Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.5.0.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Aug. 31, 2016
Aug. 31, 2015
Cash Flows from Operating Activities:    
Net Income (Loss) $ 948,419 $ (1,479,222)
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:    
Depreciation and amortization 60,056 128,826
Change in allowance for bad debts 22,715 (13,467)
Loss on write off of fixed assets 1,575 843,081
Debt discount amortization 0 145,638
Deferred financing fees amortization 96,406 998,592
Stock based compensation 238,685 82,536
Deferred income taxes 545,485 (699,535)
Change in Operating Assets & Liabilities:    
(Increase) in accounts receivable (51,430) (1,679,535)
Decrease in inventory 293,604 1,395,647
Decrease (Increase) in prepaid expenses and other receivables 271,071 (347,092)
Decrease in prepaid income and refundable income tax 18,052 436,832
(Increase) in other assets 0 (430,544)
(Decrease) in accounts payable and accrued liabilities (2,035,000) (1,470,576)
Increase in other liabilities 0 174,915
Net Cash Provided by (Used in) Operating Activities 409,638 (1,913,904)
Cash Flows from Investing Activities:    
Acquisition of property, plant and equipment (103,745) (106,398)
Proceeds from sale of property, plant and equipment 500 0
Net Cash (Used in) Investing Activities (103,245) (106,398)
Cash Flows from Financing Activities:    
Proceeds from line of credit - related party 0 2,100,000
Payment on line of credit - related party (2,700,000) 0
Payments on tern loan - related party (1,000,000)
Proceeds from line of credit, net 3,868,296 0
Payment of deferred financing fees (387,559) 0
Payments for capital lease obligations (21,426) (4,421)
Net Cash (Used in) Provided by Financing Activities (240,689) 2,095,579
Net Increase in Cash 65,704 75,277
Cash and Cash Equivalents at Beginning of Period 509,884 241,621
Cash and Cash Equivalents at End of Period 575,588 316,898
Cash paid during the period for:    
Interest 342,945 169,704
Income taxes $ 6,146 $ 0