Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.20.4
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Nov. 30, 2020
Nov. 30, 2019
Cash flows from operating activities:    
Net income $ 3,624,596 $ 2,290,774
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 372,289 401,311
Impairment of public inventory 1,284,238 2,332,763
Loss on disposal of property and equipment 1,032  
Change in fair value of contingent consideration (1,940,205) (742,918)
Losses (gains) on marketable securities 8,130 (28,364)
Compensatory element of stock options 622,120 397,770
Provision for doubtful accounts 602,965 767,128
Loss on extinguishment of revenue sharing agreements 1,070,900  
Deferred income tax expense (1,283,973) (1,517,289)
Amortization of debt issuance costs 85,062 112,642
Amortization of operating lease right-of-use asset 263,686  
Changes in assets and liabilities:    
Accounts receivable (828,594) (997,124)
Prepaid expenses (111,367) (38,445)
Inventory 454,943 (27,423)
Other current assets 15,701 (5,932)
Deposits and other assets, net (67,606) 15,696
Accounts payable (411,721) 107,458
Accrued expenses 1,092,131 (599,200)
Operating lease liability (263,573)  
Deferred revenue 3,875,849 3,825,996
Net cash provided by operating activities 8,466,603 6,294,843
Cash flows from investing activities:    
Purchases of property and equipment (99,962) (662,295)
Purchase of patent option agreement (350,000)  
Liquidation of marketable securities 807,447  
Net cash provided by (used in) investing activities 357,485 (662,295)
Cash flows from financing activities:    
Extinguishment of revenue sharing agreements (1,900,000)  
Treasury stock purchases   (992,244)
Repayments of note payable (3,100,000) (4,100,000)
Proceeds from the exercise of stock options 41,000 5,700
Payment of Cord:Use earnout (45,000) (45,000)
Net cash used in financing activities (5,004,000) (5,131,544)
Increase in cash and cash equivalents 3,820,088 501,004
Cash and cash equivalents - beginning of period 6,541,037 6,040,033
Cash and cash equivalents - end of period 10,361,125 6,541,037
Supplemental non-cash operating activities:    
Operating lease right-of-use asset recorded due to adoption of ASC 842 562,775  
Operating lease liability recorded due to adoption of ASC 842 $ 562,775  
Cumulative-effect adjustment due to the adoption of ASU 2016-01   $ (340,984)