Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.20.2
Consolidated Statements of Cash Flows
 6 Months Ended
May 31, 2020
USD ($)
May 31, 2019
USD ($)
Cash flows from operating activities:    
Net income $ 1,640,304 $ 329,550
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 190,872 208,300
Impairment of public inventory   2,332,763
Loss on disposal of property and equipment 1,032  
Change in fair value of contingent consideration (23,989) (670,927)
Unrealized (gains) losses on marketable securities (1,376) 35,880
Compensatory element of stock options 288,752 225,809
Provision for doubtful accounts 401,679 385,362
Amortization of debt issuance costs 46,818 57,999
Amortization of operating lease right-of-use asset 131,351  
Changes in assets and liabilities:    
Accounts receivable (278,805) (276,700)
Prepaid expenses (184,615) (148,766)
Inventory 293,762 10,915
Other current assets 18,519 (23,678)
Deposits and other assets, net (35,340) 49,145
Accounts payable (417,259) (232,654)
Accrued expenses (146,354) (1,719,371)
Operating lease liability (131,185)  
Deferred revenue 1,643,589 1,818,095
Net cash provided by operating activities 3,437,755 2,381,722
Cash flows from investing activities:    
Purchases of property and equipment (50,228) (408,870)
Net cash used in investing activities (50,228) (408,870)
Cash flows from financing activities:    
Repayments of note payable (1,549,999) (1,549,998)
Proceeds from the exercise of stock options 41,000 5,700
Net cash used in financing activities (1,508,999) (1,544,298)
Increase in cash and cash equivalents 1,878,528 428,554
Cash and cash equivalents - beginning of period 6,541,037 6,040,033
Cash and cash equivalents - end of period 8,419,565 6,468,587
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)