Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.19.2
Consolidated Statements of Cash Flows
 6 Months Ended
May 31, 2019
USD ($)
May 31, 2018
USD ($)
Cash flows from operating activities:    
Net income (loss) $ 329,550 $ (1,990,566)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization expense 208,300 120,338
Impairment of public inventory 2,332,763  
Change in fair value of contingent consideration (670,927)  
Compensatory element of stock options 225,809 268,386
Provision for doubtful accounts 385,362 185,107
Deferred income tax expense   3,023,437
Amortization of debt issuance costs 57,999 51,540
Changes in assets and liabilities:    
Accounts receivable (276,700) 120,671
Prepaid expenses (148,766) (116,666)
Inventory 10,915 (109,928)
Other current assets (23,678) 15,720
Deposits and other assets, net 49,145 (700,000)
Accounts payable (232,654) (815,400)
Accrued expenses (1,719,371) (400,376)
Deferred revenue 1,818,095 2,071,632
Net cash provided by operating activities 2,345,842 1,723,895
Cash flows used in investing activities:    
Purchases of property and equipment (408,870) (253,704)
Purchase of intangible asset   (200,000)
Sales (purchases) of marketable securities and other investments, net 35,880 (13,283)
Net cash used in investing activities (372,990) (466,987)
Cash flows from financing activities:    
Repayments of note payable (1,549,998) (1,000,000)
Proceeds from the exercise of stock options 5,700 4,920
Net cash used in financing activities (1,544,298) (995,080)
Increase in cash and cash equivalents 428,554 261,828
Cash and cash equivalents - beginning of period 6,040,033 6,279,154
Cash and cash equivalents - end of period 6,468,587 6,540,982
Supplemental non-cash investing activities:    
Unrealized gain on marketable securities, net of tax   $ 120,000
Cumulative-effect adjustment due to the adoption of ASU 2016-01 $ (340,984)