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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 2,070,583
Change in value of contingent consideration 81,000 109,061
Stock-based compensation 1,144,135 776,287
Deferred income taxes 43,782 (248,526)
(Increase) decrease in    
Accounts receivable (5,268,565) (2,220,795)
Revenues in excess of billings 395,587 (695,192)
Prepaid income taxes 553,462 312,593
Prepaid expenses and other assets 7,445 76,667
Increase (decrease) in    
Accounts payable 324,427 (142,520)
Accrued payroll and other expenses 26,653 257,026
Billings in excess of revenues (529,317) 114,369
Accrued income taxes 0 434,886
Deferred revenue 47,824 145,406
Net cash provided by operating activities 6,104,034 7,513,947
Cash flows from investing activities    
Purchases of property and equipment (105,784) (75,861)
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) (1,362,329)
Net cash used in investing activities (7,511,126) (1,488,190)
Cash flows from financing activities    
Payment of dividends (3,181,267) (3,144,864)
Payments on contracts payable 0 (2,556,644)
Proceeds from the exercise of stock options 507,356 583,175
Net cash used in financing activities (2,673,911) (5,118,333)
Net increase (decrease) in cash and cash equivalents (4,081,003) 907,424
Cash and cash equivalents, beginning of year 11,435,499 9,400,701
Cash and cash equivalents, end of period 7,354,496 10,308,125
Supplemental disclosures of cash flow information    
Income taxes paid 1,613,868 1,503,740
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