Note 4. Accounts Payable and Accrued Liabilities

As of May 31, 2021 and May 31, 2020, the accounts payable balance was approximately $65.9 million and $29.5 million, respectively. The Company had two vendors that accounted for approximately 72% and 14%, and 49% and 20%, of the total balance of accounts payable as of May 31, 2021 and May 31, 2020, respectively.

The components of accrued liabilities were as follows as of May 31, 2021 and 2020 (in thousands):

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