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Income Taxes (Tables) | 12 Months Ended
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Nov. 30, 2024
Income Tax Disclosure [Abstract] |
Summary of Income Tax Provision (Benefit) | The Company recorded the following income tax provision for the years ended November 30, 2024 and 2023.
|  | 2024 |  |  | 2023 |
Current: |  |  |  |  |  |
Federal |  | $ | 2,085,000 |  |  | $ | 1,862,000 |
State |  |  | 626,000 |  |  |  | 1,046,000 |
Foreign |  |  | — |  |  |  | — |
Subtotal |  |  | 2,711,000 |  |  |  | 2,908,000 |
Deferred: |  |  |  |  |  |
Federal |  |  | (1,190,000 | ) |  |  | (4,945,000 | )
State |  |  | 881,000 |  |  |  | (1,806,000 | )
Foreign |  |  | — |  |  |  | — |
Subtotal |  |  | (309,000 | ) |  |  | (6,751,000 | )
Income tax expense (benefit) |  | $ | 2,402,000 |  |  | $ | (3,843,000 | )
Summary of Deferred Tax Assets and Liabilities | As of November 30, 2024 and 2023, the tax effects of temporary differences that give rise to the deferred tax assets are as follows:
|  | 2024 |  |  | 2023 |
Tax assets: |  |  |  |  |  |
Deferred income (net of discounts) |  | $ | 12,954,000 |  |  | $ | 11,945,000 |
Tax over book basis in unconsolidated affiliate |  |  | 1,272,000 |  |  |  | 1,268,000 |
Accrued payroll |  |  | 444,000 |  |  |  | 465,000 |
Reserves and other accruals |  |  | 3,661,000 |  |  |  | 3,585,000 |
Stock compensation |  |  | 452,000 |  |  |  | 578,000 |
Depreciation and amortization |  |  | 3,348,000 |  |  |  | 3,938,000 |
Transaction costs |  |  | 19,000 |  |  |  | 20,000 |
RSA buy-out |  |  | 883,000 |  |  |  | 1,097,000 |
Lease liability |  |  | 248,000 |  |  |  | 305,000 |
Unrealized (gain) loss on securities |  |  | (55,000 | ) |  |  | 105,000 |
Section 174 costs |  |  | 505,000 |  |  |  | 268,000 |
Total Assets: |  |  | 23,731,000 |  |  |  | 23,574,000 |
Tax Liabilities: |  |  |  |  |  |
Other |  |  | (1,211,000 | ) |  |  | (1,273,000 | )
Right-of-use asset |  |  | (214,000 | ) |  |  | (292,000 | )
Total liabilities |  |  | (1,425,000 | ) |  |  | (1,565,000 | )
Less: valuation allowance |  |  | (1,504,000 | ) |  |  | (1,516,000 | )
Net deferred tax asset |  | $ | 20,802,000 |  |  | $ | 20,493,000 |
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 |
|  | 2024 |  |  | % |  |  | 2023 |  |  | % |
Tax at federal statutory rate |  |  | 588,866 |  |  |  | 21.00 |  |  |  | (2,806,544 | ) |  |  | 21.00 |
State income tax effect |  |  | 239,410 |  |  |  | 8.53 |  |  |  | (924,411 | ) |  |  | 6.92 |
Change in valuation allowance |  |  | (12,097 | ) |  |  | (0.43 | ) |  |  | 5,869 |  |  |  | (0.04 | )
Tax compensation differences |  |  | 139,893 |  |  |  | 4.99 |  |  |  | 94,115 |  |  |  | (0.70 | )
Permanent disallowances |  |  | 48,811 |  |  |  | 1.74 |  |  |  | 50,322 |  |  |  | (0.38 | )
Deferred repricing |  |  | 1,314,454 |  |  |  | 46.88 |  |  |  | (98,419 | ) |  |  | 0.74 |
Other |  |  | — |  |  |  | — |  |  |  | 41,220 |  |  |  | (0.32 | )
Uncertain tax position |  |  | (4,213 | ) |  |  | (0.15 | ) |  |  | (204,978 | ) |  |  | 1.53 |
Prior period adjustment |  |  | 86,902 |  |  |  | 3.10 |  |  |  | — |  |  |  | — |
Total income taxes |  | $ | 2,402,026 |  |  |  | 85.66 |  |  | $ | (3,842,826 | ) |  |  | 28.75 |
Summary of Unrecognized Tax Benefits | The following are our unrecognized tax benefits as of November 30, 2024:
Unrecognized tax benefits - December 1 |  |  | 70,000 |
Increases in prior year positions |  |  | — |
Reversals of prior year positions |  |  | (70,000 | )
Increases in tax positions taken in current year |  |  | — |
Statute expirations |  |  | — |
Unrecognized tax benefits - November 30 |  |  | — |
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, 2024:
Jurisdiction |  | Open Tax Years |  | Examinations in Process
United States – Federal Income Tax |  | 2021 – 2023 |  | N/A
United States – Various States |  | 2020 - 2023 |  | N/A

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- Definition 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. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-03(h)(2)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3 + Details
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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://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
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