Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 3 Months Ended
Aug. 31, 2021
Aug. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ 427,599 $ (1,145,036)
Adjustments to reconcile net loss to net cash used in operating activities:    
Fair value of shares issued to consultants 0 (25,750)
Amortization of debt discounts 21,297 395,070
Fair value of shares vested by officers 0 26,938
Gain on settlement of note receivable (1,174,082) 0
Depreciation and amortization expense 177,312 170,760
Bad debt expense 0 5,992
Changes in assets and liabilities:    
Accounts receivable 160,306 (307,087)
Prepaid expenses and other current assets (47,234) (101,212)
Inventory (454,468) (142,802)
Interest receivable 0 (60,565)
Right of use asset 70,263 86,830
Accounts payable and accrued expenses (229,793) 237,820
Accrued interest (3,747) 258,114
Deferred tax liability 328,340 0
Operating lease liability (61,068) (102,617)
Net cash used in operating activities (785,275) (703,545)
CASH FLOWS FROM INVESTING ACTIVITIES    
Payments to purchase property, plant and equipment (92,979) (84,921)
Proceeds from collection of note receivable 1,174,082 750,000
Net cash used in investing activities 1,081,103 665,079
Net increase in cash and cash equivalents 295,828 (38,466)
Cash and cash equivalents at beginning of period 1,665,263 2,925,568
Cash and cash equivalents at end of period 1,961,091 2,887,102
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Interest paid 401,042 139,984
Income taxes paid 0 0
NONCASH INVESTING AND FINANCING ACTIVITIES:    
Capitalized interest on convertible debentures 0 212,601
Common stock issued for conversion of convertible notes payable $ 281,000 $ 0