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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Nov. 30, 2023
Nov. 30, 2022
Cash Flows from Operating Activities:    
Net income $ 2,709,045 $ 1,186,494
Adjustments to reconcile net income to net cash provided by (used in) operating activities –    
Gain on deconsolidation of variable interest entity 0 (569,997)
Depreciation and amortization 2,844,103 2,722,174
Deferred tax expense (948,721) (19,000)
Decrease in trade accounts receivable 1,755,695 1,770,360
(Increase) decrease in related party receivables (114,410) 39,411
Increase in inventory (775,896) (994,525)
Decrease in prepaid expenses 235,227 (23,653)
Increase in accounts payable and accrued liabilities 127,987 (2,153,136)
Decrease in deferred revenue 0 (5,306,040)
Net cash provided by (used in) operating activities 7,730,472 (3,309,912)
Cash Flows from Investing Activities:    
Purchase of property and equipment (1,345,880) (1,805,395)
Deconsolidation of variable interest entity 0 (2,806)
Net cash used in investing activities (1,345,880) (1,808,201)
Cash Flows from Financing Activities:    
Proceeds from long-term debt 0 8,707,426
Principal payments on long-term debt and financing leases (1,103,440) (4,823,623)
Principal payments on related party note payable and financing lease 0 (3,340,533)
Proceeds from revolving loan 0 1,090,648
Principal payments on revolving loan (1,500,000) (42,867)
Payments for debt issuance costs (13,085) (71,154)
Dividends paid on preferred stock (280,612) (194,795)
Capital contribution to non-controlling interest 0 1,669,000
Net cash (used in) provided by financing activities (2,897,137) 2,994,102
Net Increase (Decrease) in Cash 3,487,455 (2,124,011)
Cash, beginning of period 695,951 3,143,257
Cash, end of period 4,183,406 1,019,246
Non-cash Activities:    
Refinancing of certain term loans 0 2,669,892
Deconsolidation of net assets of variable interest entity 0 3,102,424
Capital expenditures in accounts payable 316,329 8,863
Preferred dividend accrual 146,473 119,349
Supplemental information:    
Interest paid 674,407 505,723
Income taxes paid $ 0 $ 160,000