Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.21.2
Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended
May 31, 2021
May 31, 2020
Cash flows from operating activities:    
Net income $ 1,864,219 $ 1,640,304
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 391,218 190,872
Loss on disposal of property and equipment   1,032
Change in fair value of contingent consideration (279,205) (23,989)
Losses (gains) on marketable securities 15,088 (1,376)
Compensatory element of stock options 152,572 288,752
Provision for doubtful accounts 105,279 401,679
Amortization of debt issuance costs 35,072 46,818
Amortization of operating lease right-of-use asset 136,116 131,351
Changes in assets and liabilities:    
Accounts receivable 1,002,125 (278,805)
Prepaid expenses 261,691 (184,615)
Inventory 108,414 293,762
Other current assets (61,299) 18,519
Deposits and other assets, net (113,564) (35,340)
Accounts payable 278,800 (417,259)
Accrued expenses (1,407,076) (146,354)
Operating lease liability (133,259) (131,185)
Deferred revenue 1,842,959 1,643,589
Net cash provided by operating activities 4,199,150 3,437,755
Cash flows from investing activities:    
Purchases of property and equipment (22,272) (50,228)
Payment of Duke License Agreement (5,106,224)  
Net cash used in investing activities (5,128,496) (50,228)
Cash flows from financing activities:    
Repayments of note payable (2,550,000) (1,549,999)
Proceeds from the exercise of stock options 1,066,290 41,000
Net cash used in financing activities (1,483,710) (1,508,999)
Change in cash and cash equivalents (2,413,056) 1,878,528
Cash and cash equivalents - beginning of period 10,361,125 6,541,037
Cash and cash equivalents - end of period 7,948,069 8,419,565
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 11,258,083  
Supplemental financing activities:    
Stock issued for the purchase of patents and licenses $ 3,585,172