Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.20.1
Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended
Feb. 29, 2020
Feb. 28, 2019
Cash flows from operating activities:    
Net income $ 686,966 $ 275,877
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 95,757 104,870
Change in fair value of contingent consideration (51,412) 367,057
Unrealized gains (losses) on marketable securities (54,948) 67,179
Compensatory element of stock options 224,258 138,982
Provision for doubtful accounts 152,991 240,643
Amortization of debt issuance costs 24,481 29,894
Amortization of operating lease right-of-use asset 66,491  
Changes in assets and liabilities:    
Accounts receivable 177,656 (67,470)
Prepaid expenses 48,588 1,261
Inventory 70,394 (96,712)
Other current assets 61,333 49,570
Deposits and other assets, net (18,210) 68,250
Accounts payable 12,131 (251,261)
Accrued expenses 628,627 217,220
Operating lease liability (66,300)  
Deferred revenue 556,760 708,682
Net cash provided by operating activities 2,615,563 1,854,042
Cash flows used in investing activities:    
Purchases of property and equipment (6,961) (49,085)
Net cash used in investing activities (6,961) (49,085)
Cash flows from financing activities:    
Repayments of note payable (775,000) (774,999)
Proceeds from the exercise of stock options 41,000 5,700
Net cash used in financing activities (734,000) (769,299)
Increase in cash and cash equivalents 1,874,602 1,035,658
Cash and cash equivalents - beginning of period 6,541,037 6,040,033
Cash and cash equivalents - end of period 8,415,639 7,075,691
Supplemental non-cash operating activities:    
Operating lease right-of-use asset recorded due to adoption of ASC 842 562,775  
Operating lease liability recorded due to adoption of ASC 842 $ 562,775  
Supplemental non-cash investing activities:    
Cumulative-effect adjustment due to the adoption of ASU 2016-01   $ (340,984)