Quarterly report [Sections 13 or 15(d)]

Consolidated Statements of Cash Flows

v3.25.2
Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended
May 31, 2025
May 31, 2024
Cash flows from operating activities:    
Net income $ 638,640 $ 1,212,031
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 498,141 198,264
Impairment of investment - Tianhe stock 0 308,000
Loss on sale of property and equipment 47,671 0
Losses (gains) on marketable securities 410,733 (533,594)
Unrealized gain on interest rate swap contract 0 (105,887)
Compensatory element of stock options 337,418 485,494
Provision for doubtful accounts 366,586 560,200
Amortization of debt issuance costs 10,465 10,669
Amortization of operating lease right-of-use asset 186,114 151,413
Changes in assets and liabilities:    
Accounts receivable 11,034 (815,407)
Prepaid expenses 15,710 (36,374)
Inventory 58,219 122,728
Other current assets 62,265 (45,525)
Deposits and other assets, net (61,694) (32,551)
Accounts payable 370,932 (599,852)
Accrued expenses (3,136,174) (1,953,539)
Operating lease liability (203,016) (110,508)
Other liabilities 0 (8,873)
Deferred revenue 2,048,033 2,609,927
Net cash from operating activities 1,661,077 1,416,616
Cash flows from investing activities:    
Purchases of property and equipment (124,461) (2,209,654)
Sale of property and equipment 115,000 0
Payment of Duke license agreement 0 (933,334)
Purchases of marketable securities (2,574,249) (854,869)
Sale of marketable securities 793,426 902,210
Net cash used in investing activities (1,790,284) (3,095,647)
Cash flows used in financing activities:    
Treasury stock purchases (88,619) (1,407,471)
Repayments of note payable (74,416) (78,370)
Repayment of line of credit (3,700,000) (200,000)
Proceeds from line of credit 6,800,000 3,200,000
Dividends paid (3,231,227) 0
Proceeds from Swap termination 0 228,000
Net cash (used in) provided by financing activities (294,262) 1,742,159
(Decrease) increase in cash and cash equivalents (423,469) 63,128
Cash and cash equivalents - beginning of period 560,960 406,067
Cash and cash equivalents - end of period 137,491 469,195
Supplemental investing activities:    
Construction costs payable 0 (880,348)
Supplemental cash flow information:    
Interest 977,952 940,697
Income taxes $ 2,198,330 $ 1,952,502