Income Taxes (Tables)
|
9 Months Ended |
Aug. 31, 2012
|
Income Taxes [Abstract] |
|
Summary of temporary differences |
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August 31, 2012 |
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Classified As |
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Type
|
|
Amount |
|
|
Deferred Tax |
|
|
Short-Term Asset |
|
|
Long-Term (Liability) |
|
Depreciation
|
|
$ |
(487,315 |
) |
|
$ |
(194,439 |
) |
|
$ |
— |
|
|
$ |
(194,439 |
) |
Unrealized (gain) on investments
|
|
|
(46,855 |
) |
|
|
(18,695 |
) |
|
|
(18,695 |
) |
|
|
— |
|
Reserve for bad debts
|
|
|
17,041 |
|
|
|
6,799 |
|
|
|
6,799 |
|
|
|
— |
|
Reserve for returns
|
|
|
2,085,249 |
|
|
|
832,014 |
|
|
|
832,014 |
|
|
|
— |
|
Reserve for obsolete inventory
|
|
|
548,322 |
|
|
|
218,780 |
|
|
|
218,780 |
|
|
|
— |
|
Vacation accrual
|
|
|
353,157 |
|
|
|
140,910 |
|
|
|
140,910 |
|
|
|
|
|
Charitable contributions
|
|
|
586,368 |
|
|
|
233,961 |
|
|
|
103,078 |
|
|
|
130,883 |
|
Section 263A costs
|
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|
299,352 |
|
|
|
119,442 |
|
|
|
119,442 |
|
|
|
— |
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Net deferred tax asset (liability)
|
|
|
$ |
1,338,772 |
|
|
$ |
1,402,328 |
|
|
$ |
(63,556 |
) |
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November 30, 2011 |
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Classified As |
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Type
|
|
Amount |
|
|
Deferred Tax |
|
|
Short-Term Asset |
|
|
Long-Term (Liability) |
|
Depreciation
|
|
$ |
(451,334 |
) |
|
$ |
(182,339 |
) |
|
$ |
— |
|
|
$ |
(182,339 |
) |
Unrealized loss on investments
|
|
|
192,064 |
|
|
|
77,594 |
|
|
|
77,594 |
|
|
|
— |
|
Reserve for bad debts
|
|
|
53,191 |
|
|
|
21,489 |
|
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|
21,489 |
|
|
|
— |
|
Reserve for returns
|
|
|
2,014,303 |
|
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|
813,778 |
|
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|
813,778 |
|
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|
— |
|
Reserve for obsolete inventory
|
|
|
892,226 |
|
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|
360,459 |
|
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|
360,459 |
|
|
|
— |
|
Vacation accrual
|
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|
348,558 |
|
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|
140,817 |
|
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|
140,817 |
|
|
|
— |
|
Charitable contributions
|
|
|
564,583 |
|
|
|
228,093 |
|
|
|
228,093 |
|
|
|
— |
|
Section 263A costs
|
|
|
239,404 |
|
|
|
96,719 |
|
|
|
96,719 |
|
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|
— |
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|
Net deferred tax asset (liability)
|
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|
$ |
1,556,610 |
|
|
$ |
1,738,949 |
|
|
$ |
(182,339 |
) |
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Schedule of income tax expense |
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Three Months Ended August 31, |
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2012 |
|
|
2011 |
|
Current tax - Federal
|
|
$ |
106,764 |
|
|
$ |
— |
|
Current tax - State & Local
|
|
|
63,463 |
|
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|
34,989 |
|
Deferred tax
|
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|
107,142 |
|
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263,573 |
|
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Total tax
|
|
$ |
277,369 |
|
|
$ |
298,562 |
|
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Nine Months Ended August 31, |
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2012 |
|
|
2011 |
|
Current tax - Federal
|
|
$ |
298,382 |
|
|
$ |
— |
|
Current tax - State & Local
|
|
|
124,001 |
|
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|
48,611 |
|
Deferred tax
|
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|
121,549 |
|
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|
297,693 |
|
|
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|
Total tax
|
|
$ |
543,932 |
|
|
$ |
346,304 |
|
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Schedule of prepaid and refundable income taxes |
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State & |
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Federal |
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|
Local |
|
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Total |
|
August 31, 2012
|
|
$ |
70,125 |
|
|
$ |
268,597 |
|
|
$ |
338,722 |
|
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November 30, 2011
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|
$ |
368,507 |
|
|
$ |
350,321 |
|
|
$ |
718,828 |
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Schedule of income tax payable |
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State & |
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Federal |
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|
Local |
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|
Total |
|
August 31, 2012
|
|
$ |
— |
|
|
$ |
13,624 |
|
|
$ |
13,624 |
|
|
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|
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November 30, 2011
|
|
$ |
— |
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|
$ |
47,232 |
|
|
$ |
47,232 |
|
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Provision for income taxes computed at the statutory rate |
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Three Months Ended |
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Three Months Ended |
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|
August 31, 2012 |
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|
August 31, 2011 |
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|
Amount |
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|
Percent of Pretax Income |
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|
Amount |
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|
Percent of Pretax Income |
|
Provision for income taxes at federal statutory rate
|
|
$ |
240,079 |
|
|
|
34.00 |
% |
|
$ |
237,271 |
|
|
|
34.00 |
% |
Increases in taxes resulting from:
|
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|
State income taxes, net of federal income tax benefit
|
|
|
45,191 |
|
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|
6.40 |
|
|
|
41,453 |
|
|
|
5.94 |
|
Non-deductible expenses and other adjustments
|
|
|
(7,901 |
) |
|
|
(1.12 |
) |
|
|
19,838 |
|
|
|
2.84 |
|
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Provision for income taxes at effective rate
|
|
$ |
277,369 |
|
|
|
39.28 |
% |
|
$ |
298,562 |
|
|
|
42.78 |
% |
|
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Nine Months Ended |
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|
Nine Months Ended |
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|
August 31, 2012 |
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|
August 31, 2011 |
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Percent |
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Percent |
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|
of Pretax |
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|
of Pretax |
|
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|
Amount |
|
|
Income |
|
|
Amount |
|
|
Income |
|
Provision for income taxes at statutory rate
|
|
$ |
463,186 |
|
|
|
34.00 |
% |
|
$ |
286,088 |
|
|
|
34.00 |
% |
Increases in taxes resulting from:
|
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|
State income taxes, net of federal income tax benefit
|
|
|
87,188 |
|
|
|
6.40 |
|
|
|
49,981 |
|
|
|
5.94 |
|
Non-deductible expenses and other adjustments
|
|
|
(6,442 |
) |
|
|
(0.47 |
) |
|
|
10,235 |
|
|
|
1.22 |
|
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|
Provision for income taxes at effective rate
|
|
$ |
543,932 |
|
|
|
39.93 |
% |
|
$ |
346,304 |
|
|
|
41.16 |
% |
|
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