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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
May 31, 2024
May 31, 2023
Cash Flows from Operating Activities:    
Net income $ 5,027,491 $ 6,388,108
Adjustments to reconcile net income to net cash provided by operating activities -    
Depreciation and amortization 5,736,342 5,210,357
Change in deferred taxes 939,679 2,161,585
Gain on deconsolidation of variable interest entity 0 (569,997)
(Gain) loss on disposition of property, plant and equipment 43,601 (154,984)
Gain on involuntary conversion (Note 4) (593,647) 0
Decrease in trade accounts receivable 1,037,142 1,021,400
Decrease (increase) in related party receivable (209,020) 195,562
Decrease in inventory (690,273) (371,610)
Operating lease expense 25,473 0
Increase in prepaid expenses (56,460) (224,722)
Increase (decrease) in accounts payable and accrued expenses 316,706 (4,478,041)
Increase (decrease) in deferred revenue 817,938 (5,306,040)
Net cash provided by operating activities 12,394,972 3,871,618
Cash Flows from Investing Activities:    
Purchase of property and equipment (2,801,378) (9,179,370)
Deconsolidation of variable interest entity 0 (2,806)
Proceeds from sale of equipment 0 55,000
Net cash used in investing activities (2,801,378) (9,127,176)
Cash Flows from Financing Activities:    
Proceeds from long-term debt 0 13,184,816
Proceeds from revolving loan 0 2,525,000
Payments on revolving loan (1,500,000) (4,725,000)
Payments on long-term debt and financing leases (2,256,179) (5,982,108)
Payments on related party note payable and financing lease 0 (3,348,178)
Payments for debt issuance costs (13,085) (68,634)
Dividends paid on preferred stock (721,640) (446,644)
Capital contribution by non-controlling interest 0 1,669,000
Net cash provided by (used in) financing activities (4,490,904) 2,808,252
Net Increase (Decrease) in Cash and Cash Equivalents 5,102,690 (2,447,306)
Cash and Cash Equivalents, beginning of year 695,951 3,143,257
Cash and Cash Equivalents, end of year $ 5,798,641 $ 695,951