Annual report pursuant to Section 13 and 15(d)

Description of Business and Summary of Significant Accounting Policies (Tables)

v3.6.0.2
Description of Business and Summary of Significant Accounting Policies (Tables)
12 Months Ended
Nov. 30, 2016
Accounting Policies [Abstract]  
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 our financial assets and liabilities measured at fair value on a recurring basis as of November 30, 2016 and 2015, respectively, segregated among the appropriate levels within the fair value hierarchy:

 

     Fair Value at      Fair Value Measurements  
     November 30,      at November 30, 2016 Using  

Description

   2016      Level 1      Level 2      Level 3  

Assets:

           

Trading securities

   $ 304,142      $ 304,142        —          —    

Available-for-sale securities

     320,081        320,081        —          —    
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 624,223      $ 624,223        —          —    
  

 

 

    

 

 

    

 

 

    

 

 

 

 

     Fair Value at      Fair Value Measurements  
     November 30,      at November 30, 2015 Using  

Description

   2015      Level 1      Level 2      Level 3  

Assets:

           

Trading securities

   $ 136,798      $ 136,798        —          —    

Available-for-sale securities

     473,626        473,626        —          —    
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 610,424      $ 610,424        —          —    
  

 

 

    

 

 

    

 

 

    

 

 

 
Calculation of Basic and Diluted Net (Loss) Income per Common Share

The composition of basic and diluted net (loss) income per share is as follows:

 

     November 30, 2016      November 30, 2015  

Numerator:

     

Net (Loss) Income

   ($ 1,320,800    $ 8,106,343  

Denominator:

     

Weighted-average shares outstanding-basic

     8,112,791        9,537,607  

Dilutive common shares issuable upon exercise of stock options

     —          257,972  
  

 

 

    

 

 

 

Weighted-average shares-diluted

     8,112,791        9,795,579  
  

 

 

    

 

 

 

(Loss) Income per share:

     

Basic

   ($ 0.16    $ 0.85  
  

 

 

    

 

 

 

Diluted

   ($ 0.16    $ 0.83