Annual report pursuant to Section 13 and 15(d)

Note Payable (Tables)

v3.8.0.1
Note Payable (Tables)
12 Months Ended
Nov. 30, 2017
Debt Disclosure [Abstract]  
Schedule of Note Payable Obligation

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

 

     November 30, 2017      November 30, 2016  

Note payable

   $ 7,500,100      $ 10,150,100  

Unamortized debt issuance costs

     (204,917      (330,350
  

 

 

    

 

 

 

Net note payable

   $ 7,295,183      $ 9,819,750  
  

 

 

    

 

 

 

Current portion of note payable

   $ 2,000,000      $ 2,000,000  

Long-term note payable, net of debt issuance costs

     5,295,183        7,819,750  
  

 

 

    

 

 

 

Total

   $ 7,295,183      $ 9,819,750  
  

 

 

    

 

 

 
Summary of Future Principal Payments under Note Payable Obligation

Future principal payments under the note payable obligation are as follows:

 

Years ending November 30:

   Amount  

2018

   $ 2,000,000  

2019

     2,000,000  

2020

     2,000,000  

2021

     1,500,100  
  

 

 

 

Total

   $ 7,500,100  
  

 

 

 
Summary of Interest Expense on Note Payable

Interest expense on the note payable for the years ended November 30, 2017 and November 30, 2016 was as follows:

 

     November 30, 2017      November 30, 2016  

Interest expense on notes payable

   $ 446,439      $ 229,314  

Debt issuance costs

     125,434        48,435  
  

 

 

    

 

 

 

Total interest expense

   $ 571,873      $ 277,749