| Schedule of Note Payable Obligation |
As of August 31, 2018 and November 30, 2017, the note
payable obligation was as follows:
|
|
|
|
|
|
|
|
|
| |
|
August 31, 2018 |
|
|
November 30, 2017 |
|
|
Note payable
|
|
$ |
14,983,433 |
|
|
$ |
7,500,100 |
|
|
Unamortized debt issuance costs
|
|
|
(294,340 |
) |
|
|
(204,917 |
) |
|
|
|
|
|
|
|
|
|
|
Net note payable
|
|
$ |
14,689,093 |
|
|
$ |
7,295,183 |
|
|
|
|
|
|
|
|
|
|
|
Current portion of note payable
|
|
$ |
3,100,000 |
|
|
$ |
2,000,000 |
|
|
Long-term note payable, net of debt issuance costs
|
|
|
11,589,093 |
|
|
|
5,295,183 |
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
14,689,093 |
|
|
$ |
7,295,183 |
|
|
|
|
|
|
|
|
|
|
|
| Summary of Interest Expense on Note Payable |
Interest expense on the note payable for the three and nine months
ended August 31, 2018 was as follows:
|
|
|
|
|
|
|
|
|
| |
|
For the three
months ended
August 31, 2018 |
|
|
For the nine
months ended
August 31, 2018 |
|
|
Interest expense on notes payable
|
|
$ |
204,609 |
|
|
$ |
393,254 |
|
|
Debt issuance costs
|
|
|
28,337 |
|
|
|
79,876 |
|
|
|
|
|
|
|
|
|
|
|
Total interest expense
|
|
$ |
232,946 |
|
|
$ |
473,130 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
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 |
|
|
|
|
|
|
|
|
|
|
|