Description of Business, Basis of Presentation and Significant Accounting Policies (Tables)
|
12 Months Ended |
Nov. 30, 2020 |
|---|
| Accounting Policies [Abstract] |
|
| 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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|
|
November 30, 2020
|
|
|
At Adoption
|
|
|
Contract assets (sales commissions)
|
|
$
|
466,141
|
|
|
$
|
329,231
|
|
|
Accounts receivables
|
|
$
|
6,322,960
|
|
|
$
|
5,867,335
|
|
|
Short-term contract liabilities (deferred revenue)
|
|
$
|
9,183,450
|
|
|
$
|
8,365,284
|
|
|
Long-term contract liabilities (deferred revenue)
|
|
$
|
27,200,910
|
|
|
$
|
20,317,231
|
|
The Company, in general, requires the customer to pay for processing and storage services at the time of processing. Contract assets include deferred contract acquisition costs, which will be amortized along with the associated revenue. Contract liabilities include payments received in advance of performance under the contract and are realized with the associated revenue recognized under the contract. Accounts receivable consists of amounts due from clients that have enrolled and processed in the umbilical cord blood stem cell processing and storage programs related to renewals of annual plans and amounts due from license affiliates, and sublicensee territories. The Company did not have asset impairment charges related to contract assets in the twelve months ended November 30, 2020.
The following table presents changes in the Company’s contract assets and liabilities during the twelve months ended November 30, 2020:
|
|
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Balance at
December 1,
2019
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|
|
Additions
|
|
|
Deductions
|
|
|
Balance at
November 30,
2020
|
|
|
Contract assets (sales commissions)
|
|
$
|
398,535
|
|
|
$
|
89,471
|
|
|
$
|
(21,865
|
)
|
|
$
|
466,141
|
|
|
Accounts receivables
|
|
$
|
6,097,331
|
|
|
$
|
38,379,247
|
|
|
$
|
(38,153,618
|
)
|
|
$
|
6,322,960
|
|
|
Contract liabilities (deferred revenue)
|
|
$
|
32,508,511
|
|
|
$
|
21,237,546
|
|
|
$
|
(17,361,697
|
)
|
|
$
|
36,384,360
|
|
|
| Estimated Useful Lives of Property and Equipment |
Estimated useful lives of property and equipment are as follows:
|
Furniture and equipment
|
|
3-10 years
|
|
Leasehold improvements
|
|
Lesser of 8-10 years or the lives of the leases
|
|
Computer software – internal use
|
|
1-5 years
|
|
| 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 November 30, 2020 and November 30, 2019, respectively, segregated among the appropriate levels within the fair value hierarchy:
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Fair Value at
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|
|
Fair Value Measurements at November 30, 2020
Using
|
|
|
Description
|
|
November 30,
2020
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketable securities
|
|
$
|
88,476
|
|
|
$
|
88,476
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
Total
|
|
$
|
88,476
|
|
|
$
|
88,476
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contingent consideration
|
|
$
|
1,509,852
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
1,509,852
|
|
|
Total
|
|
$
|
1,509,852
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
1,509,852
|
|
|
Contingent Consideration:
|
|
|
|
|
|
Beginning Balance as of November 30, 2019
|
|
$
|
3,495,057
|
|
|
Subtractions – Cord:Use earnout payment
|
|
|
(45,000
|
)
|
|
Fair value adjustment as of November 30, 2020
|
|
|
(1,940,205
|
)
|
|
Ending balance as of November 30, 2020
|
|
$
|
1,509,852
|
|
|
|
|
Fair Value at
|
|
|
Fair Value Measurements at November 30, 2019
Using
|
|
|
Description
|
|
November 30,
2019
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketable securities
|
|
$
|
904,053
|
|
|
$
|
904,053
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
Total
|
|
$
|
904,053
|
|
|
$
|
904,053
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contingent consideration
|
|
$
|
3,495,057
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
3,495,057
|
|
|
Total
|
|
$
|
3,495,057
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
3,495,057
|
|
|
| Calculation of Basic and Diluted Net Income per Common Share |
The composition of basic and diluted net income per share is as follows:
|
|
|
November 30, 2020
|
|
|
November 30, 2019
|
|
|
Numerator:
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
3,624,596
|
|
|
$
|
2,290,774
|
|
|
Denominator:
|
|
|
|
|
|
|
|
|
|
Weighted-average shares outstanding-basic
|
|
7,544,494
|
|
|
7,794,828
|
|
|
Dilutive common shares issuable upon exercise of
stock options
|
|
595,686
|
|
|
617,586
|
|
|
Weighted-average shares-diluted
|
|
|
8,140,180
|
|
|
|
8,412,414
|
|
|
Income per share:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.48
|
|
|
$
|
0.29
|
|
|
Diluted
|
|
$
|
0.45
|
|
|
$
|
0.27
|
|
|