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