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, 2021
Nov. 30, 2020
Cash flows from operating activities:    
Net income $ 2,083,521 $ 3,624,596
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 1,039,105 372,289
Impairment of public inventory 1,164,499 1,284,238
Loss on disposal of property and equipment 15,111 1,032
Change in fair value of contingent consideration (782,481) (1,940,205)
Loss on marketable securities 13,064 8,130
Compensatory element of stock options 301,616 622,120
Provision for doubtful accounts 536,999 602,965
Loss on extinguishment of revenue sharing agreements   1,070,900
Deferred income tax expense (1,646,166) (1,283,973)
Amortization of debt issuance costs 56,851 85,062
Amortization of operating lease right-of-use asset 287,287 263,686
Changes in assets and liabilities:    
Accounts receivable 532,788 (828,594)
Prepaid expenses 53,214 (111,367)
Inventory 210,277 454,943
Other current assets (466,512) 15,701
Deposits and other assets, net 15,549 (67,606)
Accounts payable 532,384 (411,721)
Accrued expenses (11,275) 1,092,131
Operating lease liability (280,837) (263,573)
Deferred revenue 4,248,550 3,875,849
Net cash provided by operating activities 7,926,094 8,466,603
Cash flows from investing activities:    
Purchases of property and equipment (1,833,997) (99,962)
Purchase of patent option agreement   (350,000)
Payment of Duke License Agreement (5,106,224)  
Purchase of intangible asset (10,950)  
Liquidation of marketable securities   807,447
Net cash (used in) provided by investing activities (6,951,171) 357,485
Cash flows from financing activities:    
Extinguishment of revenue sharing agreements   (1,900,000)
Treasury stock purchases (249,377)  
Repayments of note payable (4,100,000) (3,100,000)
Proceeds from the exercise of stock options 1,276,417 41,000
Payment of Cord:Use earnout   (45,000)
Net cash used in financing activities (3,072,960) (5,004,000)
(Decrease) increase in cash and cash equivalents (2,098,037) 3,820,088
Cash and cash equivalents - beginning of period 10,361,125 6,541,037
Cash and cash equivalents - end of period 8,263,088 10,361,125
Supplemental non-cash operating activities:    
Operating lease liability and right-of-use asset due to adoption of ASC 842   $ 562,775
Lease liability arising from right-of-use asset 904,691  
Patent option agreement credit to purchase of patents and licenses 500,000  
Liabilities incurred for the purchase of patents and licenses 11,374,200  
Taxes payable upon net exercise of stock options 147,900  
Supplemental financing activities:    
Stock issued for the purchase of patents and licenses from Duke $ 3,585,172