Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Nov. 30, 2019
Nov. 30, 2018
Cash flows from operating activities:    
Net income (loss) $ 2,290,774 $ (854,824)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization expense 401,311 317,326
Impairment of public inventory 2,332,763  
Loss on disposal of property and equipment   162,307
Change in fair value of contingent consideration (742,918) (415,280)
Compensatory element of stock options 397,770 478,378
Provision for doubtful accounts 767,128 727,483
Deferred income tax expense (1,517,289) 2,378,491
Amortization of debt issuance costs 112,642 109,292
Changes in assets and liabilities:    
Accounts receivable (997,124) (1,347,773)
Prepaid expenses (38,445) (20,796)
Inventory (27,423) 316,650
Other current assets (5,932) (48,329)
Goodwill   66,565
Deposits and other assets, net 15,696 (85,000)
Accounts payable 107,458 (666,889)
Accrued expenses (599,200) 120,313
Deferred revenue 3,825,996 4,095,416
Net cash provided by operating activities 6,323,207 5,333,330
Cash flows used in investing activities:    
Purchases of property and equipment (662,295) (446,163)
Purchase of intangible asset   (200,000)
Purchases of marketable securities and other investments, net (28,364) (136,248)
Purchase of Cord Use   (10,500,000)
Net cash used in investing activities (690,659) (11,282,411)
Cash flows from financing activities:    
Treasury stock purchases (992,244)  
Repayments of note payable (4,100,000) (3,291,665)
Proceeds from the exercise of stock options 5,700 170,925
Proceeds from note payable   9,000,000
Issuance costs associated with the proceeds from the note payable   (169,300)
Payment of Cord Use earnout (45,000)  
Net cash (used in) provided by financing activities (5,131,544) 5,709,960
Increase (decrease) in cash and cash equivalents 501,004 (239,121)
Cash and cash equivalents - beginning of period 6,040,033 6,279,154
Cash and cash equivalents - end of period 6,541,037 6,040,033
Supplemental non-cash investing activities:    
Unrealized gain on marketable securities, net of tax 0 300,119
Cumulative-effect adjustment due to the adoption of ASU 2016-01 $ (340,984)  
Assets acquired and liabilities assumed in acquisitions:    
Assets acquired in acquisition   20,103,661
Liabilities assumed in acquisition   $ 1,405,406