Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.8.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Aug. 31, 2017
Aug. 31, 2016
Cash Flows from Operating Activities:    
Net Income $ 1,262,984 $ 948,419
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 66,592 60,056
Change in allowance for bad debts (5,843) 22,715
Loss on write off of fixed assets 0 1,575
Deferred financing fees amortization 94,699 96,406
Stock based compensation 126,863 238,685
Deferred income taxes 816,846 545,485
Change in Operating Assets & Liabilities:    
(Increase) in accounts receivable (1,503,021) (51,430)
Decrease in inventory 170,838 293,604
(Increase) decrease in prepaid expenses and other receivables (179,999) 271,071
(Increase) decrease in prepaid income and refundable income tax (22,366) 18,052
(Decrease) in accounts payable and accrued liabilities (624,013) (2,035,000)
(Decrease) in income tax payable (20,000) 0
Net Cash Provided by Operating Activities 183,580 409,638
Cash Flows from Investing Activities:    
Acquisition of property, plant and equipment (39,507) (103,745)
Proceeds from sale of property, plant and equipment 0 500
Net Cash (Used in) Investing Activities (39,507) (103,245)
Cash Flows from Financing Activities:    
Payment on line of credit - related party 0 (2,700,000)
Payments on term loan - related party 0 (1,000,000)
Proceeds from line of credit, net 0 3,868,296
Payment on line of credit (113,585)  
Payment of deferred financing fees 0 (387,559)
Payments for capital lease obligations (2,753) (21,426)
Net Cash (Used in) Financing Activities (116,338) (240,689)
Net Increase in Cash 27,735 65,704
Cash and Cash Equivalents at Beginning of Period 309,280 509,884
Cash and Cash Equivalents at End of Period 337,015 575,588
Cash paid during the period for:    
Interest 405,584 342,945
Income taxes $ 108,413 $ 6,146