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Note 7 - Revenue, Deferred Revenue and Accounts Receivable

12 Months Ended

Nov. 30, 2024

Revenue, Deferred Revenue and Accounts Receivable [Text Block]

7.	REVENUE, DEFERRED REVENUE AND ACCOUNTS RECEIVABLE

Deferred Revenue

Changes in deferred revenue, which relate to advance payments, unfulfilled e-commerce orders and amounts to be recognized under extended 3-year service warranty, for the years ended November 30, 2024 and 2023 are summarized below (in thousands). The Company recognized warranty revenue totaling $0.3 million and $0.3 million, respectively, during the years ended November 30, 2024 and 2023.


Deferred revenue balance, November 30, 2022	798
Net additions to deferred revenue	31,049
Reductions in deferred revenue for revenue recognized during the fiscal year	(29,912	)
Deferred revenue balance, November 30, 2023	1,936
Net additions to deferred revenue	66,120
Reductions in deferred revenue for revenue recognized during the fiscal year	(66,248	)
Deferred revenue balance, November 30, 2024	1,808
Less current portion	1,791
Deferred revenue, non-current	17

Revenue Disaggregation

The following table presents disaggregation of the Company’s revenue by market and distribution channel (in thousands):

	Years Ended
	November 30,
Geographical Market	2024		2023
U.S. Domestic	$	78,932	$	40,182
South Africa		198		402
Europe/South America/Asia		4,156		1,013
Canada		2,470		1,047
Total	$	85,756	$	42,644

	Years Ended
	November 30,
Distribution channel	2024		2023
Wholesale (dealer/distributors)	$	19,900	$	12,737
E-commerce		65,856		29,907
Total	$	85,756	$	42,644

Accounts Receivable

The Company records accounts receivables due from dealers/distributors, large end-users such as retail stores, security companies and law enforcement agencies. Accounts receivable, net of allowances, was $2.6 million, $2.9 million, and $5.9 million as of November 30, 2024, 2023 and 2022 respectively.

Allowance for Expected Credit Losses

The Company estimates the balance of its allowance for expected credit losses. In determining the amount of the allowance for credit losses, the Company considers historical collectability based on past due status and makes judgments about the creditworthiness of customers based on ongoing credit evaluations. The Company also considers customer-specific information, current market conditions, and reasonable and supportable forecasts of future economic conditions. Account balances are written off against the allowance when it is determined that the receivable will not be recovered. As of November 30, 2024, 2023 and 2022, the allowance for credit losses was $0.3 million, $0.6 million, and less than $0.1 million, respectively.