0
Capital expenditures	48,932		61,653
As Restated | Measurement
Other assets
Total assets	1,296		1,296
Total stockholders' equity
Gross Margin	(40,828)		(46,886)
Operating loss	(7,672)		(134,046)
Supplemental disclosure of cash flow information
Revenue, net	$ 0		$ 0
Gross margin %	(4.70%)		(1.80%)
Depreciation expense	$ 0		$ 0
Amortization expense	0		0
Capital expenditures	1,787		1,787
As Restated | Corporate Assets
Other assets
Total assets

RESTATEMENT OF PREVIOUSLY ISS_4

RESTATEMENT OF PREVIOUSLY ISSUED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Details Narrative)	9 Months Ended
	Feb. 28, 2022 USD ($)
Accounting Changes and Error Corrections [Abstract]
Leasehold security deposit	$ 72,000

Ample Hills Business Acquisit_3

Ample Hills Business Acquisition - Schedule of Purchase Price Allocation (Details) - USD ($)		3 Months Ended		9 Months Ended
	Jul. 09, 2020	Feb. 28, 2022	Feb. 28, 2021	Feb. 28, 2022	Feb. 28, 2021
Purchase Price
Cash paid to sellers	$ 1,000,000
Cash paid for cure costs	713,404
Total purchase price	1,713,404
Assets Acquired
Right-of-use operating lease assets	10,645,098
Website	25,445
Tradename and trademarks	903,422
Proprietary recipes	146,739
Security deposits	225,180
Machinery and equipment	564,553
Leasehold improvements	815,798
Inventory	632,100
Total assets acquired	13,958,335
Liabilities Assumed
Right-of-use operating lease liabilities	10,645,098
Deferred tax liability	405,688
Customer deposits	20,204
Gift card liabilities	35,133
Total liabilities assumed	11,106,123
Net assets acquired	2,852,212
Gain on bargain purchase	$ 1,138,808	$ 0	$ (2,277)	$ 0	$ 1,187,235

AMPLE HILLS BUSINESS ACQUISIT_4

AMPLE HILLS BUSINESS ACQUISITION (Details Narrative) - USD ($)		3 Months Ended		9 Months Ended		12 Months Ended
	Jul. 09, 2020	Feb. 28, 2022	Feb. 28, 2021	Feb. 28, 2022	Feb. 28, 2021	May 31, 2021
Business Combination and Asset Acquisition [Abstract]
Cash paid to sellers						$ 1,000,000
Additional payout to certain landlords						700,000
Transaction costs						$ 125,167
Gain on bargain purchase	$ 1,138,808	$ 0	$ (2,277)	$ 0	$ 1,187,235

Stock Options and Stock-Based_3

Stock Options and Stock-Based Compensation - Schedule of Stock Option Activity (Details)	9 Months Ended
	Feb. 28, 2022 $ / shares shares
Share-Based Payment Arrangement [Abstract]
Outstanding options, number of shares | shares	22,500
Outstanding options, weighted-average exercise price | $ / shares	$ 1.70
Outstanding options, weighted-average remaining contractual life	5 years 1 month 6 days
Exercisable options, number of shares | shares	22,500
Exercisable options, weighted-average exercise price | $ / shares	$ 1.70

Stock Options and Stock-Based_4

Stock Options and Stock-Based Compensation - Schedule of Restricted Stock Unit Activity (Details)	9 Months Ended
	Feb. 28, 2022 $ / shares shares
Share-Based Payment Arrangement [Abstract]
Non-vested RSUs, number of units, outstanding | shares	34,237
Non-vested RSUs, weighted average price at grant date | $ / shares	$ 4.71
RSUs granted | shares	12,332
RSUs granted, weighted average price at grant date | $ / shares	$ 4.41
RSUs forfeited | shares	(2,058)
RSUs forfeited, weighted average price at grant date | $ / shares	$ 4.86
RSUs vested | shares	(28,376)
RSUs vested, weighted average price at grant date | $ / shares	$ 4.26
Non-vested RSUs, number of units, outstanding | shares	16,135
Non-vested RSUs, weighted average price at grant date | $ / shares	$ 5.26

STOCK OPTIONS AND STOCK-BASED_5

STOCK OPTIONS AND STOCK-BASED COMPENSATION (Details Narrative)	3 Months Ended	9 Months Ended
	Feb. 28, 2022 USD ($) $ / shares shares	Feb. 28, 2022 USD ($) $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock options outstanding	22,500	22,500
Weighted-average exercise price | $ / shares	$ 1.70	$ 1.70
RSUs granted		12,332
Restricted stock, compensation expense | $	$ 25,647	$ 95,016
Compensation expense with a time vesting condition | $	$ 30,424	$ 30,424
Restricted Stock Units - Service-Based
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
RSUs granted		12,332

