Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.21.1
Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended
Feb. 28, 2021
Feb. 29, 2020
Cash flows from operating activities:    
Net income $ 693,590 $ 686,966
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 72,489 95,757
Change in fair value of contingent consideration 152,394 (51,412)
Losses (gains) on marketable securities 2,576 (54,948)
Compensatory element of stock options 84,818 224,258
Provision for doubtful accounts 90,854 152,991
Amortization of debt issuance costs 19,682 24,481
Amortization of operating lease right-of-use asset 66,620 66,491
Changes in assets and liabilities:    
Accounts receivable 593,114 177,656
Prepaid expenses 100,975 48,588
Inventory 109,928 70,394
Other current assets (70,028) 61,333
Deposits and other assets, net (98,675) (18,210)
Accounts payable (97,258) 12,131
Accrued expenses 559,087 628,627
Operating lease liability (65,504) (66,300)
Deferred revenue 447,380 556,760
Net cash provided by operating activities 2,662,042 2,615,563
Cash flows from investing activities:    
Purchases of property and equipment (11,978) (6,961)
Purchase of patent option agreement (150,000)  
Net cash used in investing activities (161,978) (6,961)
Cash flows from financing activities:    
Repayments of note payable (1,775,000) (775,000)
Proceeds from the exercise of stock options 191,622 41,000
Net cash used in financing activities (1,583,378) (734,000)
Increase in cash and cash equivalents 916,686 1,874,602
Cash and cash equivalents - beginning of period 10,361,125 6,541,037
Cash and cash equivalents - end of period 11,277,811 8,415,639
Supplemental non-cash investing and financing activities:    
Operating lease liability and right-of-use asset due to adoption of ASC 842   $ 562,775
Lease liability arising from right-of-use asset 780,070  
Patent option agreement credit to purchase of patents and licenses 500,000  
Liabilities incurred for the purchase of patents and licenses $ 58,073,486