v3.21.2
Consolidated Statements of Cash Flows - USD ($)
7 Months Ended 12 Months Ended
May 31, 2020
May 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ (408,510) $ 1,725,497
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization 765,532
Amortization of debt discount 1,350,389
Share-based compensation 91,666
Amortization of right of use assets 1,195,995
Loss on extinguishment of notes payable 1,147,856
Gain on forgiveness of notes payable (1,646,062)
Bad debt expense 240,000
Change in deferred tax asset (264,000)
Accretion of consulting agreement (282,672)
Changes in operating assets and liabilities:    
Accounts receivable - trade 2,046,885 (12,677,437)
Contract assets (18,586,306)
Factoring reserve (6,622,941)
Prepaid expenses and other current assets (669,787)
Deposits and other assets (648,996) 1,042
Accounts payable - trade (192,416) 29,465,943
Accrued expenses and other current liabilities 765,089 (1,226,702)
Accrued freight 6,926,050
Operating lease liability (1,095,969)
Net Cash (Used in) Provided by Operating Activities 1,562,052 (161,906)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisition of business - net of cash acquired (212,689)
Purchase of property and equipment (51,489)
Net Cash Used in Investing Activities (212,689) (51,489)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from notes payable 5,174,902
Repayments of notes payable (858,330)
Repayments of long-term debt due to related parties (5,149,925)
Cash paid for debt issuance costs (50,000)
Net Cash Used in Financing Activities (883,353)
Net change in cash and cash equivalents 1,349,363 (1,096,748)
Cash and cash equivalents - Beginning of Period 1,349,363
Cash and cash equivalents - End of Period 1,349,363 252,615
Cash Paid During the Period for:    
Income taxes 527,583
Interest 66,717
SUPPLEMENTARY DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Operating lease asset and liability additions 4,770,280 223,242
Non-cash note forgiveness due to UL HK 310,452
Fair value of warrants issued with convertible notes 1,126,497
Beneficial conversion feature of convertible notes 2,540,169
Issuance of Common Stock Conversions and Awards $ 393,743
Non-cash consideration paid in business combination $ 11,102,022  

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