Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.24.3
Consolidated Statements of Cash Flows - USD ($)
 9 Months Ended
Aug. 31, 2024
Aug. 31, 2023
Cash flows from operating activities:    
Net income $ 2,263,710 $ 1,668,349
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 444,850 1,063,771
Impairment of investment - Tianhe stock 308,000 0
Change in fair value of contingent consideration 3,829 (65,154)
Gains on marketable securities (1,056,052) (100,082)
Unrealized gain on interest rate swap contract (105,887) (58,757)
Compensatory element of stock options 631,435 641,690
Provision for doubtful accounts 918,488 717,052
Amortization of debt issuance costs 15,967 16,259
Amortization of operating lease right-of-use asset 237,299 236,730
Changes in assets and liabilities:    
Accounts receivable (1,215,889) (1,110,755)
Prepaid expenses 102,898 (152,450)
Inventory 209,209 227,428
Other current assets (26,529) (23,738)
Deposits and other assets, net (51,553) (79,574)
Accounts payable (293,685) 550,266
Accrued expenses (2,490,236) (1,814,218)
Operating lease liability (175,633) (217,671)
Deferred revenue 4,133,696 4,076,294
Net cash from operating activities 3,853,917 5,575,440
Cash flows from investing activities:    
Purchases of property and equipment (2,395,360) (5,124,056)
Payment of Duke license agreement (1,066,667) (533,333)
Proceeds from liquidation of marketable securities 101,873 179,306
Purchases of marketable securities (1,759,828) (1,082,924)
Sale of marketable securities 1,358,732 397,831
Net cash used in investing activities (3,761,250) (6,163,176)
Cash flows used in financing activities:    
Treasury stock purchases (1,423,871) (799,036)
Repayments of note payable (106,428) (115,690)
Repayment of line of credit (2,200,000) (500,000)
Proceeds from the exercise of stock options 1,002 0
Proceeds from line of credit 3,200,000 950,000
Proceeds from Swap termination 228,000 0
Payment of Cord:Use earnout 0 (67,500)
Net cash used in financing activities (301,297) (532,226)
Increase (decrease) in cash and cash equivalents (208,630) (1,119,962)
Cash and cash equivalents - beginning of period 406,067 1,703,958
Cash and cash equivalents - end of period 197,437 583,996
Supplemental non cash operating activities    
Lease liability arising from right-of-use asset 100,932 737,867
Supplemental investing activities:    
Construction costs payable (880,348) 363,225
Duke license agreement payable 0 266,667
Supplemental cash flow information    
Interest 1,482,909 1,363,934
Income taxes $ 2,385,096 $ 1,504,647