Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.3.1.900
Consolidated Statements of Cash Flows
12 Months Ended
Nov. 30, 2015
USD ($)
Nov. 30, 2014
USD ($)
Nov. 30, 2013
USD ($)
Cash Flows from Operating Activities:      
Net (Loss) $ (3,244,211) $ (8,799,469) $ (6,193,248)
Adjustments to reconcile net (loss) to cash (used in) operating activities:      
Depreciation and amortization 151,250 320,408 324,212
Change in allowance for bad debts (20,370) (24,721) 55,204
(Gain) loss on sale of securities 0 (347,490) 4,518
Loss on disposal or sale of property, plant and equipment 852,606 74,339 0
Loss on write off of intangibles 220,286 90,248 0
Debt discount amortization - related party 194,184 48,547 0
Deferred financing fees amortization - related party 970,931 322,865 0
Deferred financing fees amortization - related party 370,527 0 0
Deferred financing fees amortization 67,398 29,035 0
Deferred income taxes (1,583,441) (5,342,123) (3,673,004)
Change in Operating Assets & Liabilities:      
Decrease in accounts receivable 156,616 3,249,872 2,544,742
Decrease in inventory 1,944,688 3,426,077 1,186,881
Decrease in insurance claim receivable 0 0 800,000
(Increase) decrease in prepaid expenses and other receivables (65,898) (206,578) 246,467
Decrease in prepaid income and refundable income tax 383,542 392,366 66,288
(Increase) decrease in other assets (430,544) 8,000 16,500
(Decrease) increase in accounts payable and accrued liabilities (3,085,478) 1,484,960 (1,016,882)
Increase in long-term liabilities 1,242,282    
Increase in other liabilities 147,853 0 0
(Decrease) in income taxes payable 0 0 (9,440)
Net Cash (Used in) Operating Activities (1,727,779) (5,273,664) (5,647,762)
Cash Flows from Investing Activities:      
Acquisition of property, plant and equipment (113,495) (69,081) (742,608)
Proceeds from sale of property, plant and equipment 13,600 72,613 0
Purchase of marketable securities 0 0 (153,000)
Proceeds from sale and maturity of investments 0 1,170,909 1,553,000
Net Cash (Used in) Provided by Investing Activities (99,895) 1,174,441 657,392
Cash Flows from Financing Activities:      
Proceeds from line of credit - related party 2,100,000 600,000 0
Payments of deferred finance charges 0 (450,656) 0
Proceeds from term loan - related party 0 1,000,000 0
Payments for capital lease obligations (4,063) (7,520) (5,987)
Purchase of company stock and retirement 0 0 (155,214)
Dividends paid 0 0 (1,478,090)
Net Cash Provided by (Used in) Financing Activities 2,095,937 1,141,824 (1,639,291)
Net Increase (decrease) in Cash 268,263 (2,957,399) (6,629,661)
Cash and Cash Equivalents at Beginning of Period 241,621 3,199,020 9,828,681
Cash and Cash Equivalents at End of Period 509,884 241,621 3,199,020
Cash paid during the period for:      
Interest 1,380,598 25,529 2,249
Income taxes 59,107 564 40,200
Schedule of Non Cash Financing Activities:      
Fixed assets acquired by capital leases 0 0 26,040
Warrants issued in connection with related party financing 0 1,456,400 0
Dividends declared $ 0 $ 0 $ 984,279