Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Nov. 30, 2017
Nov. 30, 2016
Cash flows from operating activities:    
Net income (loss) $ 2,315,100 $ (1,320,800)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization expense 229,995 286,650
Impairment of goodwill and intangible assets   1,989,089
Compensatory element of stock options 971,730 1,772,306
Provision for doubtful accounts 77,012 630,113
Gain on extinguishment of debt   (300,593)
Loss on extinguishment of revenue sharing agreements   2,252,388
Deferred income tax benefit (774,806) (1,911,828)
Amortization of debt issuance costs 125,434 48,435
Changes in assets and liabilities:    
Accounts receivable (1,149,875) (1,624,462)
Prepaid expenses 23,349 32,318
Inventory 46,576 114,466
Other current assets (127,688) 9,944
Deposits and other assets, net (3,388) 15,111
Accounts payable 443,112 329,560
Accrued expenses (28,145) 648,842
Deferred revenue 3,513,477 2,016,436
Net cash provided by operating activities 5,718,173 4,987,975
Cash flows from investing activities:    
Release of restricted cash held in escrow   204,344
Purchases of property and equipment (98,333) (342,982)
Sales (purchases) of marketable securities and other investments, net 191,358 (231,090)
Net cash provided by (used in) investing activities 93,025 (369,728)
Cash flows from financing activities:    
Extinguishment of revenue sharing agreements   (3,400,000)
Treasury stock purchases (446,621) (10,806,409)
Repayments of note payable (2,650,000) (1,509,107)
Proceeds from the exercise of stock options 64,696 40,340
Proceeds from note payable   10,783,433
Issuance costs associated with the proceeds from the note payable   (378,785)
Net cash used in financing activities (3,031,925) (5,270,528)
Increase (Decrease) in cash and cash equivalents 2,779,273 (652,281)
Cash and cash equivalents - beginning of period 3,499,881 4,152,162
Cash and cash equivalents - end of period 6,279,154 3,499,881
Supplemental non-cash investing activities:    
Unrealized gain (loss) on marketable securities, net of tax $ 6,457 $ (135,524)