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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
May 31, 2020
May 31, 2019
Cash Flows from Operating Activities:    
Net income $ 4,962,570 $ 2,057,207
Adjustments to reconcile net income to net cash provided by operating activities -    
Depreciation and amortization 5,281,032 4,533,757
Change in deferred taxes 182,410 435,677
Increase in trade accounts receivable (349,896) (1,369,727)
Decrease (increase) in related party receivable (44,031) 9,725
Decrease (increase) in inventory (1,608,904) 468,276
Decrease (increase) in prepaid expenses 231,658 (23,529)
Increase (decrease) in accounts payable and accrued expenses (1,613,030) 1,913,571
Increase (decrease) in deferred revenue 1,592,100 (1,203,267)
Net cash provided by operating activities 8,633,909 6,821,690
Cash Flows from Investing Activities:    
Purchase of property and equipment (6,284,934) (7,016,662)
Proceeds from sale of equipment 968,168
Net cash used in investing activities (6,284,934) (6,048,494)
Cash Flows from Financing Activities:    
Proceeds from long-term debt 5,402,954 4,636,800
Proceeds from revolving loan 3,630,000 4,956,000
Payments on long-term debt and financing leases (6,090,062) (4,951,433)
Payments on related party note payable and financing lease (474,747) (340,042)
Payments on revolving loan (4,295,000) (3,630,000)
Payments for debt issuance costs (3,360) (41,482)
Dividends paid on preferred stock (426,918) (316,263)
Distributions paid by non-controlling interest (215,400) (211,000)
Net cash provided by (used in) financing activities (2,472,533) 102,580
Net Increase (Decrease) in Cash (123,558) 875,776
Cash, beginning of year 1,255,408 379,632
Cash, end of year $ 1,131,850 $ 1,255,408