v3.21.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
4 Months Ended 9 Months Ended
Feb. 29, 2020
Feb. 28, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ (40,040) $ 2,088,044
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization 0 573,443
Amortization of debt discount 0 606,519
Share-based compensation 0 91,666
Amortization of right of use assets 0 1,044,792
Loss on extinguishment of notes payable 0 1,147,856
Gain on forgiveness of promissory notes 0 (1,646,062)
Bad debt expense 0 110,000
Change in deferred tax asset 0 (140,000)
Accretion of consulting agreement 0 (212,004)
Changes in operating assets and liabilities:    
Accounts receivable - trade 0 (16,850,718)
Contract assets 0 (11,638,673)
Factoring reserve 0 (1,453,563)
Prepaid expenses and other current assets 0 63,029
Deposits and other assets 0 1,042
Accounts payable - trade 0 26,165,558
Accrued expenses and other current liabilities 0 (1,159,684)
Accrued freight 0 1,611,915
Operating lease liability 0 (981,967)
Net Cash Used in Operating Activities (40,040) (578,807)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment 0 (26,543)
Net Cash Used in Investing Activities 0 (26,543)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from notes payable 0 3,816,666
Repayments of notes payable 0 (491,667)
Repayments of long-term debt due to related parties 0 (2,627,420)
Proceeds from long-term debt due to related parties 71,448 0
Cash paid for debt issuance costs 0 (50,000)
Net Cash Provided by Financing Activities 71,448 647,579
Net change in cash and cash equivalents 31,408 42,229
Cash and Cash Equivalents, at Carrying Value, Beginning Balance 0 1,349,363
Cash and Cash Equivalents, at Carrying Value, Ending Balance 31,408 1,391,592
SUPPLEMENTARY CASH FLOW INFORMATION:    
Income taxes 0 398,110
Interest Paid, Including Capitalized Interest, Operating and Investing Activities 0 49,028
SUPPLEMENTARY DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Operating lease asset and liability additions 0 223,242
Non-cash forgiveness of due to UL HK resulting in goodwill remeasurement 0 310,455
Fair value of warrants issued with convertible notes 0 1,126,497
Beneficial conversion feature of convertible notes 0 2,540,169
Gain on forgiveness of note payable (PPP) $ 0 $ 1,646,062

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