Weighted-Average Shares and R_3

Weighted-Average Shares and Reconciliation - Schedule of Weighted-Average Number of Shares (Details) - shares	3 Months Ended		9 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Feb. 28, 2022	Feb. 28, 2021
Net loss per common share
Weighted-average shares (basic)	3,788,315	3,764,536	3,790,022	3,759,369
Effect of dilutive stock options			23,653
Weighted-average shares (diluted)	3,788,315	3,764,536	3,813,675	3,759,369

WEIGHTED-AVERAGE SHARES AND R_4

WEIGHTED-AVERAGE SHARES AND RECONCILIATION (Details Narrative)	3 Months Ended	9 Months Ended
	Feb. 28, 2022 $ / shares shares	Feb. 28, 2022 $ / shares shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Exercise price	$ 1.70	$ 1.70
Share-Based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities | shares	22,500	22,500
Exercise price	$ 1.70	$ 1.70

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Lease Payments Receivable (Details) - Humboldt Lease [Member]	Feb. 28, 2022 USD ($)
Lessee, Lease, Description [Line Items]
2022	$ 9,841
2023	40,151
2024	41,356
2025	42,597
2026	14,338
Total undiscounted cash flow	$ 148,283

Leases - Schedule of Future M_2

Leases - Schedule of Future Minimum Lease Payments for Operating Leases (Details) - USD ($)	Feb. 28, 2022	May 31, 2021
less: current lease obligations	$ (1,417,386)	$ (1,042,331)
Other Liabilities [Member]
2022	446,148
2023	1,886,203
2024	1,793,510
2025	1,748,643
2026	1,529,082
Thereafter	7,221,582
Total lease payments	14,625,168
Less: imputed interest	(2,374,383)
Present value of lease payments	12,250,785
less: current lease obligations	(1,417,386)
Long-term lease obligations	$ 10,833,399

Leases - Schedule of Lease Term

Leases - Schedule of Lease Terms and Discount Rates (Details)	Feb. 28, 2022
Leases [Abstract]
Weighted-average remaining lease term	8 years 11 months 8 days
Weighted-average discount rate	3.87%

LEASES (Details Narrative)

LEASES (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Feb. 28, 2022	Feb. 28, 2021
Lessee, Lease, Description [Line Items]
Lease expense	$ 478,890	$ 400,609	$ 1,347,522	$ 1,099,993
Triple-Net Lease Agreement, Tosei America, Inc.
Lessee, Lease, Description [Line Items]
Lease payments			$ 23,282
Term of contract	120 months		120 months
Triple-Net Lease Agreement, Humboldt Lease
Lessee, Lease, Description [Line Items]
Lease payments			$ 3,185
Term of contract	62 months		62 months
Triple-Net Lease Agreement, The Second Humboldt Lease
Lessee, Lease, Description [Line Items]
Lease payments			$ 4,596
Term of contract	59 months		59 months

Property and Equipment, Net - S

Property and Equipment, Net - Schedule of Property, Plant and Equipment, Net (Details) - USD ($)	Feb. 28, 2022	May 31, 2021
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 3,377,687	$ 4,936,924
Less accumulated depreciation	(1,065,747)	(2,112,907)
Total property and equipment, net	2,311,940	2,824,017
Land
Property, Plant and Equipment [Line Items]
Total property and equipment	0	159,000
Buildings and Improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	1,506,107	2,989,140
Furniture, Fixtures and Equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 1,871,580	$ 1,788,784

PROPERTY AND EQUIPMENT, NET (De

PROPERTY AND EQUIPMENT, NET (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Feb. 28, 2022	Feb. 28, 2021
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 74,972	$ 93,068	$ 305,811	$ 217,834

CUSTOMER CONCENTRATION (Details

CUSTOMER CONCENTRATION (Details Narrative)	3 Months Ended		9 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Feb. 28, 2022	Feb. 28, 2021
Revenues | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Customer concentration	18%		11%	18%
Revenues | Customer #1
Concentration Risk [Line Items]
Customer concentration		21%
Revenues | Customer #2
Concentration Risk [Line Items]
Customer concentration		11%
Accounts Receivable | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Customer concentration				21%
Accounts Receivable | Customer #1
Concentration Risk [Line Items]
Customer concentration			23%
Accounts Receivable | Customer #2
Concentration Risk [Line Items]
Customer concentration			12%

