v3.21.2
Consolidated Statements of Income - USD ($)
3 Months Ended 6 Months Ended
May 31, 2021
May 31, 2020
May 31, 2021
May 31, 2020
Revenue $ 7,205,195 $ 7,871,844 $ 14,065,812 $ 15,492,618
Costs and Expenses:        
Cost of sales 2,222,671 2,480,543 4,234,868 4,983,687
Selling, general and administrative expenses 3,148,396 3,558,568 6,581,708 7,428,597
Change in fair value of contingent consideration (431,599) 27,423 (279,205) (23,989)
Research, development and related engineering 3,237 9,821 9,427 15,543
Depreciation and amortization 267,422 43,303 288,685 87,524
Total costs and expenses 5,210,127 6,119,658 10,835,483 12,491,362
Operating Income 1,995,068 1,752,186 3,230,329 3,001,256
Other Expense:        
(Losses) gains on marketable securities (12,512) (53,572) (15,088) 1,376
Other income 25 105 50 732
Interest expense (341,390) (365,371) (621,609) (730,670)
Total other expense (353,877) (418,838) (636,647) (728,562)
Income before income tax expense 1,641,191 1,333,348 2,593,682 2,272,694
Income tax expense (470,562) (380,010) (729,463) (632,390)
Net Income $ 1,170,629 $ 953,338 $ 1,864,219 $ 1,640,304
Net income per common share - basic $ 0.15 $ 0.13 $ 0.24 $ 0.22
Weighted average common shares outstanding - basic 7,956,301 7,545,613 7,765,724 7,543,376
Net income per common share - diluted $ 0.14 $ 0.12 $ 0.23 $ 0.20
Weighted average common shares outstanding - diluted 8,279,277 8,112,289 8,066,016 8,120,454
Processing and Storage Fees [Member]        
Revenue $ 7,158,886 $ 7,399,074 $ 13,897,517 $ 14,805,362
Public Banking [Member]        
Revenue $ 46,309 213,642 130,295 367,721
Licensee and Royalty Income [Member]        
Revenue   201,828   201,828
Product [Member]        
Revenue   $ 57,300 $ 38,000 $ 117,707

Source