Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.20.2
Consolidated Statements of Cash Flows - USD ($)
 9 Months Ended
Aug. 31, 2020
Aug. 31, 2019
Cash flows from operating activities:    
Net income $ 2,424,771 $ 1,445,809
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 284,689 304,463
Impairment of public inventory   2,332,763
Loss on disposal of property and equipment 1,032  
Change in fair value of contingent consideration (169,741) (636,278)
Losses on marketable securities 133,250 998
Compensatory element of stock options 450,746 239,983
Provision for doubtful accounts 501,312 587,716
Loss on extinguishment of revenue sharing agreements 1,070,900  
Amortization of debt issuance costs 67,010 86,014
Amortization of operating lease right-of-use asset 197,079  
Changes in assets and liabilities:    
Accounts receivable (907,531) (608,537)
Prepaid expenses (99,169) (64,473)
Inventory 237,728 25,265
Other current assets (26,635) (5,506)
Deposits and other assets, net (52,103) 30,832
Accounts payable (469,160) (248,616)
Accrued expenses (757,318) (1,311,841)
Operating lease liability (196,939)  
Deferred revenue 2,799,957 2,991,800
Net cash provided by operating activities 5,489,878 5,170,392
Cash flows from investing activities:    
Purchases of property and equipment (52,396) (507,339)
Purchase of patent option agreement (350,000)  
Liquidation of marketable securities 708,087  
Net cash provided by (used in) investing activities 305,691 (507,339)
Cash flows from financing activities:    
Extinguishment of revenue sharing agreements (1,900,000)  
Repayments of note payable (2,324,998) (3,324,997)
Proceeds from the exercise of stock options 41,000 5,700
Payment of Cord:Use earnout (45,000) (45,000)
Net cash used in financing activities (4,228,998) (3,364,297)
Increase in cash and cash equivalents 1,566,571 1,298,756
Cash and cash equivalents - beginning of period 6,541,037 6,040,033
Cash and cash equivalents - end of period 8,107,608 7,338,789
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)