Leases (Tables)
|
12 Months Ended |
May 31, 2026 |
|---|
| Leases [Abstract] |
|
| Schedule of Components of Lease Expense and Supplemental Information |
Components of lease expense were as follows: | | | | | | | | | | | | | | | May 31, 2026 | | May 31, 2025 | | | | Operating lease cost: | | | | | | Operating lease expense(1) | $ | 24,312 | | $ | 36,068 | | | | Short-term lease expense | — | | 122 | | | | Total operating lease cost | 24,312 | | 36,190 | | | | Finance lease expense: | | | | | | Amortization of right-of-use assets(1) | 54,578 | | 78,724 | | | | Interest on lease liabilities | 9,519 | | 16,826 | | | | Total finance lease cost | 64,097 | | 95,550 | | | | | | | | | | | | | | | | Total net lease cost | $ | 88,409 | | $ | 131,740 | | |
(1) Amortization of right-of-use assets is included within cost of revenues and selling, general and administrative expense in the combined statements of operations. Supplemental information related to leases is as follows: | | | | | | | | | | | | | Fiscal Year Ended | | May 31, 2026 | | May 31, 2025 | | Weighted-average years remaining (in years): | | | | | Finance leases | 1.0 | | 3.0 | | Operating leases | 2.4 | | 3.3 | | | | | | Weighted-average discount rate: | | | | | Finance leases | 9.9 | % | | 10.2 | % | | Operating leases | 7.7 | % | | 7.6 | % |
|
| Schedule of Future Minimum Operating Lease Payments |
The following table represents the Company’s future minimum lease payments as of May 31, 2026: | | | | | | | | | | | | | | | | | | | Operating Leases | | Finance Leases | | Total | | FY27 | 21,798 | | | 51,055 | | 72,853 | | | FY28 | 22,623 | | | 10,967 | | 33,590 | | | FY29 | 17,152 | | | — | | 17,152 | | | FY30 | 3,536 | | | — | | 3,536 | | | FY31 | — | | | — | | — | | | Thereafter | — | | | — | | | — | | | Total lease payments | $ | 65,109 | | | $ | 62,022 | | $ | 127,131 | | | Less: imputed interest | (6,690) | | | (3,722) | | (10,412) | | | Total lease liabilities | 58,419 | | | 58,300 | | 116,719 | | | Less: Current portion of lease liability | (18,130) | | | (47,571) | | (65,701) | | | Long-term portion of lease liability | $ | 40,289 | | | $ | 10,729 | | $ | 51,018 | |
|
| Schedule of Future Minimum Finance Lease Payments |
The following table represents the Company’s future minimum lease payments as of May 31, 2026: | | | | | | | | | | | | | | | | | | | Operating Leases | | Finance Leases | | Total | | FY27 | 21,798 | | | 51,055 | | 72,853 | | | FY28 | 22,623 | | | 10,967 | | 33,590 | | | FY29 | 17,152 | | | — | | 17,152 | | | FY30 | 3,536 | | | — | | 3,536 | | | FY31 | — | | | — | | — | | | Thereafter | — | | | — | | | — | | | Total lease payments | $ | 65,109 | | | $ | 62,022 | | $ | 127,131 | | | Less: imputed interest | (6,690) | | | (3,722) | | (10,412) | | | Total lease liabilities | 58,419 | | | 58,300 | | 116,719 | | | Less: Current portion of lease liability | (18,130) | | | (47,571) | | (65,701) | | | Long-term portion of lease liability | $ | 40,289 | | | $ | 10,729 | | $ | 51,018 | |
|