Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
 9 Months Ended
Aug. 31, 2017
Aug. 31, 2016
Cash flows from operating activities:    
Net Income (Loss) $ 1,635,882 $ (2,130,165)
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 171,689 222,513
Impairment of goodwill and intangible assets   1,877,697
Compensatory element of stock options 709,173 821,416
Provision for doubtful accounts (2,876) 578,860
Gain on extinguishment of debt   (300,593)
Loss on extinguishment of revenue sharing agreements   2,252,388
Deferred income tax benefit 73,512 (842,000)
Amortization of debt issuance costs 96,869  
Changes in assets and liabilities:    
Accounts receivable (805,398) (1,901,591)
Prepaid expenses (10,560) (44,327)
Inventory 25,385 64,723
Other current assets (104,669) 41,554
Deposits and other assets, net (3,388) 15,111
Accounts payable (122,237) 449,541
Accrued expenses (727,969) (186,175)
Deferred revenue 2,671,172 1,505,950
Net cash provided by operating activities 3,606,585 2,424,902
Cash flows from investing activities:    
Release of restricted cash held in escrow   204,344
Purchases of property and equipment (55,182) (298,600)
Sales (purchases) of marketable securities and other investments, net 161,023 (202,928)
Net cash provided by (used in) investing activities 105,841 (297,184)
Cash flows from financing activities:    
Extinguishment of revenue sharing agreements   (3,400,000)
Treasury stock purchases (446,621) (10,668,347)
Repayments of note payable (2,149,999) (1,009,107)
Proceeds from the exercise of stock options 51,396 40,340
Proceeds from note payable   10,783,433
Net cash used in financing activities (2,545,224) (4,253,681)
Increase (Decrease) in cash and cash equivalents 1,167,202 (2,125,963)
Cash and cash equivalents - beginning of period 3,499,881 4,152,162
Cash and cash equivalents - end of period 4,667,083 2,026,199
Supplemental non-cash investing activities:    
Unrealized gain (loss) on marketable securities, net of tax $ 60,678 $ (114,342)