Description of Business, Basis of Presentation and Significant Accounting Policies (Tables)
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3 Months Ended |
Feb. 28, 2019 |
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| Accounting Policies [Abstract] |
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| Disaggregation of Revenue |
The following table provides information about disaggregated
revenue by products and services:
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Three months ended |
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February 28, 2019 |
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February 28, 2018 |
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Processing and storage fees
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$ |
7,335,027 |
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$ |
6,200,067 |
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Public banking revenue
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134,365 |
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— |
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Licensee and royalty income
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— |
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— |
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Product revenue
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25,720 |
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28,051 |
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$ |
7,495,112 |
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$ |
6,228,118 |
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| Schedule of Assets and Liabilities From Contracts With Customers |
The following table provides information about assets and
liabilities from contracts with customers:
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February 28, 2019 |
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At Adoption |
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Contract assets (sales commissions)
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$ |
345,757 |
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$ |
329,231 |
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Accounts receivables
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$ |
5,694,162 |
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$ |
5,867,335 |
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Short-term contract liabilities (deferred revenue)
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$ |
8,266,997 |
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$ |
8,365,284 |
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Long-term contract liabilities (deferred revenue)
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$ |
21,124,200 |
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$ |
20,317,231 |
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The following table presents changes in the Company’s
contract assets and liabilities during the three months ended
February 28, 2019:
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Balance at
December 1, 2018 |
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Additions |
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Deductions |
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Balance at
February 28, 2019 |
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Contract assets (sales commissions)
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$ |
329,231 |
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$ |
20,954 |
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$ |
(4,428 |
) |
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$ |
345,757 |
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Accounts receivables
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5,867,335 |
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9,017,603 |
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(9,190,776 |
) |
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5,694,162 |
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Contract liabilities (deferred revenue)
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28,682,515 |
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4,467,979 |
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(3,759,297 |
) |
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29,391,197 |
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| Financial Assets and Liabilities Measured at Fair Value on Recurring Basis |
The following table summarizes the financial assets and liabilities
measured at fair value on a recurring basis as of February 28,
2019 and November 30, 2018, respectively, segregated among the
appropriate levels within the fair value hierarchy:
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Fair Value at
February 28,
2019 |
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Fair Value Measurements
at February 28, 2019 Using |
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Description
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Level 1 |
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Level 2 |
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Level 3 |
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Assets:
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Marketable Securities
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$ |
808,510 |
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$ |
808,510 |
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— |
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— |
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$ |
808,510 |
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$ |
808,510 |
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— |
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— |
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Liabilities:
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Contingent consideration
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$ |
4,650,032 |
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$ |
— |
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— |
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$ |
4,650,032 |
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Total
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$ |
4,650,032 |
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$ |
— |
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— |
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$ |
4,650,032 |
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Contingent Consideration:
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Beginning Balance as of November 30, 2018
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$ |
4,282,975 |
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Additions – Cord:Use earnout
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— |
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Fair value adjustment as of February 28, 2019
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367,057 |
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Ending balance as of February 28, 2019
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$ |
4,650,032 |
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Fair Value
Measurements |
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Fair Value at |
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at November 30, 2018 Using |
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Description
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November 30,
2018 |
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Level 1 |
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Level 2 |
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Level 3 |
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Assets:
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Trading Securities
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$ |
68,816 |
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$ |
68,816 |
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— |
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— |
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Available-for-sale
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806,873 |
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806,873 |
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— |
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— |
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$ |
875,689 |
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$ |
875,689 |
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— |
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— |
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Liabilities:
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Contingent consideration
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$ |
4,282,975 |
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$ |
— |
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— |
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$ |
4,282,975 |
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Total
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$ |
4,282,975 |
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$ |
— |
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— |
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$ |
4,282,975 |
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