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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
May 31, 2019
May 31, 2018
Cash Flows from Operating Activities:    
Net income $ 2,057,207 $ 1,871,101
Adjustments to reconcile net income to net cash provided by operating activities -    
Depreciation and amortization 4,533,757 3,686,121
Change in deferred taxes 435,677 772,380
Loss on sale of equipment 7,932
Decrease (increase) in trade accounts receivable (1,369,727) 1,208,997
Decrease in related party receivable 9,725 13,533
Decrease (increase) in inventory 468,276 (1,501,715)
Increase in prepaid expenses (23,529) (79,222)
Increase (decrease) in accounts payable and accrued expenses 1,913,571 (1,321,375)
Increase (decrease) in deferred revenue (1,203,267) 3,404,334
Net cash provided by operating activities 6,821,690 8,062,086
Cash Flows from Investing Activities:    
Purchase of property and equipment (7,016,662) (6,710,210)
Proceeds from sale of equipment 968,168 3,000
Net cash used in investing activities (6,048,494) (6,707,210)
Cash Flows from Financing Activities:    
Proceeds from long-term debt 4,636,800 2,638,200
Proceeds from revolving loan 4,956,000 2,119,000
Payments on long-term debt and capitalized leases (4,951,433) (5,431,836)
Payments on related party note payable and capital lease (340,042) (232,119)
Payments on revolving loan (3,630,000)
Payments for debt issuance costs (41,482)
Dividends paid on preferred stock (316,263) (414,110)
Distributions paid by non-controlling interest (211,000) (233,400)
Net cash provided by (used in) financing activities 102,580 (1,554,265)
Net Increase (Decrease) in Cash 875,776 (199,389)
Cash, beginning of year 379,632 579,021
Cash, end of year $ 1,255,408 $ 379,632