| Schedule of Note Payable Obligation |
As of May 31, 2018 and November 30, 2017,
the note payable obligation was as follows:
|
|
|
|
|
|
|
|
|
| |
|
May 31, 2018 |
|
|
November 30, 2017 |
|
|
Note payable
|
|
$ |
6,500,100 |
|
|
$ |
7,500,100 |
|
|
Unamortized debt issuance costs
|
|
|
(153,377 |
) |
|
|
(204,917 |
) |
|
|
|
|
|
|
|
|
|
|
Net note payable
|
|
$ |
6,346,723 |
|
|
$ |
7,295,183 |
|
|
|
|
|
|
|
|
|
|
|
Current portion of note payable
|
|
$ |
2,000,000 |
|
|
$ |
2,000,000 |
|
|
Long-term note payable, net of debt issuance costs
|
|
|
4,346,723 |
|
|
|
5,295,183 |
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
6,346,723 |
|
|
$ |
7,295,183 |
|
|
|
|
|
|
|
|
|
|
|
| Summary of Interest Expense on Note Payable |
Interest expense on the note payable for the three
and six months ended May 31, 2018 and May 31, 2017 was as
follows:
|
|
|
|
|
|
|
|
|
| |
|
For the three
months ended
May 31, 2018 |
|
|
For the six
months ended
May 31, 2018 |
|
|
Interest expense on notes payable
|
|
$ |
94,818 |
|
|
$ |
188,645 |
|
|
Debt issuance costs
|
|
|
24,837 |
|
|
|
51,540 |
|
|
|
|
|
|
|
|
|
|
|
Total Interest expense
|
|
$ |
119,655 |
|
|
$ |
240,185 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
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 |
|
|
|
|
|
|
|
|
|
|
|