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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Feb. 28, 2023
Feb. 28, 2022
Cash Flows from Operating Activities:    
Net income $ 4,881,990 $ 3,496,217
Adjustments to reconcile net income to net cash provided by operating activities -    
Depreciation and amortization 3,958,766 4,015,292
Gain on forgiveness of debt (3,068,497)
Gain on deconsolidation of variable interest entity (569,997)
Gain on sale of assets (22,336)
Deferred tax expense 296,000 99,000
Decrease (increase) in trade accounts receivable 934,369 (999,470)
Decrease in related party receivables 131,278 41,376
Increase in inventory (714,583) (846,041)
Increase in prepaid expenses (340,144) (577,297)
Increase (decrease) in accounts payable and accrued liabilities (2,865,056) 3,258,539
Increase (decrease) in deferred revenue (5,306,040) 3,787,750
Net cash provided by operating activities 406,583 9,184,533
Cash Flows from Investing Activities:    
Purchase of property and equipment (3,201,187) (4,875,530)
Deconsolidation of variable interest entity (2,806)
Proceeds from sale of assets 50,000
Net cash used in investing activities (3,203,993) (4,825,530)
Cash Flows from Financing Activities:    
Proceeds from long-term debt 8,707,426 837,000
Payments on long-term debt and financing leases (5,412,171) (4,390,444)
Payments on related party note payable and financing lease (3,348,178) (353,523)
Proceeds from revolving loan 1,090,648 3,700,000
Payments on revolving loan (1,790,648)
Proceeds from stock options exercised 24,000
Purchase of treasury stock (281,500)
Payments for debt issuance costs (71,154) (4,752)
Dividends paid on preferred stock (314,144) (162,945)
Capital contribution on non-controlling interest 1,669,000
Distributions paid by non-controlling interest (132,200)
Net cash provided by (used in) financing activities 530,779 (764,364)
Net Increase (Decrease) in Cash (2,266,631) 3,594,639
Cash, beginning of period 3,143,257 4,387,533
Cash, end of period 876,626 7,982,172
Non-cash Activities:    
Deconsolidation of variable interest entity 3,102,424
Refinancing of certain term loans 2,669,892
Capital expenditures in accounts payable 51,403 255,062
Acquisition of equipment through financing lease 24,441
Preferred dividend accrual 132,500 80,137
Supplemental information:    
Interest paid 818,222 627,555
Income taxes paid $ 510,000 $ 1,015,000