Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
 9 Months Ended
Aug. 31, 2015
Aug. 31, 2014
Cash Flows from Operating Activities:    
Net Loss $ (1,479,222) $ (4,688,159)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization 128,826 257,034
Change in allowance for bad debts (13,467) (26,802)
Gain on sale of securities 0 (347,490)
Loss on write off of fixed assets 843,081 24,763
Debt discount amortization 145,638 0
Deferred financing fees amortization 998,592 0
Stock based compensation 82,536 18,900
Deferred income taxes (699,535) (2,706,124)
Change in Operating Assets & Liabilities:    
(Increase) decrease in accounts receivable (1,679,535) 972,401
Decrease in inventory 1,395,647 2,785,816
Decrease in insurance claim receivable 0 0
(Increase) decrease in prepaid expenses and other receivables (347,092) 94,768
Decrease in prepaid income and refundable income tax 436,832 3,293
(Increase) decrease in other assets (430,544) 8,000
(Decrease) increase in accounts payable and accrued liabilities (1,470,576) 766,591
Increase in other liabilities 174,915 0
Net Cash Used in Operating Activities (1,913,904) (2,837,009)
Cash Flows from Investing Activities:    
Acquisition of property, plant and equipment (106,398) (64,357)
Proceeds from sale of property, plant and equipment 0 2,925
Purchase of marketable securities 0 424,838
Proceeds from sale and maturity of investments 0 1,170,909
Net Cash (used in) provided by Investing Activities (106,398) 684,639
Cash Flows from Financing Activities:    
Proceeds from line of credit - related party 2,100,000 0
Payments for capital lease obligations (4,421) (5,589)
Net Cash Provided by (Used in) Financing Activities 2,095,579 (5,589)
Net Increase (Decrease) in Cash 75,277 (2,157,959)
Cash and Cash Equivalents at Beginning of Period 241,621 3,199,020
Cash and Cash Equivalents at End of Period 316,898 1,041,061
Cash paid during the period for:    
Interest 169,704 2,077
Income taxes $ 0 $ 184