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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Aug. 31, 2020
Aug. 31, 2019
Aug. 31, 2018
Cash flows from operating activities      
Net income $ 9,332,060 $ 8,583,329 $ 8,934,812
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation and amortization 2,961,930 2,750,245 2,721,304
Change in value of contingent consideration 202,500 109,060 152,752
Stock-based compensation 1,576,525 1,077,837 709,083
Deferred income taxes (377,759) (299,096) (1,731,821)
Increase (decrease) in      
Accounts receivable (2,017,792) 487,970 (1,465,803)
Revenues in excess of billings 140,316 (1,248,063) (504,514)
Prepaid income taxes (12,380) (452,517) 149,850
Prepaid expenses and other assets (398,213) (93,877) (153,682)
Accounts payable 220,584 (147,529) 110,713
Accrued payroll and other expenses 23,030 486,862 168,883
Billings in excess of revenues (657,558) 413,946 167,645
Accrued income taxes 0 0 0
Deferred revenue (81,305) (29,747) 27,966
Net cash provided by operating activities 10,911,938 11,638,420 9,287,188
Cash flows used in investing activities      
Purchases of property and equipment (231,380) (137,745) (183,291)
Purchases of intellectual property 0 (50,000) 0
Purchase of short-term investments (67,248,924) 0 0
Cash used to acquire subsidiaries (9,471,352) 0 0
Cash received in acquisition 3,799,134 0 0
Capitalized computer software development costs (2,353,188) (1,767,996) (2,145,429)
Net cash used in investing activities (75,505,710) (1,955,741) (2,328,720)
Cash flows provided by (used in) financing activities      
Payment of dividends (4,250,470) (4,197,055) (4,161,740)
Payments on contracts payable (1,761,028) (4,238,973) (247,328)
Proceeds from the exercise of stock options 629,747 788,147 635,583
Proceeds from follow-on public offering, net 107,747,338 0 0
Net cash provided by (used in) financing activities 102,365,587 (7,647,881) (3,773,485)
Net increase in cash and cash equivalents 37,771,815 2,034,798 3,184,983
Cash and cash equivalents, beginning of year 11,435,499 9,400,701 6,215,718
Cash and cash equivalents, end of period 49,207,314 11,435,499 9,400,701
Supplemental disclosures of cash flow information      
Income taxes paid 2,352,770 2,673,475 2,712,988
Non-Cash Investing and Financing Activities      
Stock issued for acquisition of Lixoft 3,260,674 0 0
Creation of contract liabilities for acquisition of subsidiaries 4,528,000 0 0
Right of use assets capitalized $ 1,498,542 $ 0 $ 0