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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
May 31, 2024
May 31, 2023
Operating activities    
Net income $ 8,998,762 $ 6,287,358
Adjustments to reconcile net income to net cash flows from operating activities    
Depreciation 1,690,239 1,472,455
Amortization 7,407 0
Stock options issued for services 1,047,252 417,253
Bad debt expense 0 23,360
Loss on disposal of property and equipment 0 20,015
Provision for inventory obsolescence 385,744 295,014
Deferred income taxes (444,000) (494,000)
Changes in other current assets and liabilities    
Accounts and other receivables 341,096 (1,110,178)
Inventory (2,533,181) (277,214)
Prepaid expenses (285,899) 28,882
Prepaid income taxes 228,947 7,000
Costs and estimated earnings in excess of billings (232,383) (787,708)
Accounts payable (278,810) 290,827
Accrued expenses 586,141 664,008
Billings in excess of costs and estimated earnings 3,608,804 869,707
Accrued income taxes 126,148 0
Other assets (27,343) 0
Net operating activities 13,218,924 7,706,779
Investing activities    
Acquisition of property and equipment (1,149,388) (3,359,495)
Patent expenditures (300,000) 0
Increase in short-term investments (3,616,522) (23,417,307)
Increase in cash value of life insurance (4,704) (4,761)
Net investing activities (5,070,614) (26,781,563)
Financing activities    
Proceeds from issuance of common stock 967,119 302,705
Acquisition of treasury stock (9,859,177) (169,740)
Net financing activities (8,892,058) 132,965
Net change in cash and cash equivalents (743,748) (18,941,819)
Cash and cash equivalents - beginning 3,575,219 22,517,038
Cash and cash equivalents - ending $ 2,831,471 $ 3,575,219