Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.23.2
Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended
May 31, 2023
May 31, 2022
Cash flows from operating activities:    
Net income $ 987,788 $ 1,466,766
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 724,890 760,759
Change in fair value of contingent consideration (187,825) (152,538)
Unrealized (gains) losses on marketable securities (6,696) 26,830
Unrealized loss on interest rate swap contract 223,974 0
Compensatory element of stock options 469,591 149,358
Provision for doubtful accounts 403,040 399,953
Amortization of debt issuance costs 10,862 9,777
Amortization of operating lease right-of-use asset 155,617 153,876
Changes in assets and liabilities:    
Accounts receivable (1,041,578) (296,934)
Prepaid expenses (83,909) (11,217)
Inventory 410,993 190,803
Other current assets 17,820 (133,566)
Deposits and other assets, net (56,798) (237,521)
Accounts payable 609,687 232,778
Accrued expenses (1,369,083) (982,399)
Operating lease liability (157,011) (154,035)
Deferred revenue 2,521,664 2,031,279
Net cash from operating activities 3,633,026 3,453,969
Cash flows from investing activities:    
Purchases of property and equipment (1,833,043) (954,607)
Payment of Duke license agreement (400,000) (5,000,000)
Proceeds from liquidation of marketable securities 179,306 0
Purchases of marketable securities (1,082,923) (1,142,212)
Sale of marketable securities 359,752 1,127,669
Net cash used in investing activities (2,776,908) (5,969,150)
Cash flows from financing activities:    
Treasury stock purchases (791,452) (1,425,455)
Repayments of note payable (77,126) (1,550,000)
Repayment of line of credit (500,000) 0
Proceeds from the exercise of stock options 0 32,000
Payment of Cord:Use earnout (67,500) 0
Net cash used in financing activities (1,436,078) (2,943,455)
Decrease in cash and cash equivalents (579,960) (5,458,636)
Cash and cash equivalents - beginning of period 1,703,958 8,263,088
Cash and cash equivalents - end of period 1,123,998 2,804,452
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract]    
Lease liability arising from right-of-use asset 737,867 0
Supplemental investing activities:    
Construction costs payable 1,841,254 0
Supplemental cash flow information    
Interest 869,076 483,641
Income taxes $ 983,647 $ 756,133