Quarterly report pursuant to Section 13 or 15(d)

Description of Business, Basis of Presentation and Significant Accounting Policies (Tables)

v3.19.1
Description of Business, Basis of Presentation and Significant Accounting Policies (Tables)
3 Months Ended
Feb. 28, 2019
Accounting Policies [Abstract]  
Disaggregation of Revenue

The following table provides information about disaggregated revenue by products and services:

 

     Three months ended  
     February 28, 2019      February 28, 2018  

Processing and storage fees

   $ 7,335,027      $ 6,200,067  

Public banking revenue

     134,365        —    

Licensee and royalty income

     —          —    

Product revenue

     25,720        28,051  
  

 

 

    

 

 

 
   $ 7,495,112      $ 6,228,118  

Schedule of Assets and Liabilities From Contracts With Customers

The following table provides information about assets and liabilities from contracts with customers:

 

     February 28, 2019      At Adoption  

Contract assets (sales commissions)

   $ 345,757      $ 329,231  

Accounts receivables

   $ 5,694,162      $ 5,867,335  

Short-term contract liabilities (deferred revenue)

   $ 8,266,997      $ 8,365,284  

Long-term contract liabilities (deferred revenue)

   $ 21,124,200      $ 20,317,231  

The following table presents changes in the Company’s contract assets and liabilities during the three months ended February 28, 2019:

 

     Balance at
December 1, 2018
     Additions      Deductions      Balance at
February 28, 2019
 

Contract assets (sales commissions)

   $ 329,231      $ 20,954      $ (4,428    $ 345,757  

Accounts receivables

     5,867,335        9,017,603        (9,190,776      5,694,162  

Contract liabilities (deferred revenue)

     28,682,515        4,467,979        (3,759,297      29,391,197  

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 February 28, 2019 and November 30, 2018, respectively, segregated among the appropriate levels within the fair value hierarchy:

 

     Fair Value at
February 28,
2019
     Fair Value Measurements
at February 28, 2019 Using
 

Description

   Level 1      Level 2      Level 3  

Assets:

           

Marketable Securities

   $  808,510      $  808,510        —          —    
  

 

 

    

 

 

    

 

 

    

 

 

 
   $ 808,510      $ 808,510        —          —    
  

 

 

    

 

 

    

 

 

    

 

 

 

Liabilities:

           

Contingent consideration

   $ 4,650,032      $ —          —        $ 4,650,032  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 4,650,032      $ —          —        $ 4,650,032  
  

 

 

    

 

 

    

 

 

    

 

 

 

Contingent Consideration:

           

Beginning Balance as of November 30, 2018

   $ 4,282,975           

Additions – Cord:Use earnout

     —             

Fair value adjustment as of February 28, 2019

     367,057           
  

 

 

          

Ending balance as of February 28, 2019

   $ 4,650,032           
  

 

 

          

 

            Fair Value Measurements  
     Fair Value at      at November 30, 2018 Using  

Description

   November 30,
2018
     Level 1      Level 2      Level 3  

Assets:

           

Trading Securities

   $ 68,816      $ 68,816        —          —    

Available-for-sale

     806,873        806,873        —          —    
  

 

 

    

 

 

    

 

 

    

 

 

 
   $  875,689      $  875,689        —          —    
  

 

 

    

 

 

    

 

 

    

 

 

 

Liabilities:

           

Contingent consideration

   $ 4,282,975      $  —          —        $ 4,282,975  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 4,282,975      $ —          —        $ 4,282,975