Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.22.2
Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended
May 31, 2022
May 31, 2021
Cash flows from operating activities:    
Net income $ 1,466,766 $ 1,864,219
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 760,759 391,218
Change in fair value of contingent consideration (152,538) (279,205)
Losses on marketable securities 26,830 15,088
Compensatory element of stock options 149,358 152,572
Provision for doubtful accounts 399,953 105,279
Amortization of debt issuance costs 9,777 35,072
Amortization of operating lease right-of-use asset 153,876 136,116
Changes in assets and liabilities:    
Accounts receivable (296,934) 1,002,125
Prepaid expenses (11,217) 261,691
Inventory 190,803 108,414
Other current assets (133,566) (61,299)
Deposits and other assets, net (237,521) (113,564)
Accounts payable 232,778 278,800
Accrued expenses (982,399) (1,407,076)
Operating lease liability (154,035) (133,259)
Deferred revenue 2,031,279 1,842,959
Net cash provided by operating activities 3,453,969 4,199,150
Cash flows from investing activities:    
Purchases of property and equipment (954,607) (22,272)
Payment of Duke license agreement (5,000,000) (5,106,224)
Purchases of marketable securities (1,142,212) 0
Sale of Marketable Securities 1,127,669 (0)
Net cash used in investing activities (5,969,150) (5,128,496)
Cash flows from financing activities:    
Treasury stock purchases (1,425,455) 0
Repayments of note payable (1,550,000) (2,550,000)
Proceeds from the exercise of stock options 32,000 1,066,290
Net cash used in financing activities (2,943,455) (1,483,710)
Decrease in cash and cash equivalents (5,458,636) (2,413,056)
Cash and cash equivalents - beginning of period 8,263,088 10,361,125
Cash and cash equivalents - end of period 2,804,452 7,948,069
Supplemental non cash operating activities    
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 0 3,585,172
Supplemental cash flow information    
Interest 483,641 516,000
Income Taxes $ 756,133 $ 1,901,025