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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
May 31, 2023
May 31, 2022
Operating activities    
Net income $ 6,287,358 $ 2,239,423
Adjustments to reconcile net income to net cash flows from operating activities    
Depreciation 1,472,455 1,347,442
Stock options issued for services 417,253 201,278
Bad debt expense 23,360 0
(Gain) loss on disposal of property and equipment 20,015 (1,530)
Provision for inventory obsolescence 295,014 0
Deferred income taxes (494,000) 115,500
Changes in other current assets and liabilities    
Accounts and other receivables (1,110,178) (346,122)
Inventory (277,214) 486,191
Prepaid expenses 28,882 54,258
Prepaid income taxes 7,000 218,831
Costs and estimated earnings in excess of billings (787,708) (1,836,870)
Accounts payable 290,827 (360,495)
Accrued expenses 664,008 1,429,841
Billings in excess of costs and estimated earnings 869,707 (239,222)
Net operating activities 7,706,779 3,308,525
Investing activities    
Acquisition of property and equipment (3,359,495) (1,391,577)
Proceeds from disposal of property and equipment 0 7,500
Increase in short-term investments (23,417,307) (438)
Increase in cash value of life insurance (4,761) (4,821)
Net investing activities (26,781,563) (1,389,336)
Financing activities    
Proceeds from issuance of common stock 302,705 16,245
Acquisition of treasury stock (169,740) 0
Net financing activities 132,965 16,245
Net change in cash and cash equivalents (18,941,819) 1,935,434
Cash and cash equivalents - beginning 22,517,038 20,581,604
Cash and cash equivalents - ending $ 3,575,219 $ 22,517,038