v3.6.0.2

Income Taxes | 12 Months Ended
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Nov. 30, 2016
Income Tax Disclosure [Abstract] |
INCOME TAXES | INCOME TAXES CCA and its subsidiaries file a consolidated federal income tax return. The Company previously adopted the provisions of ASC Subtopic 740-10-25, “Uncertain Tax Positions”. Management believes that there were no unrecognized tax benefits, or tax positions that would result in uncertainty regarding the deductions taken, as of November 30, 2016 and November 30, 2015. ASC Subtopic 740-10-25 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company files federal and state income tax returns in jurisdictions with varying statutes of limitations. The 2012 through 2015 tax years remain subject to examination by federal and state tax authorities. The Company is not under examination by any federal and state tax authorities as of November 30, 2016. The charitable contributions and net operating loss portion of the deferred tax asset has $8,412,035 that has been reclassified as a long-term asset, based on an estimate of the amount that will be realizable in periods greater than twelve months from November 30, 2016. At November 30, 2016 and November 30, 2015, respectively, the Company had temporary differences arising from the following:
|  | November 30, 2016
|  |  |  |  |  | Classified As
Type |  | Amount |  | Deferred Tax |  | Short-Term Asset |  | Long-Term Asset
Depreciation |  | $ | (349,763 | ) |  | $ | (127,489 | ) |  | $ | — |  |  | $ | (127,489 | )
Reserve for bad debts |  | 15,801 |  |  | 5,759 |  |  | 5,759 |  |  | — |
Reserve for returns |  | 941,228 |  |  | 343,078 |  |  | 343,078 |  |  | — |
Accrued returns |  | 194,873 |  |  | 71,031 |  |  | 71,031 |  |  | — |
Reserve for obsolete inventory |  | 500,156 |  |  | 182,307 |  |  | 182,307 |  |  | — |
Vacation accrual |  | 29,528 |  |  | 10,763 |  |  | 10,763 |  |  | — |
Alternative minimum tax carry forward |  | — |  |  | 20,000 |  |  | — |  |  | 20,000 |
Deferred compensation |  | 304,945 |  |  | 111,153 |  |  | — |  |  | 111,153 |
Bonus obligations unpaid |  | 304,355 |  |  | 110,937 |  |  | 110,937 |  |  | — |
Restructuring costs |  | 925,000 |  |  | 337,163 |  |  | 337,163 |  |  | — |
Charitable contributions |  | 584,558 |  |  | 213,071 |  |  | 96,249 |  |  | 116,822 |
Section 263A costs |  | 79,539 |  |  | 28,992 |  |  | 28,992 |  |  | — |
Loss carry forward |  | 25,398,347 |  |  | 9,257,698 |  |  | 962,485 |  |  | 8,295,213 |
Net deferred tax asset |  |  |  | $ | 10,564,463 |  |  | $ | 2,148,764 |  |  | $ | 8,415,699 |
|  | November 30, 2015
|  |  |  |  |  | Classified As
Type |  | Amount |  | Deferred Tax |  | Short-Term Asset |  | Long-Term (Liability)
Depreciation |  | $ | (250,811 | ) |  | $ | (92,558 | ) |  | $ | — |  |  | $ | (92,558 | )
Reserve for bad debts |  | 4,911 |  |  | 1,812 |  |  | 1,812 |  |  | — |
Reserve for returns |  | 907,777 |  |  | 335,003 |  |  | 335,003 |  |  | — |
Accrued returns |  | 407,992 |  |  | 150,564 |  |  | 150,564 |  |  | — |
Reserve for obsolete inventory |  | 821,259 |  |  | 303,075 |  |  | 303,075 |  |  | — |
Vacation accrual |  | 35,955 |  |  | 13,269 |  |  | 13,269 |  |  | — |
Bonus obligations unpaid |  | 24,000 |  |  | 8,857 |  |  | 8,857 |  |  | — |
Restructuring costs |  | 1,264,218 |  |  | 466,544 |  |  | 466,544 |  |  | — |
Charitable contributions |  | 734,643 |  |  | 271,109 |  |  | 86,402 |  |  | 184,707 |
Section 263A costs |  | 67,129 |  |  | 24,773 |  |  | 24,773 |  |  | — |
Loss carry forward |  | 27,022,986 |  |  | 9,972,473 |  |  | 864,023 |  |  | 9,108,450 |
Net deferred tax asset |  |  |  | $ | 11,454,921 |  |  | $ | 2,254,322 |  |  | $ | 9,200,599 |
