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Inventory | 12 Months Ended
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Nov. 30, 2022
Inventory Disclosure [Abstract] |
Inventory | NOTE 2 – 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 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 and is included in the accompanying consolidated statements of income. The components of inventory at November 30, 2022 and November 30, 2021 are as follows:
|  | As of November 30, 2022 |  |  | As of November 30, 2021 |
Raw materials |  | $ | — |  |  | $ | — |
Work-in-process |  |  | 254,953 |  |  |  | 357,686 |
Work-in-process – Public Bank |  |  | — |  |  |  | — |
Finished goods |  |  | 62,554 |  |  |  | 29,821 |
Finished goods – Public Bank |  |  | 9,775,322 |  |  |  | 10,193,789 |
Collection kits |  |  | 41,463 |  |  |  | 42,998 |
Inventory reserve |  |  | (7,718 | ) |  |  | (7,718 | )
Total inventory |  | $ | 10,126,574 |  |  | $ | 10,616,576 |

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- Definition The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI https://asc.fasb.org/topic&trid=2126998 + Details
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