Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
3 Months Ended
Feb. 28, 2023
Feb. 28, 2022
Cash flows from operating activities:    
Net income $ 766,812 $ 832,047
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 369,950 396,112
Change in fair value of contingent consideration (164,701) (116,433)
Losses on marketable securities 3,681 8,642
Compensatory element of stock options 313,174 31,896
Provision for doubtful accounts 186,904 164,388
Amortization of debt issuance costs 5,444 6,389
Amortization of operating lease right-of-use asset 79,324 76,604
Changes in assets and liabilities:    
Accounts receivable (665,419) (62,780)
Prepaid expenses (13,587) 20,687
Inventory 230,459 33,636
Other current assets 5,796 227,666
Deposits and other assets, net (18,339) (17,594)
Accounts payable 221,749 357,959
Accrued expenses (510,907) (953,433)
Operating lease liability (80,048) (76,255)
Deferred revenue 913,634 577,228
Net cash from operating activities 1,643,926 1,506,759
Cash flows from investing activities:    
Purchases of property and equipment (375,600) (647,637)
Payment of Duke license agreement 0 (5,000,000)
Purchases of marketable securities (1,017,738) (405,599)
Sale of marketable securities 191,400 0
Net cash used in investing activities (1,201,938) (6,053,236)
Cash flows from financing activities:    
Treasury stock purchases (243,201) (828,980)
Repayments of note payable (29,646) (775,000)
Repayment of line of credit (500,000) 0
Proceeds from the exercise of stock options 0 32,000
Net cash used in financing activities (772,847) (1,571,980)
Decrease in cash and cash equivalents (330,859) (6,118,457)
Cash and cash equivalents - beginning of period 1,703,958 8,263,088
Cash and cash equivalents - end of period 1,373,099 2,144,631
Supplemental investing activities:    
Construction costs payable 536,707 0
Supplemental non-cash operating activities:    
Interest 441,336 247,081
Income taxes $ 33,072 $ 644