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.
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|
|
|
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|
|
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| |
|
2017 |
|
|
2016 |
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Current:
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|
|
|
|
|
|
|
|
|
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
|
|
|
— |
|
|
|
— |
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|
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:
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|
|
|
|
|
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| |
|
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 |
) |
|
|
|
|
|
|
|
|
|
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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 |
|
|
|
|
|
|
|
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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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| |
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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 |
) |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total income taxes
|
|
$ |
1,309,000 |
|
|
|
37.2 |
|
|
$ |
(1,159,000 |
) |
|
|
47.7 |
|
|
|
|
|
|
|
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|
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|
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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,
2017:
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Jurisdiction
|
|
Open Tax Years |
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|
Examinations in Process |
|
|
United States – Federal Income Tax
|
|
|
2013 - 2016 |
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|
|
N/A |
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|
United States – Various States
|
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|
2012 - 2016 |
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|
|
N/A |
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|