Quarterly report pursuant to Section 13 or 15(d)

Inventory

v3.21.1
Inventory
3 Months Ended
Feb. 28, 2021
Inventory Disclosure [Abstract]  
Inventory

Note 3 – 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 $1,284,238 was recognized during the fourth quarter of fiscal 2020 to reduce inventory from cost to net realizable value.  The components of inventory at February 28, 2021 and November 30, 2020 are as follows:

 

 

 

February 28,

2021

 

 

November 30,

2020

 

Raw materials

 

$

 

 

$

 

Work-in-process

 

 

238,616

 

 

 

273,430

 

Work-in-process – Public Bank

 

 

 

 

 

 

Finished goods

 

 

33,067

 

 

 

63,327

 

Finished goods – Public Bank

 

 

11,578,525

 

 

 

11,629,307

 

Collection kits

 

 

38,934

 

 

 

33,006

 

Inventory reserve

 

 

(7,718

)

 

 

(7,718

)

Total inventory

 

$

11,881,424

 

 

$

11,991,352