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Fair Value of Financial Instruments (Tables)
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9 Months Ended |
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Aug. 31, 2012
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| Fair Value of Financial Instruments [Abstract] |
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| Assets and liabilities measured on a recurring basis |
The following tables provide the fair value measurements of applicable Company assets and liabilities by level within the fair value hierarchy as of
August 31, 2012 and November 30, 2011. These assets and liabilities are measured on a recurring basis.
August 31, 2012
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Fair Value |
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Description
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August 31, 2012 |
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Level 1 |
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Level 2 |
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Level 3 |
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Assets:
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Trading securities
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$ |
57,321,502 |
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$ |
27,172,862 |
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$ |
30,148,640 |
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$ |
— |
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Other equity securities
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19,529,783 |
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— |
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— |
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19,529,783 |
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Total Assets
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$ |
76,851,285 |
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$ |
27,172,862 |
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$ |
30,148,640 |
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$ |
19,529,783 |
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November 30, 2011
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Fair Value |
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Description
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November 30, 2011 |
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Level 1 |
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Level 2 |
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Level 3 |
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Assets:
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Trading securities
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$ |
27,037,642 |
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$ |
27,037,642 |
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$ |
— |
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$ |
— |
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Other equity securities
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41,856,730 |
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— |
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41,856,730 |
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Total Assets
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$ |
68,894,372 |
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$ |
27,037,642 |
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$ |
— |
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$ |
41,856,730 |
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| The changes for all Level 3 assets measured at fair value on a recurring basis using significant unobservable inputs |
The changes for all Level 3 assets
measured at fair value on a recurring basis using significant unobservable inputs for the nine months ended August 31, 2012 and August 31, 2011, are as follows:
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For the Nine Month
Periods ended
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Description
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August 31, 2012 |
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August 31, 2011 |
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Fair value beginning balance
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$ |
41,856,730 |
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$ |
72,929,409 |
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Total realized and unrealized gains (losses) included in net income
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15,467,845 |
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3,655,464 |
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Purchases
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— |
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11,490,789 |
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Sales
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(35,919,672 |
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(32,734,818 |
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Return of capital adjustments impacting cost basis of securities
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(1,875,120 |
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(861,917 |
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Fair value ending balance
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$ |
19,529,783 |
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$ |
54,478,927 |
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The amount of total gains (losses) for the period included in net income attributable to the change in unrealized gains (losses)
relating to assets still held at the reporting date which are included in net realized and unrealized gain on other equity securities within the statement of income
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$ |
(355,223 |
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$ |
(434,354 |
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| Condensed financial information of the unconsolidated affiliates |
Certain condensed financial information of the unconsolidated affiliates follows. The
information is the most recently available financial information for these companies, which is the nine months ending June 30, 2012 as reported by the portfolio companies for VantaCore Partners LP (11 percent equity interest), and Lightfoot
Capital Partners LP (6.7 percent equity interest).
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Revenues
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$ |
55,797,834 |
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Current assets |
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$ |
31,552,000 |
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Operating expenses
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$ |
42,793,623 |
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Noncurrent assets |
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$ |
296,706,000 |
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Net income
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$ |
1,283,754 |
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Current liabilities |
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$ |
16,974,000 |
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Noncurrent liabilities |
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$ |
108,331,000 |
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Partner’s equity |
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$ |
202,953,000 |
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| Financial instruments not recorded at fair value as required under disclosure guidance related to the fair value of financial instruments |
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August 31, 2012 |
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November 30, 2011 |
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Description
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Level within
the Fair
Value
Hierarchy |
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Carrying
Amount
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Fair Value |
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Carrying
Amount |
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Fair Value |
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Financial Assets
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Cash and cash equivalents
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Level 1 |
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$ |
11,783,529 |
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$ |
11,783,529 |
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$ |
2,793,326 |
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$ |
2,793,326 |
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Escrow receivable
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Level 2 |
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$ |
1,341,566 |
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$ |
1,341,566 |
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$ |
1,677,052 |
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$ |
1,677,052 |
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Financial Liabilities
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Long-term debt
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Level 2 |
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$ |
910,863 |
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$ |
947,985 |
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$ |
2,279,883 |
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$ |
2,320,851 |
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Line of credit
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Level 1 |
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$ |
125,000 |
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$ |
125,000 |
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— |
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— |
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