Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.6.0.2
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Nov. 30, 2016
Nov. 30, 2015
Nov. 30, 2014
Cash Flows from Operating Activities:      
Net Income (Loss) $ 1,181,210 $ (3,244,211) $ (8,799,469)
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:      
Depreciation and amortization 81,845 151,250 320,408
Provision for bad debt 37,503 (20,370) (24,721)
(Gain) on sale of securities 0 0 (347,490)
Loss on disposal or sale of property, plant and equipment 1,575 852,606 74,339
Loss on write off of intangibles 0 220,286 90,248
Debt discount amortization - related party 0 194,184 48,547
Deferred financing fees amortization - related party 0 970,931 322,865
Deferred financing fees amortization - related party 127,972 370,527 0
Deferred financing fees amortization 338,540 67,398 29,035
Deferred income taxes 890,458 (1,583,441) (5,342,123)
Change in Operating Assets & Liabilities:      
(Increase) decrease in accounts receivable (73,128) 156,616 3,249,872
Decrease in inventory 889,319 1,944,688 3,426,077
Decrease (increase) in prepaid expenses and other receivables 231,037 (65,898) (206,578)
Decrease in prepaid income and refundable income tax 25,902 383,542 392,366
(Increase) decrease in other assets 0 (430,544) 8,000
(Decrease) increase in accounts payable and accrued liabilities (2,029,797) (3,085,478) 1,484,960
(Decrease) in long-term liabilities (978,156) 1,242,282 0
Increase in other liabilities 0 147,853 0
Increase in income taxes payable 20,000 0 0
Net Cash Provided by (Used in) Operating Activities 744,280 (1,727,779) (5,273,664)
Cash Flows from Investing Activities:      
Acquisition of property, plant and equipment (113,701) (113,495) (69,081)
Proceeds from sale of property, plant and equipment 500 13,600 72,613
Proceeds from sale and maturity of investments 0 0 1,170,909
Net Cash (Used in) Provided by Investing Activities (113,201) (99,895) 1,174,441
Cash Flows from Financing Activities:      
Proceeds from line of credit 3,277,885 0 0
(Repayments of) Proceeds from line of credit - related party (2,700,000) 2,100,000 600,000
Payments of deferred finance charges (387,559) 0 (450,656)
(Repayments of) Proceeds from term loan - related party (1,000,000) 0 1,000,000
Payments for capital lease obligations (22,009) (4,063) (7,520)
Net Cash (Used in) Provided by Financing Activities (831,683) 2,095,937 1,141,824
Net (Decrease) Increase in Cash (200,604) 268,263 (2,957,399)
Cash and Cash Equivalents at Beginning of Period 509,884 241,621 3,199,020
Cash and Cash Equivalents at End of Period 309,280 509,884 241,621
Cash paid during the period for:      
Interest 588,205 1,380,598 25,529
Income taxes 8,460 59,107 564
Schedule of Non Cash Financing Activities:      
Warrants issued in connection with related party financing $ 0 $ 0 $ 1,456,400