| 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, 2024 |
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|
November 30, 2023 |
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Contract assets (sales commissions) |
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$ |
775,147 |
|
|
$ |
695,695 |
|
Accounts receivable |
|
$ |
7,309,094 |
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|
$ |
6,576,240 |
|
Short-term contract liabilities (deferred revenue) |
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$ |
9,788,574 |
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|
$ |
9,704,553 |
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Long-term contract liabilities (deferred revenue) |
|
$ |
46,556,990 |
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|
$ |
41,186,800 |
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The following table presents changes in the Company’s contract assets and liabilities during the twelve months ended November 30, 2024:
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Balance at
December 1,
2023 |
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Additions |
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Deductions |
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|
Balance at
November 30,
2024 |
|
Contract assets (sales commissions) |
|
$ |
695,695 |
|
|
$ |
118,498 |
|
|
$ |
(39,046 |
) |
|
$ |
775,147 |
|
Accounts receivable |
|
$ |
6,576,240 |
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|
$ |
42,735,527 |
|
|
$ |
(42,002,673 |
) |
|
$ |
7,309,094 |
|
Contract liabilities (deferred revenue) |
|
$ |
50,891,353 |
|
|
$ |
21,665,729 |
|
|
$ |
(16,211,518 |
) |
|
$ |
56,345,564 |
|
The following table presents changes in the Company’s contract assets and liabilities during the twelve months ended November 30, 2023:
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Balance at
December 1,
2022 |
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Additions |
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Deductions |
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Balance at
November 30,
2023 |
|
Contract assets (sales commissions) |
|
$ |
615,628 |
|
|
$ |
114,139 |
|
|
$ |
(34,072 |
) |
|
$ |
695,695 |
|
Accounts receivable |
|
$ |
6,043,941 |
|
|
$ |
34,592,477 |
|
|
$ |
(34,060,178 |
) |
|
$ |
6,576,240 |
|
Contract liabilities (deferred revenue) |
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$ |
45,586,386 |
|
|
$ |
24,738,156 |
|
|
$ |
(19,433,189 |
) |
|
$ |
50,891,353 |
|
|
| 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, 2024 and November 30, 2023, 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, 2024 Using |
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Description |
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November 30, 2024 |
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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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$ |
2,935,183 |
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|
$ |
2,935,183 |
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|
$ |
— |
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|
$ |
— |
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Total |
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$ |
2,935,183 |
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|
$ |
2,935,183 |
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|
$ |
— |
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|
$ |
— |
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Liabilities: |
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Contingent consideration |
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$ |
47,020 |
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|
$ |
— |
|
|
$ |
— |
|
|
$ |
47,020 |
|
Total |
|
$ |
47,020 |
|
|
$ |
— |
|
|
$ |
— |
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|
$ |
47,020 |
|
|
|
|
|
|
Contingent Consideration: |
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|
Beginning Balance as of November 30, 2023 |
|
$ |
44,226 |
|
Fair value adjustment as of November 30, 2024 |
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|
2,794 |
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Ending balance as of November 30, 2024 |
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$ |
47,020 |
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Fair Value at |
|
|
Fair Value Measurements at November 30, 2023 Using |
|
Description |
|
November 30,
2023 |
|
|
Level 1 |
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|
Level 2 |
|
|
Level 3 |
|
Assets: |
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|
|
|
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Marketable securities |
|
$ |
574,183 |
|
|
$ |
574,183 |
|
|
$ |
— |
|
|
$ |
— |
|
Interest rate swap |
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$ |
122,113 |
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|
$ |
— |
|
|
$ |
122,113 |
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|
$ |
— |
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Total |
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$ |
696,296 |
|
|
$ |
574,183 |
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|
$ |
122,113 |
|
|
$ |
— |
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Liabilities: |
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|
|
|
|
|
|
|
|
|
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Contingent consideration |
|
$ |
44,226 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
44,226 |
|
Total |
|
$ |
44,226 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
44,226 |
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| 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:
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Twelve Months Ended |
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November 30, 2024 |
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|
November 30, 2023 |
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Numerator: |
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Net income (loss) |
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$ |
402,095 |
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|
$ |
(9,521,669 |
) |
Denominator: |
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Weighted-average shares outstanding-basic |
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|
8,130,676 |
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|
8,340,839 |
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Dilutive common shares issuable upon exercise of
stock options |
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|
81,834 |
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|
— |
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Weighted-average shares-diluted |
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|
8,212,510 |
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|
8,340,839 |
|
Income (loss) per share: |
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Basic |
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$ |
0.05 |
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$ |
(1.14 |
) |
Diluted |
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|
$ |
0.05 |
|
|
$ |
(1.14 |
) |
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