Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Nov. 30, 2023
Nov. 30, 2022
Cash flows from operating activities:    
Net (loss) income $ (9,521,669) $ 2,771,408
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation and amortization expense 1,399,667 1,498,883
Impairment of public inventory 3,737,133 0
Impairment of Duke assets 13,108,064 0
Gain on sale of property and equipment 0 (407,344)
Change in fair value of contingent consideration (1,050,978) 435,333
Unrealized (gains) losses on marketable securities (50,777) 38,972
Unrealized gain on interest rate swap contract (122,113) 0
Compensatory element of stock options 816,639 461,345
Provision for doubtful accounts 1,036,390 929,618
Deferred income tax expense (6,750,350) (1,732,266)
Amortization of debt issuance costs 21,631 15,834
Amortization of operating lease right-of-use asset 310,744 310,459
Changes in assets and liabilities:    
Accounts receivable (1,568,689) (1,720,386)
Prepaid expenses (48,850) (8,144)
Inventory 360,445 490,002
Other current assets 36,929 284,329
Deposits and other assets, net (99,267) (80,756)
Accounts payable 688,935 115,527
Accrued expenses 1,582,135 528,424
Operating lease liability (271,232) (312,067)
Deferred revenue 5,304,967 4,953,476
Net cash from operating activities 8,919,754 8,572,647
Cash flows from investing activities:    
Purchases of property and equipment (6,838,969) (12,168,459)
Sale of property and equipment 0 1,870,000
Payment of Duke license agreement (799,999) (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 397,831 1,161,032
Net cash used in investing activities (8,144,754) (15,279,639)
Cash flows from financing activities:    
Treasury stock purchases (799,036) (1,819,915)
Repayments of note payable (156,355) (1,946,996)
Repayment of line of credit (2,000,000) (5,400,000)
Proceeds from the exercise of stock options 0 551,274
Proceeds from line of credit 950,000 7,672,728
Proceeds from note payable 0 8,960,000
Dividends paid 0 (7,672,728)
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 (2,072,891) 147,862
Decrease in cash and cash equivalents (1,297,891) (6,559,130)
Cash and cash equivalents - beginning of period 1,703,958 8,263,088
Cash and cash equivalents - end of period 406,067 1,703,958
Supplemental non-cash operating activities:    
Lease liability arising from right-of-use asset 737,867 0
Supplemental investing activities:    
Construction costs payable 880,348 0
Supplemental cash flow information:    
Interest 1,808,751 1,259,884
Income taxes $ 1,820,802 $ 1,572,602