| Schedule of Note Payable Obligation |
As of February 28, 2018 and November 30, 2017, the note
payable obligation was as follows:
|
|
|
|
|
|
|
|
|
| |
|
February 28, 2018 |
|
|
November 30, 2017 |
|
|
Note payable
|
|
$ |
7,000 ,100 |
|
|
$ |
7,500,100 |
|
|
Unamortized debt issuance costs
|
|
|
(178,215 |
) |
|
|
(204,917 |
) |
|
|
|
|
|
|
|
|
|
|
Net note payable
|
|
$ |
6,821,885 |
|
|
$ |
7,295,183 |
|
|
|
|
|
|
|
|
|
|
|
Current portion of note payable
|
|
$ |
2,000,000 |
|
|
$ |
2,000,000 |
|
|
Long-term note payable, net of debt issuance costs
|
|
|
4,821,885 |
|
|
|
5,295,183 |
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
6,821,885 |
|
|
$ |
7,295,183 |
|
|
|
|
|
|
|
|
|
|
|
| Summary of Interest Expense on Note Payable |
Interest expense on the note payable for the three months ended
February 28, 2018 and February 28, 2017 was as
follows:
|
|
|
|
|
|
|
|
|
| |
|
February 28, 2018 |
|
|
February 28, 2017 |
|
|
Interest expense on notes payable
|
|
$ |
93,827 |
|
|
$ |
121,988 |
|
|
Debt issuance costs
|
|
|
26,702 |
|
|
|
34,153 |
|
|
|
|
|
|
|
|
|
|
|
Total interest expense
|
|
$ |
120,529 |
|
|
$ |
156,141 |
|
|
|
|
|
|
|
|
|
|
|