Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.22.4
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Cash flows from operating activities:    
Net income $ 2,771,408 $ 2,083,521
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 1,498,883 1,039,105
Impairment of public inventory 0 1,164,499
(Gain) loss on sale of property and equipment (407,344) 15,111
Change in fair value of contingent consideration 435,333 (782,481)
Loss on marketable securities 38,972 13,064
Compensatory element of stock options 461,345 301,616
Provision for doubtful accounts 929,618 536,999
Deferred income tax expense (1,732,266) (1,646,166)
Amortization of debt issuance costs 15,834 56,851
Amortization of operating lease right-of-use asset 310,459 287,287
Changes in assets and liabilities:    
Accounts receivable (1,720,386) 532,788
Prepaid expenses (8,144) 53,214
Inventory 490,002 210,277
Other current assets 284,329 (466,512)
Deposits and other assets, net (80,756) 15,549
Accounts payable 115,527 532,384
Accrued expenses 528,424 11,275
Operating lease liability (312,067) (280,837)
Deferred revenue 4,953,476 4,248,550
Net cash provided by operating activities 8,572,647 7,926,094
Cash flows from investing activities:    
Purchases of property and equipment (12,168,459) (1,833,997)
Sale of property and equipment 1,870,000 0
Payment of Duke license agreement (5,000,000) (5,106,224)
Purchase of intangible asset 0 (10,950)
Purchases of marketable securities (1,142,212) 0
Sale of marketable securities 1,161,032 0
Net cash used in investing activities (15,279,639) (6,951,171)
Cash flows from financing activities:    
Treasury stock purchases (1,819,915) (249,377)
Repayments of note payable (1,946,996) (4,100,000)
Repayment of line of credit (5,400,000) 0
Proceeds from the exercise of stock options 551,274 1,276,417
Proceeds from line of credit 7,672,728 0
Proceeds from note payable 8,960,000 0
Dividends paid (7,672,728) 0
Issuance costs associated with the proceeds from the note payable (196,501) 0
Net cash from (used in) financing activities 147,862 (3,072,960)
Decrease in cash and cash equivalents (6,559,130) (2,098,037)
Cash and cash equivalents - beginning of period 8,263,088 10,361,125
Cash and cash equivalents - end of period 1,703,958 8,263,088
Supplemental non-cash operating activities:    
Lease liability arising from right-of-use asset 0 904,691
Patent option agreement credit to purchase of patents and licenses 0 500,000
Liabilities incurred for the purchase of patents and licenses 0 11,374,200
Taxes payable upon net exercise of stock options 0 147,900
Supplemental financing activities:    
Stock issued for the purchase of patents and licenses 0 3,585,172
Supplemental cash flow information:    
Interest 1,259,884 1,039,350
Income taxes $ 1,572,602 $ 3,532,921