v3.20.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Feb. 29, 2020
Feb. 28, 2019
Cash flows from operating activities:    
Net loss $ (1,261,979) $ (3,095,960)
Adjustments to reconcile net (loss) to net cash used in operating activities:    
Interest earned on marketable securities held in trust account (401,582)
Impairment of cost method investment 150,000
Depreciation expense 37,240
Amortization expense 154,218
Debt forgiveness income (93,761) (300,000)
Issuance of shares for services 153,011 2,169,143
Changes in operating assets and liabilities:    
Accounts receivable (95,645)
Inventory (22,822)
Prepaid expenses (10,133) 3,114
Security deposits (2,568)
Deferred brokerage fees (59,051)
Deferred revenues 126,080
Accounts payable 65,474
Deferred legal fees (100,000)
Accrued expenses (143,632) 751,438
Due from related party (12,699)
Net cash used in operating activities (1,166,267) (823,847)
Cash flows from investing activities:    
Cash purchased in acquisition 26,180 75,930
Investment at cost (150,000)
Lease liability net of lease asset (776)
Purchase of property and equipment (163,472) (51,350)
Net cash used in investing activities (138,068) (125,420)
Cash flows from financing activities:    
Proceeds from note payable - related party, net 3,620
Settlement of redeemable common stock (46,291,685)
Cash held in trust account used to settle common stock redemption obligation (7,620,432)
Cash in trust 54,645,364
Deferred financing costs (74,198)
Non-controlling interest of original investment in subsidiaries 24,054
Private placement funds received 50,000 1,000,003
Net cash used in financing activities (144) 1,736,870
Net change in cash (1,304,479) 787,603
Cash - beginning of period 1,540,158 458,063
Cash - end of period 235,679 1,245,666
Supplemental Disclosures of Cash Flow Information:    
Cash paid for interest
Cash paid for income taxes

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