Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

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Condensed Consolidated Balance Sheets - USD ($)
Feb. 28, 2022
May 31, 2021
Current Assets:    
Cash and cash equivalents $ 995,598 $ 252,615
Accounts receivable – trade, net 102,409,988 20,369,747
Contract assets 36,129,971 23,423,314
Factoring reserve 7,593,665
Other prepaid expenses and current assets 504,742 761,458
Total current assets 140,040,299 52,400,799
Property and equipment – net 191,908 192,092
Other long-term assets:    
Goodwill 4,463,129 4,463,129
Intangible assets – net 7,514,492 8,044,853
Operating lease right-of-use assets – net 2,693,878 3,797,527
Deposits and other assets 476,362 555,362
Other long-term assets 15,147,861 16,860,871
Total assets 155,380,068 69,453,762
Current Liabilities:    
Accounts payable – trade 57,800,238 38,992,846
Accrued expenses and other current liabilities 4,628,742 2,383,915
Accrued freight 15,800,769 10,403,430
Contract liabilities 10,403,335
Revolving credit facility 43,888,787
Current portion of notes payable – net of discount 1,651,686 2,285,367
Current portion of long-term debt due to related parties 174,822 397,975
Derivative liabilities 12,693,282
Current portion of operating lease liability 1,141,902 1,466,409
Total current liabilities 148,183,563 55,929,942
Other long-term liabilities 353,334 565,338
Long-term-debt due to related parties, net of current portion 699,177 715,948
Notes payable, net of current portion – net of discount 608,767 3,193,306
Operating lease liability, net of current portion 1,656,882 2,431,144
Total long-term liabilities 3,318,160 6,905,736
Total liabilities 151,501,723 62,835,678
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 February 28, 2022 and May 31, 2021, respectively 655,782 393,743
Additional paid-in capital 323,570 4,906,384
Retained earnings 2,898,042 1,316,987
Total Stockholders’ Equity 3,878,345 6,618,084
Total Liabilities and Stockholders’ Equity 155,380,068 69,453,762
Series A Preferred Stock [Member]    
Stockholders’ Equity:    
Preferred Stock, Value 130 130
Series B Preferred Stock [Member]    
Stockholders’ Equity:    
Preferred Stock, Value 821 840
Series C Preferred Stock [Member]    
Stockholders’ Equity:    
Preferred Stock, Value
Series D Preferred Stock [Member]    
Stockholders’ Equity:    
Preferred Stock, Value