Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended
Feb. 28, 2022
Feb. 28, 2021
Cash flows from operating activities:    
Net income $ 832,047 $ 693,590
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 396,112 72,489
Change in fair value of contingent consideration (116,433) 152,394
Losses on marketable securities 8,642 2,576
Compensatory element of stock options 31,896 84,818
Provision for doubtful accounts 164,388 90,854
Amortization of debt issuance costs 6,389 19,682
Amortization of operating lease right-of-use asset 76,604 66,620
Changes in assets and liabilities:    
Accounts receivable (62,780) 593,114
Prepaid expenses 20,687 100,975
Inventory 33,636 109,928
Other current assets 227,666 (70,028)
Deposits and other assets, net (17,594) (98,675)
Accounts payable 357,959 (97,258)
Accrued expenses (953,433) 559,087
Operating lease liability (76,255) (65,504)
Deferred revenue 577,228 447,380
Net cash provided by operating activities 1,506,759 2,662,042
Cash flows from investing activities:    
Purchases of property and equipment (647,637) (11,978)
Purchase of patent option agreement   (150,000)
Payment of Duke license agreement (5,000,000)  
Purchases of marketable securities (405,599)  
Net cash used in investing activities (6,053,236) (161,978)
Cash flows from financing activities:    
Treasury stock purchases (828,980)  
Repayments of note payable (775,000) (1,775,000)
Proceeds from the exercise of stock options 32,000 191,622
Net cash used in financing activities (1,571,980) (1,583,378)
(Decrease) increase in cash and cash equivalents (6,118,457) 916,686
Cash and cash equivalents - beginning of period 8,263,088 10,361,125
Cash and cash equivalents - end of period $ 2,144,631 11,277,811
Supplemental non-cash operating activities:    
Lease liability arising from right-of-use asset   780,070
Patent option agreement credit to purchase of patents and licenses   500,000
Liabilities incurred for the purchase of patents and licenses   $ 15,242,161