|
CONDENSED STATEMENTS OF CASH FLOWS (USD $)
|
9 Months Ended |
|
May 31, 2014
|
May 31, 2013
|
| Cash flows from operating activities |
|
|
| Net income |
$ 2,802,568 |
$ 2,641,791 |
| Adjustments to reconcile net income to net cash provided by operating activities |
|
|
| Depreciation and amortization of property and equipment |
35,730 |
31,411 |
| Amortization of intellectual property |
30,625 |
5,625 |
| Amortization of capitalized computer software development costs |
584,237 |
532,106 |
| Excess tax benefits from share-based arrangements |
|
(70,806) |
| Stock-based compensation |
103,498 |
98,494 |
| Deferred income taxes |
1,349,585 |
99,402 |
| (Increase) decrease in |
|
|
| Accounts receivable and Contracts receivable |
(1,229,485) |
(1,611,838) |
| Prepaid income taxes |
(644,945) |
153,896 |
| Prepaid expenses and other assets |
72,993 |
13,284 |
| Accounts payable |
31,345 |
44,206 |
| Accrued payroll and other expenses |
38,255 |
24,973 |
| Accrued bonus |
30,000 |
(15,000) |
| Accrued income taxes |
|
(403,735) |
| Other liabilities |
(14,894) |
|
| Deferred revenue |
145,444 |
35,324 |
| Net cash provided by operating activities |
3,334,956 |
1,579,133 |
| Cash flows from investing activities |
|
|
| Purchases of property and equipment |
(21,339) |
(19,259) |
| Purchase of intellectual property |
(2,500,000) |
|
| Capitalized computer software development costs |
(1,051,700) |
(833,965) |
| Net cash used in investing activities |
(3,573,039) |
(853,224) |
| Cash flows from financing activities |
|
|
| Excess tax benefits from share-based arrangements |
|
70,806 |
| Proceeds from the exercise of stock options |
75,445 |
27,985 |
| Dividends paid |
(2,258,688) |
(3,520,285) |
| Net cash (used in) financing activities |
(2,183,243) |
(3,421,494) |
| Net increase (decrease) in cash and cash equivalents |
(2,421,326) |
(2,695,585) |
| Cash and cash equivalents, beginning of year |
10,179,298 |
12,701,075 |
| Cash and cash equivalents, end of period |
7,757,972 |
10,005,490 |
| Supplemental disclosures of cash flow information |
|
|
| Interest paid |
|
|
| Income taxes paid |
572,192 |
1,382,545 |
| Non-Cash Investing and Financing |
|
|
| Purchase of intellectual property with shares and notes payable |
$ 3,500,000 |
|