v3.23.4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Nov. 30, 2023
Nov. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ (1,763,913) $ (9,537,492)
Adjustments to reconcile net loss to net cash used in operating activities:    
Loss on equity investment 0 154,111
Amortization of debt discounts 335,999 394,110
Loss on extinguishment of debt 0 6,659,359
Gain on settlement of note receivable 0 (348,165)
Gain on settlement of debt 0 (2,384)
Gain on settlement of accounts payable (4,375) 0
Depreciation and amortization expense 332,748 477,193
Bad debt expense 393 0
Changes in assets and liabilities:    
Accounts receivable (502,200) (387,057)
Prepaid expenses and other current assets 78,765 29,621
Inventory 371,079 (1,458,054)
Right of use asset 186,424 174,067
Accounts payable and accrued expenses 1,000,336 982,209
Accrued interest 216,098 166,547
Deferred tax liability 933,564 1,035,776
Operating lease liability (180,287) (161,153)
Net cash used in operating activities 1,004,631 (1,821,312)
CASH FLOWS FROM INVESTING ACTIVITIES    
Payments to purchase property, plant and equipment (44,248) (138,476)
Payment for construction security deposit (58,175) 0
Investment in Quinn River 0 (242,957)
Proceeds from collection of note receivable 0 348,165
Net cash used in investing activities (102,423) (33,268)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from loan payable 960,000 1,717,115
Repayments of loan payable (481,943) (1,371,309)
Principal payments on notes payable (477,084) 0
Repayments on convertible debt (100,000) (200,000)
Principal payments on finance leases (41,931) (34,493)
Net cash used in financing activities (140,958) 111,313
Net increase in cash and cash equivalents 761,250 (1,743,267)
Cash and cash equivalents at beginning of period 998,421 2,551,859
Cash and cash equivalents at end of period 1,759,671 808,592
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Interest paid 338,529 894,838
Income taxes paid 0 0
NONCASH INVESTING AND FINANCING ACTIVITIES:    
Shares issued for conversion of notes payable 0 11,532,680
Capitalized interest 0 3,283
Discount on convertible notes payable 62,400 0
Initial ROU asset and lease liability - operating $ 224,899 $ 46,475

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