Consolidated Statements of Cash Flows - USD ($)
|
3 Months Ended |
Feb. 28, 2023 |
Feb. 28, 2022 |
| Cash flows from operating activities: |
|
|
| Net income |
$ 766,812
|
$ 832,047
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Depreciation and amortization expense |
369,950
|
396,112
|
| Change in fair value of contingent consideration |
(164,701)
|
(116,433)
|
| Losses on marketable securities |
3,681
|
8,642
|
| Compensatory element of stock options |
313,174
|
31,896
|
| Provision for doubtful accounts |
186,904
|
164,388
|
| Amortization of debt issuance costs |
5,444
|
6,389
|
| Amortization of operating lease right-of-use asset |
79,324
|
76,604
|
| Changes in assets and liabilities: |
|
|
| Accounts receivable |
(665,419)
|
(62,780)
|
| Prepaid expenses |
(13,587)
|
20,687
|
| Inventory |
230,459
|
33,636
|
| Other current assets |
5,796
|
227,666
|
| Deposits and other assets, net |
(18,339)
|
(17,594)
|
| Accounts payable |
221,749
|
357,959
|
| Accrued expenses |
(510,907)
|
(953,433)
|
| Operating lease liability |
(80,048)
|
(76,255)
|
| Deferred revenue |
913,634
|
577,228
|
| Net cash from operating activities |
1,643,926
|
1,506,759
|
| Cash flows from investing activities: |
|
|
| Purchases of property and equipment |
(375,600)
|
(647,637)
|
| Payment of Duke license agreement |
0
|
(5,000,000)
|
| Purchases of marketable securities |
(1,017,738)
|
(405,599)
|
| Sale of marketable securities |
191,400
|
0
|
| Net cash used in investing activities |
(1,201,938)
|
(6,053,236)
|
| Cash flows from financing activities: |
|
|
| Treasury stock purchases |
(243,201)
|
(828,980)
|
| Repayments of note payable |
(29,646)
|
(775,000)
|
| Repayment of line of credit |
(500,000)
|
0
|
| Proceeds from the exercise of stock options |
0
|
32,000
|
| Net cash used in financing activities |
(772,847)
|
(1,571,980)
|
| Decrease in cash and cash equivalents |
(330,859)
|
(6,118,457)
|
| Cash and cash equivalents - beginning of period |
1,703,958
|
8,263,088
|
| Cash and cash equivalents - end of period |
1,373,099
|
2,144,631
|
| Supplemental investing activities: |
|
|
| Construction costs payable |
536,707
|
0
|
| Supplemental non-cash operating activities: |
|
|
| Interest |
441,336
|
247,081
|
| Income taxes |
$ 33,072
|
$ 644
|