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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Feb. 29, 2024
Feb. 28, 2023
Cash Flows from Operating Activities:    
Net income $ 3,006,974 $ 4,881,990
Adjustments to reconcile net income to net cash provided by (used in) operating activities –    
Gain on deconsolidation of variable interest entity 0 (569,997)
Loss on disposition of assets 12,649 0
Depreciation and amortization 4,319,390 3,958,766
Deferred tax expense 1,623,721 296,000
Decrease in trade accounts receivable (1,118,542) 934,369
(Increase) decrease in related party receivables (68,652) 131,278
Increase in other receivable (939,877) 0
Increase in inventory 1,481,352 (714,583)
Decrease in prepaid expenses (350,994) (340,144)
Increase in accounts payable and accrued liabilities 761,654 (2,865,056)
Decrease in deferred revenue 545,292 (5,306,040)
Net cash provided by (used in) operating activities 9,272,967 406,583
Cash Flows from Investing Activities:    
Purchase of property and equipment (2,040,776) (3,201,187)
Deconsolidation of variable interest entity 0 (2,806)
Net cash used in investing activities (2,040,776) (3,203,993)
Cash Flows from Financing Activities:    
Proceeds from long-term debt 0 8,707,426
Principal payments on long-term debt and financing leases (1,668,123) (5,412,171)
Principal payments on related party note payable and financing lease 0 (3,348,178)
Proceeds from revolving loan 0 1,090,648
Principal payments on revolving loan (1,500,000) (1,790,648)
Payments for debt issuance costs (13,085) (71,154)
Dividends paid on preferred stock (427,085) (314,144)
Capital contribution to non-controlling interest 0 1,669,000
Net cash (used in) provided by financing activities (3,608,293) 530,779
Net Increase (Decrease) in Cash 3,623,898 (2,266,631)
Cash, beginning of period 695,951 3,143,257
Cash, end of period 4,319,849 876,626
Non-cash Activities:    
Refinancing of certain term loans 0 2,669,892
Deconsolidation of net assets of variable interest entity 0 3,102,424
Capital expenditures in accounts payable 0 51,403
Net book value of leases terminated 27,903 0
Decrease in financing lease liabilities from termination 15,254 0
Preferred dividend accrual 146,473 132,500
Supplemental information:    
Interest paid 990,877 818,222
Income taxes paid $ 0 $ 510,000