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Description of Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Nov. 30, 2023
Accounting Policies [Abstract] |
Schedule of Assets and Liabilities From Contracts With Customers | The following table provides information about assets and liabilities from contracts with customers:
|  | November 30, 2023 |  |  | November 30, 2022 |
Contract assets (sales commissions) |  | $ | 695,695 |  |  | $ | 615,628 |
Accounts receivable |  | $ | 6,576,240 |  |  | $ | 6,043,941 |
Short-term contract liabilities (deferred revenue) |  | $ | 9,704,553 |  |  | $ | 9,586,327 |
Long-term contract liabilities (deferred revenue) |  | $ | 41,186,800 |  |  | $ | 36,000,059 |
The Company, in general, requires the customer to pay for processing and storage services at the time of processing. Contract assets include deferred contract acquisition costs, which will be amortized along with the associated revenue. Contract liabilities include payments received in advance of performance under the contract and are realized with the associated revenue recognized under the contract. Accounts receivable consists of amounts due from clients that have enrolled and processed in the umbilical cord blood stem cell processing and storage programs related to renewals of annual plans and amounts due from license affiliates, and sublicensee territories. The Company did no t have asset impairment charges related to contract assets in the twelve months ended November 30, 2023 and November 30, 2022. The following table presents changes in the Company’s contract assets and liabilities during the twelve months ended November 30, 2023:
|  | Balance at December 1, 2022 |  |  | Additions |  |  | Deductions |  |  | Balance at November 30, 2023 |
Contract assets (sales commissions) |  | $ | 615,628 |  |  | $ | 114,139 |  |  | $ | (34,072 | ) |  | $ | 695,695 |
Accounts receivable |  | $ | 6,043,941 |  |  | $ | 34,592,477 |  |  | $ | (34,060,178 | ) |  | $ | 6,576,240 |
Contract liabilities (deferred revenue) |  | $ | 45,586,386 |  |  | $ | 24,738,156 |  |  | $ | (19,433,189 | ) |  | $ | 50,891,353 |
The following table presents changes in the Company’s contract assets and liabilities during the twelve months ended November 30, 2022:
|  | Balance at December 1, 2021 |  |  | Additions |  |  | Deductions |  |  | Balance at November 30, 2022 |
Contract assets (sales commissions) |  | $ | 535,522 |  |  | $ | 109,673 |  |  | $ | (29,567 | ) |  | $ | 615,628 |
Accounts receivable |  | $ | 5,253,173 |  |  | $ | 38,342,307 |  |  | $ | (37,551,539 | ) |  | $ | 6,043,941 |
Contract liabilities (deferred revenue) |  | $ | 40,632,910 |  |  | $ | 25,069,323 |  |  | $ | (20,115,847 | ) |  | $ | 45,586,386 |
Estimated Useful Lives of Property and Equipment | Estimated useful lives of property and equipment are as follows:
Building |  | 39 years
Vehicle |  | 5 years
Furniture and equipment |  | 3-10 years
Leasehold improvements |  | Lesser of 8-10 years or the lives of the leases
Computer software – internal use |  | 1-5 years
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table summarizes the financial assets and liabilities measured at fair value on a recurring basis as of November 30, 2023 and November 30, 2022, respectively, segregated among the appropriate levels within the fair value hierarchy:
|  | Fair Value at |  |  | Fair Value Measurements at November 30, 2023 Using |
Description |  | November 30, 2023 |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Marketable securities |  | $ | 574,183 |  |  | $ | 574,183 |  |  | $ | — |  |  | $ | — |
Interest rate swap |  | $ | 122,113 |  |  | $ | — |  |  | $ | 122,113 |  |  | $ | — |
Total |  | $ | 696,296 |  |  | $ | 574,183 |  |  | $ | 122,113 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration |  | $ | 44,226 |  |  | $ | — |  |  | $ | — |  |  | $ | 44,226 |
Total |  | $ | 44,226 |  |  | $ | — |  |  | $ | — |  |  | $ | 44,226 |
Contingent Consideration: |  |  |
Beginning Balance as of November 30, 2022 |  | $ | 1,162,704 |
Subtractions – Cord:Use earnout payment |  |  | (67,500 | )
Fair value adjustment as of November 30, 2023 |  |  | (1,050,978 | )
Ending balance as of November 30, 2023 |  | $ | 44,226 |
|  | Fair Value at |  |  | Fair Value Measurements at November 30, 2022 Using |
Description |  | November 30, 2022 |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Marketable securities |  | $ | 17,620 |  |  | $ | 17,620 |  |  | $ | — |  |  | $ | — |
Total |  | $ | 17,620 |  |  | $ | 17,620 |  |  | $ | — |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration |  | $ | 1,162,704 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,162,704 |
Interest rate swap |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | $ | 1,162,704 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,162,704 |
Calculation of Basic and Diluted Net (Loss) Income per Common Share | The composition of basic and diluted net (loss) income per share is as follows:
|  |  | Twelve Months Ended |
|  |  | November 30, 2023 |  |  | November 30, 2022 |
Numerator: |  |  |  |  |  |  |
Net (loss) income |  |  | $ | (9,521,669 | ) |  | $ | 2,771,408 |
Denominator: |  |  |  |  |  |  |
Weighted-average shares outstanding-basic |  |  |  | 8,340,839 |  |  |  | 8,465,568 |
Dilutive common shares issuable upon exercise of stock options |  |  |  | — |  |  |  | 18,426 |
Weighted-average shares-diluted |  |  |  | 8,340,839 |  |  |  | 8,483,994 |
Income per share: |  |  |  |  |  |  |
Basic |  |  | $ | (1.14 | ) |  | $ | 0.33 |
Diluted |  |  | $ | (1.14 | ) |  | $ | 0.33 |

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