| Schedule of Note Payable Obligation |
As of August 31, 2017 and November 30, 2016, the note
payable obligation was as follows:
|
|
|
|
|
|
|
|
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| |
|
August 31, 2017 |
|
|
November 30, 2016 |
|
|
Note payable
|
|
$ |
8,000,100 |
|
|
$ |
10,150,100 |
|
|
Unamortized debt issuance costs
|
|
|
(233,481 |
) |
|
|
(330,350 |
) |
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|
|
|
|
|
|
|
|
|
Net note payable
|
|
$ |
7,766,619 |
|
|
$ |
9,819,750 |
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|
|
|
|
|
|
|
|
|
|
Current portion of note payable
|
|
$ |
2,000,000 |
|
|
$ |
2,000,000 |
|
|
Long-term note payable, net of debt issuance costs
|
|
|
5,766,619 |
|
|
|
7,819,750 |
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
7,766,619 |
|
|
$ |
9,819,750 |
|
|
|
|
|
|
|
|
|
|
|
| Summary of Interest Expense on Note Payable |
Interest expense on the note payable for the three and nine months
ended August 31, 2017 was as follows:
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|
|
|
|
|
|
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| |
|
For the three
months ended
August 31, 2017 |
|
|
For the nine
months ended
August 31, 2017 |
|
|
Interest expense on notes payable
|
|
$ |
103,735 |
|
|
$ |
349,685 |
|
|
Debt issuance costs
|
|
|
30,427 |
|
|
|
96,869 |
|
|
|
|
|
|
|
|
|
|
|
Total interest expense
|
|
$ |
134,162 |
|
|
$ |
446,554 |
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|
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|