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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
May 31, 2018
May 31, 2017
Cash Flows from Operating Activities:    
Net income $ 1,871,101 $ 2,246,908
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 3,686,121 2,772,465
Change in deferred taxes 772,380 1,002,267
Loss on sale of equipment 7,932
Decrease (increase) in trade accounts receivable 1,208,997 (1,224,120)
Decrease in related party receivable 13,533 76,535
Increase in inventory (1,501,715) (283,057)
Increase in prepaid expenses (79,222) (66,137)
Increase (decrease) in accounts payable and accrued expenses (1,321,375) 1,726,444
Increase in deferred revenue 3,404,334
Net cash provided by operating activities 8,062,086 6,251,305
Cash Flows from Investing Activities:    
Purchase of property and equipment (6,710,210) (2,698,665)
Proceeds from sale of equipment 3,000
Net cash used in investing activities (6,707,210) (2,698,665)
Cash Flows from Financing Activities:    
Proceeds from long-term debt 2,638,200
Proceeds from revolving loan 2,119,000 860,000
Payments on long-term debt and capitalized leases (5,431,836) (3,720,951)
Payments on related party note payable (232,119) (72,335)
Payments on revolving loan (275,000)
Payments for debt issue costs (130,000)
Proceeds from exercised stock options 57,000
Dividends paid on preferred stock (414,110) (376,101)
Distributions paid by non-controlling interest (233,400) (213,609)
Net cash used in financing activities (1,554,265) (3,870,996)
Net Decrease in Cash (199,389) (318,356)
Cash, beginning of year 579,021 897,377
Cash, end of year $ 379,632 $ 579,021