Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
 9 Months Ended
Aug. 31, 2023
Aug. 31, 2022
Cash flows from operating activities:    
Net income $ 1,668,349 $ 1,933,586
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 1,063,771 1,129,804
Change in fair value of contingent consideration (65,154) 259,769
Unrealized (gains) losses on marketable securities (100,082) 38,457
Unrealized gain on interest rate swap contract (58,757) (62,835)
Compensatory element of stock options 641,690 310,441
Provision for doubtful accounts 717,052 634,405
Amortization of debt issuance costs 16,259 10,368
Amortization of operating lease right-of-use asset 236,730 231,825
Changes in assets and liabilities:    
Accounts receivable (1,110,755) (727,905)
Prepaid expenses (152,450) (86,433)
Inventory 227,428 303,162
Other current assets (23,738) (555,591)
Deposits and other assets, net (79,574) (59,272)
Accounts payable 550,266 302,876
Accrued expenses (1,814,218) (872,298)
Operating lease liability (217,671) (232,709)
Deferred revenue 4,076,294 3,585,261
Net cash from operating activities 5,575,440 6,142,911
Cash flows from investing activities:    
Purchases of property and equipment (5,124,056) (12,193,470)
Payment of Duke license agreement (533,333) (5,000,000)
Proceeds from liquidation of marketable securities 179,306 0
Purchases of marketable securities (1,082,924) (1,142,212)
Sale of marketable securities 397,831 1,140,472
Net cash used in investing activities (6,163,176) (17,195,210)
Cash flows from financing activities:    
Treasury stock purchases (799,036) (1,692,433)
Repayments of note payable (115,690) (1,908,433)
Repayment of line of credit (500,000) 0
Proceeds from the exercise of stock options 0 551,274
Proceeds from line of credit 950,000 0
Proceeds from note payable 0 8,960,000
Issuance costs associated with the proceeds from the note payable 0 (196,501)
Payment of Cord:Use earnout (67,500) 0
Net cash (used in) provided by financing activities (532,226) 5,713,907
Decrease in cash and cash equivalents (1,119,962) (5,338,392)
Cash and cash equivalents - beginning of period 1,703,958 8,263,088
Cash and cash equivalents - end of period 583,996 2,924,696
Supplemental non cash operating activities    
Lease liability arising from right-of-use asset 737,867 0
Supplemental investing activities:    
Construction costs payable 363,225 0
Duke license agreement payable 266,667 0
Supplemental financing activities:    
Dividends declared but not yet paid 0 7,672,728
Supplemental cash flow information    
Interest 1,363,934 776,517
Income taxes $ 1,504,647 $ 1,377,133