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Condensed Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
May 31, 2022
May 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (895,847) $ (368,236)
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:    
Stock based compensation expense 278,578
Income from PPP loan forgiveness (1,292,396)
Amortization of debt discount 66,710 12,439
Bargain purchase gain (486,294)
Equity method (income)/loss (15,421) 119,617
Depreciation 55,811 13,953
Changes in operating assets and liabilities:    
Receivables 168,522 (136,464)
Receivables from related party (1,779)
Prepaid expenses and other current assets 214,915 (109,243)
Accounts payable and accrued liabilities 104,041 (343,380)
Accrued payroll liabilities 180,536 (22,564)
Accrued interest 31,743 39,792
Deferred revenue (95,373) 49,540
NET CASH USED IN OPERATING ACTIVITIES (1,199,960) (1,230,840)
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from sale of property and equipment 13,500
Investment in property, plant and equipment (58,224)
Investment in oil and gas field acquisition and drilling costs (1,365,627) (265,555)
Investment in SORC, net of cash acquired 375,779
Investment in equity method investment (448,900)
NET CASH USED IN INVESTING ACTIVITIES (1,423,851) (325,176)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from convertible debt 527,500
Repayment of convertible debt (187,625)
Proceeds from note payable – related party 136,479
Proceeds from revolving note 62,858
Proceeds from prefunded billing costs 1,000,000
Proceeds from PPP loan 1,233,655
PPP loan repayments (4,868)
Repayment of note payable (13,500)
NET CASH PROVIDED BY FINANCING ACTIVITIES 1,536,344 1,220,155
Net change in cash and cash equivalents (1,087,467) (335,861)
Cash and cash equivalents at beginning of period 1,196,650 1,532,511
CASH AND CASH EQUIVALENTS AT END OF PERIOD 109,183 1,196,650
NONCASH INVESTING ACTIVITIES    
Oil and gas acquisition costs in accounts payable 955,043 123,925
Interest paid $ 37,666