Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 3 Months Ended
Aug. 31, 2022
Aug. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ (1,332,125) $ 427,599
Loss on equity investment 234,430 0
Amortization of debt discounts 194,774 21,297
Gain on settlement of note receivable (348,165) (1,174,082)
Depreciation and amortization expense 236,935 177,312
Accounts receivable (120,942) 160,306
Prepaid expenses and other current assets (112,080) (47,234)
Inventory (798,707) (454,468)
Right of use asset 86,749 70,263
Accounts payable and accrued expenses 90,406 (229,793)
Accrued interest (32,149) (3,747)
Deferred tax liability 519,085 328,340
Operating lease liability (79,974) (61,068)
Net cash used in operating activities (1,461,763) (785,275)
CASH FLOWS FROM INVESTING ACTIVITIES    
Payments to purchase property, plant and equipment (88,233) (92,979)
Investment in Quinn River (805,234) 0
Proceeds from collection of note receivable 348,165 1,174,082
Net cash used in investing activities (545,302) 1,081,103
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from loan payable 650,115 0
Repayments of loan payable (585,962) 0
Principal payments on finance leases (16,907) 0
Net cash provided by financing activities 47,246 0
Net increase in cash and cash equivalents (1,959,819) 295,828
Cash and cash equivalents at beginning of period 2,551,859 1,665,263
Cash and cash equivalents at end of period 592,040 1,961,091
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Interest paid 679,604 401,042
Income taxes paid 0 0
NONCASH INVESTING AND FINANCING ACTIVITIES:    
Common stock issued for conversion of convertible notes payable 0 281,000
Initial ROU asset and lease liability – operating $ 46,745 $ 0