| Schedule of Note Payable Obligation |
As of May 31, 2017 and November 30, 2016, the note
payable obligation was as follows:
|
|
|
|
|
|
|
|
|
| |
|
May 31, 2017 |
|
|
November 30, 2016 |
|
|
Note payable
|
|
$ |
9,150,100 |
|
|
$ |
10,150,100 |
|
|
Unamortized debt issuance costs
|
|
|
(263,908 |
) |
|
|
(330,350 |
) |
|
|
|
|
|
|
|
|
|
|
Net note payable
|
|
$ |
8,886,192 |
|
|
$ |
9,819,750 |
|
|
|
|
|
|
|
|
|
|
|
Current portion of note payable
|
|
$ |
2,000,000 |
|
|
$ |
2,000,000 |
|
|
Long-term note payable, net of debt issuance costs
|
|
|
6,886,192 |
|
|
|
7,819,750 |
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
8,886,192 |
|
|
$ |
9,819,750 |
|
|
|
|
|
|
|
|
|
|
|
| Summary of Interest Expense on Note Payable |
Interest expense on the note payable for the three and six months
ended May 31, 2017 was as follows:
|
|
|
|
|
|
|
|
|
| |
|
For the three
months ended
May 31, 2017 |
|
|
For the six
months ended
May 31, 2017 |
|
|
Interest expense on notes payable
|
|
$ |
123,963 |
|
|
$ |
245,951 |
|
|
Debt issuance costs
|
|
|
32,289 |
|
|
|
66,442 |
|
|
|
|
|
|
|
|
|
|
|
Total interest expense
|
|
$ |
156,252 |
|
|
$ |
312,393 |
|
|
|
|
|
|
|
|
|
|
|