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Income Taxes (Tables)

12 Months Ended

Nov. 30, 2019

Income Tax Disclosure [Abstract]

Summary of Income Tax Provision (Benefit)

The Company recorded the following income tax provision for the years ended November 30, 2019 and 2018.

		2019				2018
Current:
Federal		$	1,637,000			$	1,467,000
State			769,000				622,000
Foreign			108,000				108,000
Subtotal			2,514,000				2,197,000
Deferred:
Federal			(1,106,000	)			2,716,000
State			(307,000	)			(441,000	)
Foreign			—				—
Subtotal			(1,413,000	)			2,275,000
Income Tax Expense		$	1,101,000			$	4,472,000

Summary of Deferred Tax Assets and Liabilities

As of November 2019 and 2018, the tax effects of temporary differences that give rise to the deferred tax assets are as follows:

		2019				2018
Tax Assets:
Deferred income (Net of Discounts)		$	6,256,000			$	5,157,000
Tax over book basis in unconsolidated affiliate			1,224,000				1,214,000
Accrued payroll			82,000				257,000
Reserves and other accruals			1,589,000				868,000
Stock compensation			411,000				330,000
Depreciation and Amortization			450,000				428,000
Transaction costs			18,000				18,000
RSA Buy-out			1,095,000				1,210,000
Total Assets:			11,125,000				9,482,000
Tax Liabilities:
Unrealized gains on marketable securities			(117,000	)			(112,000	)
NOL’s credits, and other carryforward items			(282,000	)			(79,000	)
Total Liabilities:			(399,000	)			(191,000	)
Less: Valuation Allowance			(1,646,000	)			(1,634,000	)
Net Deferred Tax Asset		$	9,080,000			$	7,657,000

Summary of Federal Statutory Rate to Pretax Income

A reconciliation of the income tax provision with the amount of tax computed by applying the federal statutory rate to pretax income follows:

		For the Years Ended November 30
		2019				%				2018				%
Tax at Federal Statutory Rate			733,198				21.00				799,507				22.10
State Income Tax Effect			220,527				6.32				216,608				5.99
Valuation Allowance Release			—				0.00				—				0.00
Tax Compensation Differences			26,330				0.75				260,845				7.21
Permanent Disallowances			76,775				2.20				149,141				4.12
Impact of Tax Reform			—				0.00				3,078,094				85.08
Deferred Repricing			24,533				0.70				(28,337	)			(0.78	)
Other			19,278				(0.10	)			(3,354	)			(0.09	)
Foreign tax credits			(108,150	)			(3.10	)			(108,314	)			(2.99	)
Foreign tax withholding			108,150				3.10				108,314				2.99
Total income taxes		$	1,100,641				30.87			$	4,472,504				123.63

Summary of Open Tax Years and Ongoing Tax Examinations in Major Jurisdictions

The table below summarizes the open tax years and ongoing tax examinations in major jurisdictions as of November 30, 2019:

Jurisdiction		Open Tax Years		Examinations in Process
United States – Federal Income Tax		2015 – 2018		N/A
United States – Various States		2013 – 2018		N/A

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Tabular disclosure of the federal tax basis of investment holdings. This item captures the aggregate cost of securities, aggregate gross unrealized appreciation for all securities in which there is an excess of value over tax cost, aggregate gross unrealized depreciation for all securities in which there is an excess of tax cost over value, net unrealized appreciation (depreciation), and an explanation of the differences between tax and book.

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