Quarterly report pursuant to Section 13 or 15(d)

Note Payable (Tables)

v3.7.0.1
Note Payable (Tables)
 3 Months Ended
Feb. 28, 2017
Debt Disclosure [Abstract]  
Schedule of Note Payable Obligation

As of February 28, 2017 and November 30, 2016, the note payable obligation was as follows:

 

     February 28, 2017      November 30, 2016  

Note payable

    $ 9,650,100      $ 10,150,100  

Unamortized debt issuance costs

      (296,197 )       (330,350 ) 
  

 

 

     

 

 

  

Net note payable

    $ 9,353,903      $ 9,819,750  
  

 

 

     

 

 

  

Current portion of note payable

    $ 2,000,000      $ 2,000,000  

Long-term note payable, net of debt issuance costs

      7,353,903        7,819,750  
  

 

 

     

 

 

  

Total

    $ 9,353,903      $ 9,819,750  
  

 

 

     

 

 

  
Summary of Interest Expense on Note Payable

Interest expense on the note payable for the three months ended February 28, 2017 was as follows:

 

     February 28, 2017  

Interest expense on notes payable

    $ 121,988  

Debt issuance costs

      34,153  
  

 

 

  

Total interest expense

    $ 156,141