XML 42 R6.htm IDEA: XBRL DOCUMENT v3.2.0.727
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
May. 31, 2015
May. 31, 2014
Cash Flows from Operating Activities:    
Net income $ 609,569 $ 3,131,626
Adjustments to reconcile net income to net cash provided by operating activities -    
Depreciation and amortization 1,431,823 1,309,573
Decrease (increase) in deferred tax asset 430,763 (1,051,000)
Stock based compensation 53,424 53,424
Changes in trade accounts receivable 501,236 216,031
Changes in related party receivable (306,243) (491,682)
Changes in inventory 186,821 (571,786)
Changes in prepaid expenses 76,921 22,028
Changes in accounts payable and accrued expenses $ 323,155 (459,814)
Other   2,785
Net cash provided by operating activities $ 3,307,469 2,161,185
Cash Flows from Investing Activities:    
Purchase of property and equipment $ (991,950) (2,246,101)
Cash Flows from Financing Activities:    
Proceeds from long-term debt   12,612,500
Proceeds from revolving loan $ 850,000 885,000
Payments on long-term debt and capitalized lease (1,904,607) (8,640,891)
Payments on revolving loan $ (935,000) (500,000)
Payments on notes and advances payable to related parties   (92,000)
Issuance cost of long-term debt   (129,722)
Proceeds from exercised stock options $ 114,000 140,000
Dividends paid on preferred stock (298,288) (3,548,286)
Dividends paid by variable interest entity (204,000) (347,318)
Net cash provided by (used in) financing activities (2,377,895) 379,283
Net Increase (Decrease) in Cash (62,376) 294,367
Cash, beginning of year 661,263 366,896
Cash, end of year $ 598,887 $ 661,263