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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Aug. 31, 2021
Aug. 31, 2020
Cash Flows from Operating Activities:    
Net income $ 3,122,458 $ 1,009,158
Adjustments to reconcile net income to net cash provided by operating activities -    
Gain from forgiveness of debt (3,068,497)
Gain on sale of assets (22,336)
Depreciation and amortization 1,374,324 1,491,244
Deferred tax expense (benefit) (7,000) 454,000
Decrease (increase) in trade accounts receivable (578,662) 2,477,745
Decrease in related party receivables 33,213 43,010
Decrease in inventory 322,579 857,065
Increase in prepaid expenses (12,877) (60,845)
Increase (decrease) in accounts payable and accrued liabilities 336,666 (638,117)
Decrease in deferred revenue (1,124,225) (2,459,160)
Net cash provided by operating activities 375,643 3,174,100
Cash Flows from Investing Activities:    
Purchase of property and equipment (659,279) (744,656)
Proceeds from sale of assets 50,000
Net cash used in investing activities (609,279) (744,656)
Cash Flows from Financing Activities:    
Proceeds from long-term debt 837,000
Principal payments on long-term debt and financing leases (1,931,045) (1,193,676)
Principal payments on related party note payable and financing lease (138,591) (620,230)
Principal payments on revolving loan (790,000)
Payments for debt issuance costs (4,696)
Proceeds from stock options exercised 24,000
Dividends paid on preferred stock (84,110)
Distributions paid by non-controlling interest (52,200) (52,200)
Net cash used in financing activities (1,265,532) (2,740,216)
Net Decrease in Cash (1,499,168) (310,772)
Cash, beginning of period 4,387,533 1,131,850
Cash, end of period 2,888,365 821,078
Non-cash Activities:    
Capital expenditures in accounts payable 410,921
Preferred dividend accrual 81,918 81,918
Supplemental information:    
Interest paid 221,551 350,497
Taxes paid $ 80,000