Accounts Receivable, Net - Sche

Accounts Receivable, Net - Schedule of Accounts Receivable, Net (Details) - USD ($)	Feb. 28, 2022	May 31, 2021
Receivables [Abstract]
Accounts receivable	$ 1,034,729	$ 1,252,968
Less: allowance for doubtful accounts	(97,920)	(98,323)
Accounts receivable, net	$ 936,809	$ 1,154,645

Inventories, Net - Schedule of

Inventories, Net - Schedule of Inventories, Current (Details) - USD ($)	Feb. 28, 2022	May 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 1,217,338	$ 901,464
Work-in-process	45,561	35,160
Finished goods	1,035,436	731,826
Total inventories	2,298,335	1,668,450
Less: inventory reserves	(100,779)	(115,140)
Inventories, net	$ 2,197,556	$ 1,553,310

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative)	3 Months Ended		9 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Feb. 28, 2022	Feb. 28, 2021
Income Tax Disclosure [Abstract]
Effective tax rate	0.90%	(0.10%)	5.50%	(8.00%)
Effective tax rate	(0.90%)	0.10%	(5.50%)	8%

Segment Information - Schedule

Segment Information - Schedule of Segment Reporting Information by Segment (Details) - USD ($)	3 Months Ended		9 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Feb. 28, 2022	Feb. 28, 2021
Segment Reporting Information [Line Items]
Gross margin	$ 819,692	$ 831,190	$ 4,730,402	$ 2,400,947
Operating loss	(2,546,408)	(2,504,460)	(7,188,240)	(6,273,432)
Ice Cream
Segment Reporting Information [Line Items]
Revenue, net	972,920	621,730	5,908,291	2,282,139
Gross margin	$ 313,393	$ 263,355	$ 3,353,715	$ 944,493
Gross margin %	32.20%	42.40%	56.80%	41.40%
Operating loss	$ (1,990,007)	$ (2,200,003)	$ (5,350,426)	$ (4,901,933)
Depreciation expense	70,761	82,480	285,400	176,966
Amortization expense	5,734	6,017	17,200	16,045
Capital expenditures	59,132	249,012	250,340	481,063
Measurement
Segment Reporting Information [Line Items]
Revenue, net	875,993	1,046,714	2,661,762	2,923,502
Gross margin	$ 506,299	$ 567,834	$ 1,376,687	$ 1,456,454
Gross margin %	57.80%	54.20%	51.70%	49.80%
Operating loss	$ (556,401)	$ (304,458)	$ (1,837,814)	$ (1,371,500)
Depreciation expense	4,211	10,588	20,411	40,868
Amortization expense	26,145	21,562	78,437	73,853
Capital expenditures	$ 1,787	$ 2,938	$ 1,787	$ 29,258

Segment Information - Schedul_2

Segment Information - Schedule of Segment Reporting by Segment Assets (Details) - USD ($)	Feb. 28, 2022	May 31, 2021
Segment Reporting Information [Line Items]
Total assets	$ 20,493,314	$ 21,173,930
Ice Cream
Segment Reporting Information [Line Items]
Total assets	8,051,072	10,713,832
Measurement
Segment Reporting Information [Line Items]
Total assets	2,522,786	2,565,701
Corporate Assets
Segment Reporting Information [Line Items]
Total assets	$ 9,919,456	$ 7,894,397

SEGMENT INFORMATION (Details Na

SEGMENT INFORMATION (Details Narrative)	9 Months Ended
	Feb. 28, 2022 Number
Segment Reporting [Abstract]
Number of reportable business segments	2

Intangible Assets - Schedule of

Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($)	9 Months Ended	12 Months Ended
	Feb. 28, 2022	May 31, 2021
Indefinite-Lived Intangible Assets [Line Items]
Gross carrying value	$ 1,835,722	$ 1,835,722
Accumulated amortization	(1,593,634)	(1,497,997)
Net carrying value	242,088	337,725
Measurement
Indefinite-Lived Intangible Assets [Line Items]
Gross carrying value	1,663,538	1,663,538
Accumulated amortization	(1,554,372)	(1,475,935)
Net carrying value	$ 109,166	$ 187,603
Measurement | Patented Technology [Member]
Indefinite-Lived Intangible Assets [Line Items]
Useful life	15 years	15 years
Gross carrying value	$ 1,663,538	$ 1,663,538
Accumulated amortization	(1,554,372)	(1,475,935)
Net carrying value	109,166	187,603
Ice Cream
Indefinite-Lived Intangible Assets [Line Items]
Gross carrying value	172,184	172,184
Accumulated amortization	(39,262)	(22,062)
Net carrying value	$ 132,922	$ 150,122
Ice Cream | Proprietary Recipes
Indefinite-Lived Intangible Assets [Line Items]
Useful life	10 years	10 years
Gross carrying value	$ 146,739	$ 146,739
Accumulated amortization	(24,900)	(13,934)
Net carrying value	$ 121,839	$ 132,805
Ice Cream | Company Website
Indefinite-Lived Intangible Assets [Line Items]
Useful life	3 years	3 years
Gross carrying value	$ 25,445	$ 25,445
Accumulated amortization	(14,362)	(8,128)
Net carrying value	$ 11,083	$ 17,317

