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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
9 Months Ended
May 31, 2020
May 31, 2019
Cash flows from operating activities    
Net income $ 7,143,925 $ 6,524,102
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 2,133,676 1,392,763
Change in value of contingent consideration 81,000 76,376
Stock-based compensation 1,144,135 502,605
Deferred income taxes 43,782 (149,623)
(Increase) decrease in    
Accounts receivable (5,268,565) (713,027)
Revenues in excess of billings 395,587 (278,922)
Prepaid income taxes 553,462 312,593
Prepaid expenses and other assets 7,445 91,927
Increase (decrease) in    
Accounts payable 324,427 (61,861)
Accrued payroll and other expenses 26,653 (16,597)
Billings in excess of revenues (529,317) 574,345
Accrued income taxes 0 106,845
Deferred revenue 47,824 214,897
Net cash provided by operating activities 6,104,034 8,576,423
Cash flows from investing activities    
Purchases of property and equipment (105,784) (33,394)
Purchases of intellectual property 0 (50,000)
Cash used to acquire subsidiaries (9,471,352) 0
Cash received in acquisition 3,799,134 0
Capitalized computer software development costs (1,733,124) (939,869)
Net cash used in investing activities (7,511,126) (1,023,263)
Cash flows from financing activities    
Payment of dividends (3,181,267) (2,093,960)
Payments on contracts payable 0 (2,556,644)
Proceeds from the exercise of stock options 507,356 479,402
Net cash used in financing activities (2,673,911) (4,171,202)
Net increase (decrease) in cash and cash equivalents (4,081,003) 3,381,958
Cash and cash equivalents, beginning of year 11,435,499 9,400,701
Cash and cash equivalents, end of period 7,354,496 12,782,659
Supplemental disclosures of cash flow information    
Income taxes paid 1,613,868 781,838
Non-Cash Investing and Financing Activities    
Stock issued for acquisition of Lixoft 3,260,674 0
Creation of contract liabilities for acquisition of subsidiaries 4,528,000 0
Right of use assets capitalized $ 1,470,656 $ 0