Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.7.0.1
Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended
Feb. 28, 2017
Feb. 29, 2016
Cash Flows from Operating Activities:    
Net Income $ 186,752 $ 203,369
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization 21,942 20,043
Change in allowance for bad debts (9,931) 810
Deferred financing fees amortization 31,567 31,566
Stock based compensation 27,392 70,488
Deferred income taxes 98,701 126,329
Change in Operating Assets & Liabilities:    
(Increase) in accounts receivable (427,416) (191,680)
Decrease in inventory 221,594 144,634
(Increase) in prepaid expenses and sundry receivables (183,778) (3,065)
Decrease (increase) in prepaid expenses and refundable income tax 2,938 (3,778)
(Decrease) in accounts payable and accrued liabilities (477,495) (948,904)
(Decrease) in income tax payable (20,000) 0
Net Cash (Used in) Operating Activities (527,734) (550,188)
Cash Flows from Investing Activities:    
Acquisition of property, plant and equipment (14,682) (16,750)
Proceeds from sale of property, plant and equipment 0 500
Net Cash (Used in) Investing Activities (14,682) (16,250)
Cash Flows from Financing Activities:    
Payment on line of credit - related party 0 (2,700,000)
Payments on tern loan - related party 0 (1,000,000)
Proceeds from line of credit, net 265,859 4,485,248
Payment of deferred financing fees 0 (387,559)
Payments for capital lease obligations (895) (19,459)
Net Cash Provided by Financing Activities 264,964 378,230
Net (Decrease) in Cash (277,452) (188,208)
Cash and Cash Equivalents at Beginning of Period 309,280 509,884
Cash and Cash Equivalents at End of period 31,828 321,676
Cash paid during the period for:    
Interest 151,162 97,030
Income taxes $ 31,000 $ 6,146