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Income Taxes (Tables) | 12 Months Ended
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Nov. 30, 2020
Income Tax Disclosure [Abstract] |
Summary of Income Tax Provision (Benefit) | The Company recorded the following income tax provision for the years ended November 30, 2020 and 2019.
|  | 2020 |  |  | 2019 |
Current: |  |  |  |  |  |  |  |
Federal |  | $ | 1,757,000 |  |  | $ | 1,637,000 |
State |  |  | 598,000 |  |  |  | 769,000 |
Foreign |  |  | 68,000 |  |  |  | 108,000 |
Subtotal |  |  | 2,423,000 |  |  |  | 2,514,000 |
Deferred: |  |  |  |  |  |  |  |
Federal |  |  | (847,000 | ) |  |  | (1,106,000 | )
State |  |  | (161,000 | ) |  |  | (307,000 | )
Foreign |  |  | — |  |  |  | — |
Subtotal |  |  | (1,008,000 | ) |  |  | (1,413,000 | )
Income Tax Expense |  | $ | 1,415,000 |  |  | $ | 1,101,000 |
Summary of Deferred Tax Assets and Liabilities | As of November 30, 2020 and 2019, the tax effects of temporary differences that give rise to the deferred tax assets are as follows:
|  | 2020 |  |  | 2019 |
Tax Assets: |  |  |  |  |  |  |  |
Deferred income (Net of Discounts) |  | $ | 7,024,000 |  |  | $ | 6,256,000 |
Tax over book basis in unconsolidated affiliate |  |  | 1,209,000 |  |  |  | 1,224,000 |
Accrued payroll |  |  | 100,000 |  |  |  | 82,000 |
Reserves and other accruals |  |  | 1,895,000 |  |  |  | 1,589,000 |
Stock compensation |  |  | 567,000 |  |  |  | 411,000 |
Depreciation and Amortization |  |  | 483,000 |  |  |  | 450,000 |
Transaction costs |  |  | 19,000 |  |  |  | 18,000 |
RSA Buy-out |  |  | 1,482,000 |  |  |  | 1,095,000 |
Lease Liability |  |  | 81,000 |  |  |  | — |
Total Assets: |  |  | 12,860,000 |  |  |  | 11,125,000 |
Tax Liabilities: |  |  |  |  |  |  |  |
Unrealized gains on securities |  |  | (134,000 | ) |  |  | (117,000 | )
NOLs, Credits, and Other Carryforward Items |  |  | (782,000 | ) |  |  | (282,000 | )
Right of Use Asset |  |  | (81,000 | ) |  |  | — |
Total Liabilities: |  |  | (997,000 | ) |  |  | (399,000 | )
Less: Valuation Allowance |  |  | (1,499,000 | ) |  |  | (1,646,000 | )
Net Deferred Tax Asset |  | $ | 10,364,000 |  |  | $ | 9,080,000 |
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 |
|  | 2020 |  |  | % |  |  | 2019 |  |  | % |
Tax at Federal Statutory Rate |  |  | 1,061,885 |  |  |  | 21.00 |  |  |  | 733,198 |  |  |  | 21.00 |
State Income Tax Effect |  |  | 282,514 |  |  |  | 5.59 |  |  |  | 220,527 |  |  |  | 6.32 |
Change in Valuation Allowance |  |  | (147,528 | ) |  |  | (2.92 | ) |  |  | 12,158 |  |  |  | 0.35 |
Tax Compensation Differences |  |  | 6,870 |  |  |  | 0.14 |  |  |  | 26,330 |  |  |  | 0.75 |
Permanent Disallowances |  |  | 55,372 |  |  |  | 1.10 |  |  |  | 76,775 |  |  |  | 2.20 |
Deferred Repricing |  |  | 80,692 |  |  |  | 1.60 |  |  |  | 12,375 |  |  |  | 0.35 |
Other |  |  | 74,922 |  |  |  | 1.47 |  |  |  | 19,278 |  |  |  | (0.10 | )
Foreign tax credits |  | (68,102) |  |  |  | (1.35 | ) |  |  | (108,150 | ) |  |  | (3.10 | )
Foreign tax withholding |  |  | 68,102 |  |  |  | 1.35 |  |  |  | 108,150 |  |  |  | 3.10 |
Total income taxes |  | $ | 1,414,727 |  |  |  | 27.98 |  |  | $ | 1,100,641 |  |  |  | 30.87 |
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, 2020:
Jurisdiction |  | Open Tax Years |  | Examinations in Process
United States – Federal Income Tax |  | 2017 – 2019 |  | N/A
United States – Various States |  | 2016 - 2019 |  | N/A

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=84230637&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32840-109319 + Details
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