The amounts recognized in the deferred tax asset are management's best estimate of the amount more likely than not to be realized and the actual results could differ from those estimates. In determining the amount more likely than not to be realized, management considered available information and determined the negative objective evidence, primarily recent losses offset by positive objective evidence, including the effects of current year restructuring expenses that will not recur, the savings of the related payroll and rent expense resulting from the restructuring and forecasts for future profitability. Future profitability in this competitive industry depends on the successful execution of management's initiatives designed to obtain sales levels and improve operating results. The inability to successfully execute these initiatives could reduce estimates of future profitability, which could affect the Company's ability to realize the deferred tax assets. Income tax(benefit) expense is made up of the following components:
|  | November 30,
Continuing Operations |  | 2016 |  | 2015 |  | 2014
Current tax - Federal |  | $ | 20,000 |  |  | $ | — |  |  | $ | — |
Current tax - State & Local |  | 28,949 |  |  | (2,795 | ) |  | 33,664 |
Deferred tax expense (benefit) |  | 899,584 |  |  | (1,589,514 | ) |  | (1,740,876 | )
|  | $ | 948,533 |  |  | $ | (1,592,309 | ) |  | $ | (1,707,212 | )
|  | November 30,
Discontinued Operations |  | 2016 |  | 2015 |  | 2014
Current tax - Federal |  | $ | — |  |  | $ | — |  |  | $ | — |
Current tax - State & Local |  | — |  |  | — |  |  | — |
Deferred tax (benefit) expense |  | (9,126 | ) |  | 6,073 |  |  | (3,651,431 | )
|  | $ | (9,126 | ) |  | $ | 6,073 |  |  | $ | (3,651,431 | )
Prepaid and refundable income taxes are made up of the following components:
Prepaid and refundable income taxes |  | Federal |  | State & Local |  | Total
November 30, 2016 |  | $ | — |  |  | $ | 44,154 |  |  | $ | 44,154 |
November 30, 2015 |  | $ | — |  |  | $ | 70,056 |  |  | $ | 70,056 |
Income tax payable is made up of the following components:
Income Taxes Payable |  | Federal |  | State & Local |  | Total
November 30, 2016 |  | $ | 20,000 |  |  | $ | — |  |  | $ | 20,000 |
November 30, 2015 |  | $ | — |  |  | $ | — |  |  | $ | — |
A reconciliation of the (benefit from) provision for income taxes computed at the statutory rate to the effective rate for the three years ended November 30, 2016, 2015 and 2014 is as follows:
|  | 2016 |  | 2015 |  | 2014
|  | Amount |  | Percent of Pretax Income |  | Amount |  | Percent of Pretax Income |  | Amount |  | Percent of Pretax Income
Continuing Operations |  |  |  |  |  |  |  |  |  |  |  |
Provision for (benefit from) income taxes at federal statutory rate |  | $ | 728,014 |  |  | 34.00 | % |  | $ | (1,648,640 | ) |  | 34.00 | % |  | $ | (1,533,618 | ) |  | 34.00 | %
Changes in provision for (benefit from) income taxes resulting from: |  |  |  |  |  |  |  |  |  |  |  |
State income taxes, net of federal income tax benefit |  | 52,460 |  |  | 2.45 | % |  | (140,619 | ) |  | 2.90 | % |  | (130,809 | ) |  | 2.90 | %
Change in tax rate related to future deferred tax benefits |  | 140,483 |  |  | 6.56 | % |  | — |  |  | — | % |  | — |  |  | — | %
Non-deductible expenses and other adjustments |  | 27,576 |  |  | 1.29 | % |  | 196,950 |  |  | (4.06 | )% |  | (42,785 | ) |  | 0.95 | %
Provision for (benefit from) income taxes at effective rate |  | $ | 948,533 |  |  | 44.30 | % |  | $ | (1,592,309 | ) |  | 32.84 | % |  | $ | (1,707,212 | ) |  | 37.85 | %
Discontinued Operations |  |  |  |  |  |  |  |  |  |  |  |
(Benefit from) provision for income taxes at federal statutory rate |  | $ | (7,004 | ) |  | 34.00 | % |  | $ | 6,288 |  |  | 34.00 | % |  | $ | (3,280,140 | ) |  | 34.00 | %
Changes in (benefit from) provision for income taxes resulting from: |  |  |  |  |  |  |  |  |  |  |  |
State income taxes, net of federal income tax benefit |  | (505 | ) |  | 2.45 | % |  | 536 |  |  | 2.90 | % |  | $ | (279,777 | ) |  | 2.90 | %
Non-deductible expenses and other adjustments |  | (1,617 | ) |  | 7.85 | % |  | (751 | ) |  | (4.06 | )% |  | (91,514 | ) |  | 0.95 | %
(Benefit from) provision for income taxes at effective rate |  | $ | (9,126 | ) |  | 44.30 | % |  | $ | 6,073 |  |  | 32.84 | % |  | $ | (3,651,431 | ) |  | 37.85 | %

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 + Details
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