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Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Feb. 28, 2021
Feb. 29, 2020
Cash flows relating to operating activities    
Net income (loss) $ (4,635,607) $ 4,556,656
Pre-tax (earnings) from discontinued operations 0 (539,692)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Bargain purchase gain (1,187,235) 0
Depreciation and amortization 307,732 121,080
Gain on disposal of property and equipment (7,567) 65,020
Stock based compensation 163,493 326,724
Deferred income taxes (406,304) 0
Non-cash lease costs 596,188 0
Gain on sale of discontinued operations before income taxes 0 (5,243,865)
(Increase) decrease in:    
Accounts receivable, net (381,945) (14,565)
Inventories (313,012) 184,048
Prepaid expenses (39,253) 10,241
Rent, utility deposits, & ERP deposits (173,294) 0
Deposits on capital improvements to factory (417,794) 0
Increase (decrease) in:    
Accounts payable 476,589 175,260
Accrued liabilities and customer deposits 439,068 440,820
Income taxes payable (78,964) 62,297
Net cash provided by (used in) operating activities - continuing operations (5,657,905) 144,024
Net cash provided by operating activities - discontinued operations 0 257,453
Net cash provided by (used in) operating activities - total (5,657,905) 401,477
Cash flows relating to investing activities    
Acquisition of Ample Hills (1,713,404) 0
Purchases of property and equipment (510,321) (28,256)
Proceeds from sale of property and equipment 35,500 12,000
Proceeds from the sale of net assets of discontinued operations 0 10,426,589
Net cash provided by (used in) investing activities - continuing operations (2,188,225) 10,410,333
Net cash provided by (used in) investing activities - discontined operations 0 (12,693)
Net cash provided by (used in) investing activities - total (2,188,225) 10,397,640
Cash flows relating to financing activities    
Proceeds from Paycheck Protection Program 2,059,556 0
Repayments on Paycheck Protection Program (264,476) 0
Payments on short-term borrowing (48,625) (49,371)
Repurchase of common stock (300,492) (1,333,399)
Common stock issued on exercise of stock options 0 8,500
Net cash provided by (used in) financing activities 1,445,963 (1,374,270)
Effect of foreign exchange translation on cash 0 71,973
Increase (decrease) in cash, cash equivalents and restricted cash (6,400,167) 9,496,820
Cash, cash equivalents and restricted cash, beginning of period 10,566,531 1,467,435
Cash, cash equivalents and restricted cash, end of period 4,166,364 10,964,255
Supplemental disclosure of cash flow information    
Cash paid during the year for income taxes 80,600 4,289
Cash paid during the year for interest $ 616 $ 2,435