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

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 6 Months Ended 12 Months Ended
Nov. 30, 2021
Nov. 30, 2020
May 31, 2021
May 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES        
Net income (loss) attributable to CLS Holdings USA, Inc. $ 78,627 $ (1,994,412) $ (15,890,514) $ (30,657,973)
Adjustments to reconcile net income (loss) to net cash used in operating activities:        
Gain on settlement of note receivable (1,696,328) 0    
Changes in assets and liabilities:        
Funds held in escrow 250,000 0    
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 25,185,003   0 25,185,003
Fair value of cancellation of shares issued to consultants 0 (25,750) (25,750) 0
Amortization of debt discounts 35,496 790,140 2,203,234 1,647,664
Fair value of shares vested by officers 0 53,876 109,313 154,014
Impairment of note receivable     2,498,706 0
Depreciation and amortization expense 356,455 342,331 685,292 449,192
Fair value of shares issued to consultants     0 45,000
Bad debt expense 129 5,992 15,798 108,392
Accounts receivable (115,060) (126,410) (539,324) (106,230)
Prepaid expenses and other current assets 3,586 (63,228) (28,221) (122,936)
Inventory (1,013,127) (813,158) (652,810) 171,591
Interest receivable 0 3,322 2,500 (224,517)
Right of use asset 158,257 175,727 341,035 1,300,392
Accounts payable and accrued expenses 93,988 257,882 435,742 (74,319)
Accrued interest (8,427) 258,113 258,113 1,300,715
Deferred tax liability 469,057 0 2,490,295 0
Contingent liability     (150,000) (850,000)
Operating lease liability (139,983) (207,409) (379,358) (1,202,259)
Net cash used in operating activities (1,527,330) (1,342,984) (2,535,159) (3,162,965)
CASH FLOWS FROM INVESTING ACTIVITIES        
Payments to purchase property, plant and equipment (145,015) (163,019) (269,437) (1,923,338)
Cash paid for construction deposit on grow facility (93,000) 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 1,696,328 1,385,951 1,544,291 1,682,278
Net cash provided by (used in) investing activities 1,458,313 1,222,932 1,274,854 (438,090)
CASH FLOWS FROM FINANCING ACTIVITIES        
Proceeds from loan payable 303,815 0    
Principal payments on notes payable (365,991) 0 0 (3,999,168)
Net cash used in financing activities (62,176) 0 0 (3,999,168)
Net increase in cash and cash equivalents (131,193) (120,052) (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
Cash and cash equivalents at end of period 1,534,070 2,805,516 1,665,263 2,925,568
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:        
Interest paid 799,403 541,412 943,817 307,612
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 14,970    
Initial ROU asset and lease liability $ 229,412 $ 0 1,187,615  
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