Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.7.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
May 31, 2017
May 31, 2016
Cash Flows from Operating Activities:    
Net Income $ 885,301 $ 627,052
Adjustments to reconcile net income to cash (used in) provided by operating activities:    
Depreciation and amortization 45,758 39,113
Change in allowance for bad debts (10,655) 27,299
Loss on write off of fixed assets 0 1,575
Deferred financing fees amortization 63,133 63,132
Stock based compensation 78,471 140,977
Deferred income taxes 500,201 366,824
Change in Operating Assets & Liabilities:    
(Increase) decrease in accounts receivable (1,263,032) 226,678
Decrease in inventory 144,096 105,523
(Increase) in prepaid expenses and other receivables (459,831) (210,372)
Decrease (Increase) in prepaid income and refundable income tax (6,877) 1,410
(Decrease) in accounts payable and accrued liabilities (456,161) (1,341,765)
(Decrease) in income tax payable (20,000) 0
Net Cash (Used in) Provided by Operating Activities (485,842) 44,626
Cash Flows from Investing Activities:    
Acquisition of property, plant and equipment (39,506) (29,496)
Proceeds from sale of property, plant and equipment 0 500
Net Cash (Used in) Investing Activities (39,506) (28,996)
Cash Flows from Financing Activities:    
Payment on line of credit - related party 0 (2,700,000)
Payments on tern loan - related party 0 (1,000,000)
Proceeds from line of credit, net 252,354 3,790,096
Payment of deferred financing fees 0 (387,559)
Payments for capital lease obligations (1,813) (20,294)
Net Cash Provided by (Used in) Financing Activities 250,541 (317,757)
Net Decrease in Cash (274,807) (302,127)
Cash and Cash Equivalents at Beginning of Period 309,280 509,884
Cash and Cash Equivalents at End of Period 34,473 207,757
Cash paid during the period for:    
Interest 274,238 97,030
Income taxes $ 41,000 $ 6,146