Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.21.2
Consolidated Statements of Cash Flows - USD ($)
 9 Months Ended
Aug. 31, 2021
Aug. 31, 2020
Cash flows from operating activities:    
Net income $ 2,720,713 $ 2,424,771
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 711,905 284,689
Loss on disposal of property and equipment   1,032
Change in fair value of contingent consideration (604,109) (169,741)
Losses on marketable securities 14,352 133,250
Compensatory element of stock options 233,869 450,746
Provision for doubtful accounts 271,460 501,312
Loss on extinguishment of revenue sharing agreements   1,070,900
Amortization of debt issuance costs 47,462 67,010
Amortization of operating lease right-of-use asset 211,434 197,079
Changes in assets and liabilities:    
Accounts receivable 602,187 (907,531)
Prepaid expenses 98,618 (99,169)
Inventory 301,489 237,728
Other current assets (104,999) (26,635)
Deposits and other assets, net (24,716) (52,103)
Accounts payable 41,728 (469,160)
Accrued expenses (1,393,462) (757,318)
Operating lease liability (206,729) (196,939)
Deferred revenue 3,337,417 2,799,957
Net cash provided by operating activities 6,258,619 5,489,878
Cash flows from investing activities:    
Purchases of property and equipment (1,554,004) (52,396)
Purchase of patent option agreement   (350,000)
Payment of Duke License Agreement (5,106,224)  
Liquidation of marketable securities   708,087
Net cash (used in) provided by investing activities (6,660,228) 305,691
Cash flows from financing activities:    
Extinguishment of revenue sharing agreements   (1,900,000)
Repayments of note payable (3,325,000) (2,324,998)
Proceeds from the exercise of stock options 1,066,290 41,000
Payment of Cord:Use earnout   (45,000)
Net cash used in financing activities (2,258,710) (4,228,998)
Change in cash and cash equivalents (2,660,319) 1,566,571
Cash and cash equivalents - beginning of period 10,361,125 6,541,037
Cash and cash equivalents - end of period 7,700,806 8,107,608
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 11,315,894  
Taxes payable upon net exercise of stock options 142,167  
Supplemental financing activities:    
Stock issued for the purchase of patents and licenses $ 3,585,172