v3.22.2.2
Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Aug. 31, 2022
Aug. 31, 2021
Cash flows from operating activities:    
Net income $ 1,933,586 $ 2,720,713
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 1,129,804 711,905
Change in fair value of contingent consideration 259,769 (604,109)
Losses on marketable securities 38,457 14,352
Compensatory element of stock options 310,441 233,869
Provision for doubtful accounts 634,405 271,460
Amortization of debt issuance costs 10,368 47,462
Amortization of operating lease right-of-use asset 231,825 211,434
Changes in assets and liabilities:    
Accounts receivable (727,905) 602,187
Prepaid expenses (86,433) 98,618
Inventory 303,162 301,489
Other current assets (555,591) (104,999)
Deposits and other assets, net (122,107) (24,716)
Accounts payable 302,876 41,728
Accrued expenses (872,298) (1,393,462)
Operating lease liability (232,709) (206,729)
Deferred revenue 3,585,261 3,337,417
Net cash from operating activities 6,142,911 6,258,619
Cash flows from investing activities:    
Purchases of property and equipment (12,193,470) (1,554,004)
Payment of Duke license agreement (5,000,000) (5,106,224)
Purchases of marketable securities (1,142,212) 0
Sale of Marketable Securities 1,140,472 (0)
Net cash from investing activities (17,195,210) (6,660,228)
Cash flows from financing activities:    
Treasury stock purchases (1,692,433) 0
Repayments of note payable (1,908,433) (3,325,000)
Proceeds from the exercise of stock options 551,274 1,066,290
Proceeds from note payable 8,960,000 0
Issuance costs associated with the proceeds from the note payable (196,501) 0
Net cash from financing activities 5,713,907 (2,258,710)
Decrease in cash and cash equivalents (5,338,392) (2,660,319)
Cash and cash equivalents - beginning of period 8,263,088 10,361,125
Cash and cash equivalents - end of period 2,924,696 7,700,806
Supplemental non cash operating activities    
Lease liability arising from right-of-use asset 0 904,691
Patent option agreement credit to purchase of patents and licenses 0 500,000
Liabilities incurred for the purchase of patents and licenses 0 11,258,083
Supplemental financing activities:    
Dividends declared but not yet paid 7,672,728 0
Stock issued for the purchase of patents and licenses 0 3,585,172
Supplemental cash flow information    
Interest 776,517 516,000
Income Taxes $ 1,377,133 $ 1,901,025

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