Quarterly report pursuant to Section 13 or 15(d)

Inventory

v3.22.2.2
Inventory
9 Months Ended
Aug. 31, 2022
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 Public Cord Blood 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 was recognized during the fourth quarter of fiscal 2021 to reduce inventory from cost to net realizable value.

The components of inventory at August 31, 2022 and November 30, 2021 are as follows:

 

 

 

As of
August 31, 2022

 

 

As of
November 30, 2021

 

Raw materials

 

$

 

 

$

 

Work-in-process

 

 

278,609

 

 

 

357,686

 

Work-in-process – Public Bank

 

 

 

 

 

 

Finished goods

 

 

107,100

 

 

 

29,821

 

Finished goods – Public Bank

 

 

9,893,465

 

 

 

10,193,789

 

Collection kits

 

 

41,958

 

 

 

42,998

 

Inventory reserve

 

 

(7,718

)

 

 

(7,718

)

Total inventory

 

$

10,313,414

 

 

$

10,616,576