Intangible Assets - Schedule _2

Intangible Assets - Schedule of Finite-Lived Intangible Assets Future Amortization Expense (Details)	Feb. 28, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2022	$ 36,462
2023	101,370
2024	15,313
2025	14,621
2026	14,621
Thereafter	59,701
Total expected amortization expense	$ 242,088

INTANGIBLE ASSETS (Details Narr

INTANGIBLE ASSETS (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Feb. 28, 2022	Feb. 28, 2021	May 31, 2021
Indefinite-Lived Intangible Assets [Line Items]
Impairment of intangible assets					$ 903,422
Remaining amortization period			4 years 8 months 15 days
Accumulated amortization			$ 1,593,634		1,497,997
Measurement
Indefinite-Lived Intangible Assets [Line Items]
Remaining amortization period			1 year
Amortizable intangible assets	$ 1,663,538		$ 1,663,538		1,663,538
Accumulated amortization			1,554,372		1,475,935
Amortization expense	26,145	$ 21,562	78,437	$ 73,853
Accumulated amortization			$ 1,554,372		1,475,935
Ice Cream
Indefinite-Lived Intangible Assets [Line Items]
Remaining amortization period			7 years 9 months 3 days
Amortizable intangible assets	172,184		$ 172,184		172,184
Amortization expense	$ 5,734		17,200
Accumulated amortization			$ 39,262		$ 22,062

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-Term Debt (Details) - Paycheck Protection Program	9 Months Ended
	Feb. 28, 2022 USD ($)
Debt Instrument [Line Items]
Loan amount	$ 2,000,000
Second Draw PPP Loan (Ample Hills)
Debt Instrument [Line Items]
Loan amount	$ 2,000,000
Ample Hills #2
Debt Instrument [Line Items]
Issuance date	Apr. 06, 2021
Maturity period	5 years
Interest rate	1%

Long-Term Debt - Schedule of De

Long-Term Debt - Schedule of Debt (Details) - USD ($)	Feb. 28, 2022	May 31, 2021
Debt Instrument [Line Items]
Current portion	$ 472,431	$ 541,691
Long-term portion	1,527,569	3,253,389
Paycheck Protection Program
Debt Instrument [Line Items]
Current portion	472,431	541,691
Long-term portion	1,527,569	3,253,389
Total PPP loan balance	$ 2,000,000	$ 3,795,080

LONG-TERM DEBT (Details Narrati

LONG-TERM DEBT (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended	9 Months Ended
	Aug. 28, 2021	Feb. 28, 2022	Feb. 28, 2022	May 31, 2021
Debt Instrument [Line Items]
Current portion of long-term debt		$ 472,431	$ 472,431	$ 541,691
Paycheck Protection Program
Debt Instrument [Line Items]
Loan payable		2,000,000	2,000,000
Current portion of long-term debt		472,431	472,431	$ 541,691
Paycheck Protection Program | Schmitt Industries
Debt Instrument [Line Items]
Forgiveness of debt	$ 588,534
Repayment of debt			$ 264,476
Gain on forgiveness of debt		$ 1,471,022

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)	9 Months Ended
	Feb. 28, 2022	Feb. 28, 2021
Commitments and Contingencies Disclosure [Abstract]
Royalty expense	$ 19,429	$ 18,992
Tax liabilities	$ 265,349

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative)	Apr. 13, 2022
Subsequent Events | SCM
Subsequent Event [Line Items]
Commitments, description	the Company formalized drawdown terms on its existing $1,300,000 Commitment Letter with its CEO, which states that SCM or its affiliates will provide the Company with additional capital of up to $1,300,000 for the Company’s operations, as needed, through February 28, 2023. Drawdown terms include: 1.0% origination fee, 18-month term after drawdown, 8.0% payment-in-kind interest rate.