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Segment Reporting

3 Months Ended

Feb. 29, 2020

Segment Reporting [Abstract]

Segment Reporting

Note 3– Segment Reporting

During the third quarter of fiscal 2018, the Company purchased the assets and assumed contracts that Cord:Use used in the operation of its cord blood business (See Note 2). The Company evaluated and determined that this acquisition qualifies as a separate segment.

The Company is organized in three reportable segments:

1. The cellular processing and cryogenic storage of umbilical cord blood and cord tissue stem cells for family use. Revenue is generated from the initial processing and testing fees and the annual storage fees charged each year for storage (the “Umbilical cord blood and cord tissue stem cell service”).

2. The manufacture of PrepaCyte® CB units, the processing technology used to process umbilical cord blood stem cells. Revenue is generated from the sales of the PrepaCyte® CB units (the “PrepaCyte®-CB”).

3. The cellular processing and cryogenic storage of umbilical cord blood stem cells for public use. Revenue is generated from the sale of the cord blood units to the National Marrow Donor Program (“NMDP”), which distributes the cord blood units to transplant centers located in the United States, and around the world.

The following table shows, by segment: net revenue, cost of sales, depreciation and amortization, operating profit, interest expense, and income tax (expense) benefit for the three months ended February 29, 2020 and February 28, 2019:

		For the three months ended February 29, 2020				For the three months ended February 28, 2019
Net revenue
Umbilical cord blood and cord tissue stem cell service		$	7,406,288			$	7,335,027
PrepaCyte®-CB			60,407				25,720
Public cord blood banking			154,079				134,365
Total net revenue		$	7,620,774			$	7,495,112
Cost of sales
Umbilical cord blood and cord tissue stem cell service		$	2,055,075			$	2,038,616
PrepaCyte®-CB			41,117				160,006
Public cord blood banking			406,952				267,605
Total cost of sales		$	2,503,144			$	2,466,227
Depreciation and amortization
Umbilical cord blood and cord tissue stem cell service		$	37,327			$	47,917
PrepaCyte®-CB			6,894				9,063
Public cord blood banking			—				—
Total depreciation and amortization		$	44,221			$	56,980
Operating income
Umbilical cord blood and cord tissue stem cell service		$	1,489,548			$	1,130,251
PrepaCyte®-CB			12,396				(143,349	)
Public cord blood banking			(252,874	)			(133,240	)
Total operating income		$	1,249,070			$	853,662
Interest expense
Umbilical cord blood and cord tissue stem cell service		$	365,299			$	406,925
PrepaCyte®-CB			—				—
Public cord blood banking			—				—
Total interest expense		$	365,299			$	406,925
Income tax expense
Umbilical cord blood and cord tissue stem cell service		$	252,380			$	104,667
PrepaCyte®-CB			—				—
Public cord blood banking			—				—
Total income tax expense		$	252,380			$	104,667

The following table shows the assets by segment as of February 29, 2020 and November 30, 2019:

		As of February 29, 2020				As of November 30, 2019
Assets
Umbilical cord blood and cord tissue stem cell service		$	31,001,108			$	28,975,002
PrepaCyte®-CB			270,095				289,804
Public cord blood banking			13,459,243				13,621,354
Total assets		$	44,730,446			$	42,886,160

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- References

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- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

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