v3.21.4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended 6 Months Ended 12 Months Ended
Nov. 30, 2021
Aug. 31, 2021
Nov. 30, 2020
Aug. 31, 2020
Nov. 30, 2021
Nov. 30, 2020
May 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:              
Net income $ 4,488,225 $ 2,023,416 $ 1,397,183 $ (574,137) $ 6,511,641 $ 823,046  
Adjustments to reconcile net income to net cash used in operating activities:              
Depreciation and amortization         388,672 382,217  
Amortization of debt discount         776,515 175,356  
Amortization of right of use assets         710,140 693,404  
Share-based compensation         50,000  
Bad debt expense         850,000 60,000  
Gain on forgiveness of note payable     (358,236)  
(Gain) loss on extinguishment of convertible notes payable   1,147,856   (780,050) 1,147,856  
Change in deferred tax asset         (304,000) (221,000)  
Accretion of consulting agreement         (141,336) (141,336)  
Changes in operating assets and liabilities:              
Accounts receivable - trade         (123,057,802) (19,555,154)  
Contract assets         (26,580,945) (7,362,508)  
Factoring reserve         7,593,665 (7,284,449)  
Other prepaid expenses and current assets         (219,321) 9,666  
Deposits and other assets         (20,000) 1,042  
Accounts payable - trade         36,893,108 27,528,499  
Accrued expenses and other current liabilities         8,764,328 (1,976,209)  
Accrued freight         38,934,277 6,880,696  
Contract liabilities         20,331,879  
Operating lease liability         (699,094) (639,338)  
Net Cash (Used in) Provided by Operating Activities         (30,406,559) 571,788  
CASH FLOWS FROM INVESTING ACTIVITIES:              
Purchase of property and equipment         (43,727) (15,026)  
Net Cash Used in Investing Activities         (43,727) (15,026)  
CASH FLOWS FROM FINANCING ACTIVITIES:              
Proceeds from notes payable         2,000,000 150,000  
Repayments of notes payable         (579,165) (429,165)  
Repayments of long-term debt due to related parties         (215,656) (44,000)  
Proceeds from convertible notes payable         2,000,000  
Borrowings on revolving credit facility, net         29,833,248  
Cash paid for debt issuance costs         (50,000)  
Net Cash Provided by Financing Activities         31,038,427 1,626,835  
Net change in cash and cash equivalents         588,141 2,183,597  
Cash and cash equivalents - Beginning of Period   $ 252,615   $ 1,349,363 252,615 1,349,363 $ 1,349,363
Cash and cash equivalents - End of Period $ 840,756   $ 3,532,960   840,756 3,532,960 $ 252,615
Cash Paid During the Period for:              
Income taxes         422,836 16,199  
Interest         601,377  
SUPPLEMENTARY DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:              
Conversion of Series B Preferred to Common Stock         125,673  
Issuance of common stock for the conversion of principal net of accrued interest capitalized to principal to Notes Payable         193,306  
Operating asset and liability         223,242  
Fair value of warrants issued with convertible notes         1,126,497  
Beneficial conversion feature of convertible notes         $ 873,503