v3.21.4
Condensed Consolidated Balance Sheets - USD ($)
Nov. 30, 2021
May 31, 2021
Current Assets:    
Cash and cash equivalents $ 840,756 $ 252,615
Accounts receivable – trade, net 142,577,549 20,369,747
Contract assets 50,004,259 23,423,314
Factoring reserve 7,593,665
Other prepaid expenses and current assets 980,779 761,458
Total current assets 194,403,343 52,400,799
Property and equipment – net 200,721 192,092
Other long-term assets:    
Goodwill 4,463,129 4,463,129
Intangible assets – net 7,691,279 8,044,853
Operating lease right-of-use assets – net 3,087,387 3,797,527
Deposits and other assets 879,362 555,362
Other long-term assets 16,121,157 16,860,871
Total assets 210,725,221 69,453,762
Current Liabilities:    
Accounts payable – trade 75,885,954 38,992,846
Accrued expenses and other current liabilities 10,710,006 2,383,915
Accrued freight 49,337,707 10,403,430
Contract liabilities 20,331,879
Revolving credit facility 29,833,248
Current portion of notes payable – net of discount 3,918,339 2,285,367
Current portion of long-term debt due to related parties 198,933 397,975
Current portion of operating lease liability 1,399,186 1,466,409
Total current liabilities 191,615,252 55,929,942
Other long-term liabilities 424,002 565,338
Long-term-debt due to related parties, net of current portion 699,334 715,948
Notes payable, net of current portion – net of discount 2,812,704 3,193,306
Operating lease liability, net of current portion 1,799,273 2,431,144
Total long-term liabilities 5,735,313 6,905,736
Total liabilities 197,350,565 62,835,678
Commitments and contingencies (Note 9)
Stockholders’ Equity:    
Common stock, $0.001 par value; 800,000,000 shares authorized; 655,781,078 and 393,742,663 shares issued and outstanding as of November 30, 2021 and May 31, 2021, respectively 655,782 393,743
Additional paid-in capital 4,889,295 4,906,384
Retained earnings 7,828,628 1,316,987
Total Stockholders’ Equity 13,374,656 6,618,084
Total Liabilities and Stockholders’ Equity 210,725,221 69,453,762
Series A Convertible Preferred Stock [Member]    
Stockholders’ Equity:    
Preferred Stock, Value 130 130
Series B Convertible Preferred Stock [Member]    
Stockholders’ Equity:    
Preferred Stock, Value $ 821 $ 840