XML 26 R7.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Nov. 30, 2019
Nov. 30, 2018
Cash Flows from Operating Activities:    
Net income $ 1,091,984 $ 1,061,853
Adjustments to reconcile net income to net cash provided by operating activities -    
Depreciation and amortization 2,560,516 2,178,499
Deferred tax expense 320,000 440,100
Decrease in trade accounts receivable 1,929,597 2,591,083
Increase in related party receivables (53,514) (41,262)
Increase in inventory (1,072,000) (2,298,739)
Decrease in prepaid expenses 139,168 159,246
Increase in accounts payable and accrued liabilities 687,310 2,272,400
Decrease in deferred revenue (686,572) (2,846,745)
Net cash provided by operating activities 4,916,489 3,516,435
Cash Flows from Investing Activities:    
Purchases of property and equipment (2,018,815) (5,308,802)
Cash Flows from Financing Activities:    
Proceeds from long-term debt 672,000 3,514,265
Principal payments on long-term debt and financing leases (2,390,138) (2,321,590)
Proceeds from revolving loan 690,000 2,421,000
Principal payments on revolving loan (972,000) (1,300,000)
Principal payments on related party note payable and financing lease (222,384) (122,501)
Payments for debt issuance costs (3,360)
Dividends paid on preferred stock (224,555) (102,945)
Distributions paid by non-controlling interest (121,800) (102,000)
Net cash provided by (used in) financing activities (2,572,237) 1,986,229
Net Increase in Cash 325,437 193,862
Cash, beginning of period 1,255,408 379,632
Cash, end of period 1,580,845 573,494
Non-cash Activities:    
Acquisition of equipment by capital lease 2,333,333
Capital expenditures in accounts payable 507,851 110,182
Preferred dividend accrual 102,637 105,100
Supplemental information:    
Interest paid $ 913,992 $ 828,706