Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.8.0.1
Income Taxes (Tables)
12 Months Ended
Nov. 30, 2017
Income Tax Disclosure [Abstract]  
Summary of Income Tax Provision (Benefit)

The Company recorded the following income tax provision for the years ended November 30, 2017 and 2016.

 

     2017      2016  

Current:

     

Federal

   $ 1,483,000      $ 432,000  

State

     483,000        212,000  

Foreign

     108,000        109,000  

Subtotal

     2,074,000        753,000  

Deferred:

     

Federal

     (318,000      (1,662,000

State

     (447,000      (250,000

Foreign

     —          —    

Subtotal

     (765,000      (1,912,000

Income Tax (Benefit) Expense

   $ 1,309,000      $ (1,159,000
  

 

 

    

 

 

 
Summary of Deferred Tax Assets and Liabilities

As of November 30, 2017 and 2016, the tax effects of temporary differences that give rise to the deferred tax assets are as follows:

 

     2017      2016  

Tax Assets:

     

Deferred income (Net of Discounts)

   $ 5,886,000      $ 4,917,000  

NOLs, credits, and other carryforward items

     8,000        459,000  

Tax over book basis in unconsolidated affiliate

     1,788,000        1,678,000  

Accrued payroll

     405,000        68,000  

Reserves and other accruals

     1,039,000        1,416,000

Stock compensation

     711,000        433,000  

Depreciation and Amortization

     618,000        616,000  

RSA Buy-out

     1,909,000        1,996,000  
  

 

 

    

 

 

 

Total Assets:

     12,364,000        11,583,000  

Tax Liabilities:

     

Unrealized gains on AFS securities

     (12,000      (21,000
  

 

 

    

 

 

 

Total Liabilities:

     (12,000      (21,000

Less: Valuation Allowance

     (2,316,000      (2,301,000
  

 

 

    

 

 

 

Net Deferred Tax Asset

   $ 10,036,000      $ 9,261,000  
  

 

 

    

 

 

 
Summary of Federal Statutory Rate to Pretax Income

A reconciliation of the income tax provision with the amount of tax computed by applying the federal statutory rate to pretax income follows:

 

     For the Years Ended November 30,         
     2017      %      2016      %  

Tax at Federal Statutory Rate

     1,195,000        34.0        (880,000      34.0  

State Income Tax Effect

     179,000        5.1        (94,000      3.6  

Valuation Allowance Release

     —          0.0        (329,000      (12.7

Permanent Disallowances

     159,000        4.5        184,000        (7.3

Deferred Repricing

     (343,000      (9.8      —       

Other

     119,000        3.4        (40,000      1.6  

Foreign tax credits

     (108,000      (3.1      (109,000      4.3  

Foreign tax withholding

     108,000        3.1        109,000        (4.3
  

 

 

    

 

 

    

 

 

    

 

 

 

Total income taxes

   $ 1,309,000        37.2      $ (1,159,000      47.7  
  

 

 

    

 

 

    

 

 

    

 

 

 
Summary of Open Tax Years and Ongoing Tax Examinations in Major Jurisdictions

The table below summarizes the open tax years and ongoing tax examinations in major jurisdictions as of November 30, 2017:

 

Jurisdiction

   Open Tax Years      Examinations in Process  

United States – Federal Income Tax

     2013 - 2016        N/A  

United States – Various States

     2012 - 2016        N/A