Income Taxes (Tables)
|
12 Months Ended |
Nov. 30, 2018 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Summary of Income Tax Provision (Benefit) |
The Company recorded the following income tax provision for the
years ended November 30, 2018 and 2017.
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| |
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2018 |
|
|
2017 |
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Current:
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|
|
|
|
|
|
|
|
Federal
|
|
$ |
1,467,000 |
|
|
$ |
1,483,000 |
|
|
State
|
|
|
622,000 |
|
|
|
483,000 |
|
|
Foreign
|
|
|
108,000 |
|
|
|
108,000 |
|
|
|
|
|
|
|
|
|
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Subtotal
|
|
|
2,197,000 |
|
|
|
2,074,000 |
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|
Deferred:
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|
|
|
|
|
|
|
|
Federal
|
|
|
2,716,000 |
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|
|
(318,000 |
) |
|
State
|
|
|
(441,000 |
) |
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|
(447,000 |
) |
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Foreign
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|
|
— |
|
|
|
— |
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|
|
|
|
|
|
|
|
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Subtotal
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|
|
2,275,000 |
|
|
|
(765,000 |
) |
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|
|
|
|
|
|
|
|
|
Income Tax Expense
|
|
$ |
4,472,000 |
|
|
$ |
1,309,000 |
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|
|
|
|
|
|
|
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| |
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| Summary of Deferred Tax Assets and Liabilities |
As of November 2018 and 2017 the tax effects of temporary
differences that give rise to the deferred tax assets are as
follows:
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|
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| |
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2018 |
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|
2017 |
|
|
Tax Assets:
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|
|
|
|
|
|
|
|
Deferred income (Net of Discounts)
|
|
$ |
5,157,000 |
|
|
$ |
5,886,000 |
|
|
Tax over book basis in unconsolidated affiliate
|
|
|
1,214,000 |
|
|
|
1,788,000 |
|
|
Accrued payroll
|
|
|
257,000 |
|
|
|
405,000 |
|
|
Reserves and other accruals
|
|
|
868,000 |
|
|
|
1,039,000 |
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|
Stock compensation
|
|
|
330,000 |
|
|
|
711,000 |
|
|
Depreciation and Amortization
|
|
|
428,000 |
|
|
|
618,000 |
|
|
Transaction costs
|
|
|
18,000 |
|
|
|
0 |
|
|
RSA Buy-out
|
|
|
1,210,000 |
|
|
|
1,909,000 |
|
|
|
|
|
|
|
|
|
|
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Total Assets:
|
|
|
9,482,000 |
|
|
|
12,356,000 |
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|
|
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|
|
|
|
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Tax Liabilities:
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|
|
|
|
|
|
|
|
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Unrealized gains on AFS securities
|
|
|
(112,000 |
) |
|
|
(12,000 |
) |
|
NOL’s credits, and other carryforward items
|
|
|
(79,000 |
) |
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|
8,000 |
|
|
|
|
|
|
|
|
|
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|
Total Liabilities:
|
|
|
(191,000 |
) |
|
|
(4,000 |
) |
|
Less: Valuation Allowance
|
|
|
(1,634,000 |
) |
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|
(2,316,000 |
) |
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|
|
|
|
|
|
|
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Net Deferred Tax Asset
|
|
$ |
7,657,000 |
|
|
$ |
10,036,000 |
|
|
|
|
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|
|
|
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|
| 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:
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For the Years Ended
November 30 |
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| |
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2018 |
|
|
% |
|
|
2017 |
|
|
% |
|
|
Tax at Federal Statutory Rate
|
|
|
799,507 |
|
|
|
22.10 |
|
|
|
1,195,183 |
|
|
|
34.0 |
|
|
State Income Tax Effect
|
|
|
216,608 |
|
|
|
5.99 |
|
|
|
178,645 |
|
|
|
5.08 |
|
|
Valuation Allowance Release
|
|
|
— |
|
|
|
0.00 |
|
|
|
— |
|
|
|
0.00 |
|
|
Tax Compensation Differences
|
|
|
260,845 |
|
|
|
7.21 |
|
|
|
— |
|
|
|
0.00 |
|
|
Permanent Disallowances
|
|
|
149,141 |
|
|
|
4.12 |
|
|
|
158,780 |
|
|
|
4.52 |
|
|
Impact of Tax Reform
|
|
|
3,078,094 |
|
|
|
85.08 |
|
|
|
— |
|
|
|
0.00 |
|
|
Deferred Repricing
|
|
|
(28,337 |
) |
|
|
(0.78 |
) |
|
|
(342,645 |
) |
|
|
(9.75 |
) |
|
Other
|
|
|
(3,354 |
) |
|
|
(0.09 |
) |
|
|
118,640 |
|
|
|
3.37 |
|
|
Foreign tax credits
|
|
|
(108,314 |
) |
|
|
(2.99 |
) |
|
|
(108,481 |
) |
|
|
(3.09 |
) |
|
Foreign tax withholding
|
|
|
108,314 |
|
|
|
2.99 |
|
|
|
108,481 |
|
|
|
3.09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total income taxes
|
|
$ |
4,472,504 |
|
|
|
123.63 |
|
|
$ |
1,308,603 |
|
|
|
37.22 |
|
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| 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,
2018:
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Jurisdiction
|
|
Open Tax Years |
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|
Examinations in
Process |
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|
United States – Federal Income Tax
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|
2013 - 2017 |
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|
|
N/A |
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|
United States – Various States
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|
2012 - 2017 |
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|
|
N/A |
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|