General form of registration statement for all companies including face-amount certificate companies

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.22.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended 9 Months Ended 12 Months Ended 24 Months Ended 33 Months Ended
Feb. 28, 2022
Feb. 28, 2021
Feb. 28, 2022
Feb. 28, 2021
May 31, 2021
May 31, 2020
May 31, 2021
Feb. 28, 2022
CASH FLOWS FROM OPERATING ACTIVITIES                
Net income (loss) attributable to CLS Holdings USA, Inc. $ (997,296) $ (3,712,772) $ (918,669) $ (5,707,184) $ (15,890,514) $ (30,657,973)    
Adjustments to reconcile net loss to net cash used in operating activities:                
Gain on settlement of note receivable (522,246) 0 (2,218,574) 0        
Changes in assets and liabilities:                
Funds held in escrow     0 (150,000)        
Gain on contingent liabilities         0 (275,000)    
Loss on extinguishment of debt         6,105,679 0    
Gain on modification of leases         (14,889) (28,511)    
Loss on disposal of assets         0 16,817    
Impairment of goodwill         0 25,185,003    
Fair value of cancellation of shares issued to consultants     0 (25,750) (25,750) 0    
Amortization of debt discounts     132,735 1,185,210 2,203,234 1,647,664    
Fair value of shares vested by officers     8,780 80,813 109,313 154,014    
Impairment of note receivable 0 2,498,706   2,498,706 2,498,706 0    
Depreciation and amortization expense     535,361 511,036 685,292 449,192    
Fair value of shares issued to consultants         0 45,000    
Bad debt expense 2,329 0 2,329 5,927 15,798 108,392    
Accounts receivable     (160,067) (121,955) (539,324) (106,230)    
Prepaid expenses and other current assets     (6,385) (158,949) (28,221) (122,936)    
Inventory     (1,114,556) (394,414) (652,810) 171,591    
Interest receivable     0 2,500 2,500 (224,517)    
Right of use asset 82,479   240,736 266,734 341,035 1,300,392    
Accounts payable and accrued expenses     266,417 6,865 435,742 (74,319)    
Accrued interest     95,050 258,113 258,113 1,300,715    
Deferred tax liability     793,322 0 2,490,295 0    
Contingent liability         (150,000) (850,000)    
Operating lease liability     (213,827) (314,311) (379,358) (1,202,259) $ (1,581,619) $ 1,787,472
Net cash used in operating activities     (2,557,348) (2,056,659) (2,535,159) (3,162,965)    
CASH FLOWS FROM INVESTING ACTIVITIES                
Payments to purchase property, plant and equipment     (165,875) (181,266) (269,437) (1,923,338)    
Cash paid for construction deposit on grow facility     (82,500) 0        
Payments to purchase intangible assets         0 (22,030)    
Loan made to borrower under note receivable         0 (175,000)    
Proceeds from collection of note receivable     2,218,574 1,544,291 1,544,291 1,682,278    
Net cash provided by (used in) investing activities     1,970,199 1,363,025 1,274,854 (438,090)    
CASH FLOWS FROM FINANCING ACTIVITIES                
Proceeds from loan payable     808,800 0        
Repayments of loans payable     (566,339) 0        
Proceeds from debenture offering 514,100   2,500,000 0        
Principal payments on notes payable     (365,991) 0 0 (3,999,168)    
Net cash used in financing activities     2,376,470 0 0 (3,999,168)    
Net increase in cash and cash equivalents     1,789,321 (693,634) (1,260,305) (7,600,223)    
Cash and cash equivalents at beginning of period     1,665,263 2,925,568 2,925,568 10,525,791 10,525,791 10,525,791
Cash and cash equivalents at end of period $ 3,454,584 $ 2,231,934 3,454,584 2,231,934 1,665,263 2,925,568 $ 1,665,263 $ 3,454,584
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:                
Interest paid     1,221,173 943,817 943,817 307,612    
Income taxes paid     0 0 0 0    
NONCASH INVESTING AND FINANCING ACTIVITIES:                
Shares issued for services issued from stock payable         230,470 0    
Adoption of lease standard ASU 2016-02         0 2,675,310    
Capitalized interest on convertible debentures     0 212,601 212,601 1,553,082    
Shares issued for conversion of notes payable     281,000 0 0 25,857    
Shares issued for services issued from stock payable     0 122,720        
Initial ROU asset and lease liability     229,412 0 1,187,615      
Original issue discount on notes payable     1,875,000 0        
Fair value of warrants issued with debenture offering     $ 98,448 $ 0        
Capitalized interest on note receivable         0 399,453    
Reclassification of deposit to fixed assets         0 281,966    
Initial lease right of use asset and lease liability from lease modification         $ 1,172,726 $ 0