|12 Months Ended|
Nov. 30, 2021
|Inventory Disclosure [Abstract]|
NOTE 2 – INVENTORY
Inventory is comprised of public cord blood banking specimens, collection kits, finished goods, work-in-process and raw materials. Collection kits are used in the collection and processing of umbilical cord blood and cord tissue stem cells, finished goods include products purchased or assumed for resale and for the use in the Company’s processing and storage service. Inventory in the Public Cord Blood Bank includes finished goods that are specimens that are available for resale. The Company considers inventory in the Public Cord Blood Bank that has not completed all testing to determine viability to be work in process. Due to changes in sales trends and estimated recoverability of cost capitalized into inventory, an impairment charge of $1,164,499 and $1,284,238 was recognized during the fourth quarter of fiscal 2021and the fourth quarter of fiscal 2020, respectively, to reduce inventory from cost to net realizable value and is included in the accompanying consolidated statements of comprehensive income.
The components of inventory at November 30, 2021 and November 30, 2020 are as follows:
The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef