Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended
May. 31, 2015
May. 31, 2014
Cash Flows from Operating Activities:    
Net Loss $ (1,529,111) $ (5,376,271)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization 104,984 173,022
Change in allowance for bad debts (14,524) (23,340)
(Gain) on sale of securities 0 (146,025)
Loss on write off of fixed assets 843,081 0
Debt discount amortization 97,093 0
Deferred financing fees amortization 665,728 0
Stock based compensation 58,662 10,800
Deferred income taxes (768,877) (3,122,793)
Change in Operating Assets & Liabilities:    
(Increase) decrease in accounts receivable (904,420) 334,143
Decrease in inventory 1,116,441 1,283,272
(Increase) in prepaid expenses and other receivables (664,759) (32,295)
Decrease in prepaid income and refundable income tax 282,362 3,436
(Increase) decrease in other assets (75,994) 8,000
(Decrease) increase in accounts payable and accrued liabilities (1,143,122) 4,511,117
Net Cash Used in Operating Activities (1,932,456) (2,376,934)
Cash Flows from Investing Activities:    
Acquisition of property, plant and equipment (97,129) (25,466)
Proceeds from sale and maturity of investments 0 746,071
Net Cash (used in) provided by Investing Activities (97,129) 720,605
Cash Flows from Financing Activities:    
Proceeds from line of credit - related party 2,100,000 0
Payments for capital lease obligations (3,953) (3,695)
Net Cash Provided by (Used in) Financing Activities 2,096,047 (3,695)
Net Increase (Decrease) in Cash 66,462 (1,660,024)
Cash and Cash Equivalents at Beginning of Period 241,621 3,199,020
Cash and Cash Equivalents at End of Period 308,083 1,538,996
Cash paid during the period for:    
Interest 60,302 1,526
Income taxes $ 0 $ 500