Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.3.1.900
Consolidated Statements of Cash Flows - USD ($)
3 Months Ended
Feb. 29, 2016
Feb. 28, 2015
Cash Flows from Operating Activities:    
Net Income $ 203,369 $ 57,608
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization 20,043 57,402
Change in allowance for bad debts 810 6,971
Debt discount amortization 0 48,547
Deferred financing fees amortization 31,566 332,864
Stock based compensation 70,488 34,741
Deferred income taxes 126,329 38,962
Change in Operating Assets & Liabilities:    
(Increase) in accounts receivable (191,680) (975,806)
Decrease in inventory 144,634 501,918
(Increase) in prepaid expenses and other receivables (3,065) (461,155)
(Increase) decrease in prepaid income and refundable income tax (3,778) 280,362
(Decrease) in accounts payable and accrued liabilities (948,904) (1,390,335)
Net Cash (Used in) Operating Activities (550,188) (1,467,921)
Cash Flows from Investing Activities:    
Acquisition of property, plant and equipment (16,750) (5,050)
Proceeds from sale of property, plant and equipment 500 0
Net Cash (used in) Investing Activities (16,250) (5,050)
Cash Flows from Financing Activities:    
Proceeds from line of credit - related party 0 1,500,000
Payment on line of credit - related party (2,700,000)  
Payments on tern loan - related party (1,000,000)  
Proceeds from line of credit, net 4,485,248  
Payment of deferred financing fees (387,559)  
Payments for capital lease obligations (19,459) (1,933)
Net Cash Provided by Financing Activities 378,230 1,498,067
Net (Decrease) Increase in Cash (188,208) 25,096
Cash and Cash Equivalents at Beginning of Period 509,884 241,621
Cash and Cash Equivalents at End of Period 321,676 266,717
Cash paid during the period for:    
Interest 97,030 615
Income taxes $ 6,146 $ 500