| Schedule of Note Payable Obligation |
As of November 30, 2018, and November 30, 2017, the note
payable obligation was as follows:
|
|
|
|
|
|
|
|
|
| |
|
November 30, 2018 |
|
|
November 30, 2017 |
|
|
Note payable
|
|
$ |
13,208,433 |
|
|
$ |
7,500,100 |
|
|
Unamortized debt issuance costs
|
|
|
(264,923 |
) |
|
|
(204,917 |
) |
|
|
|
|
|
|
|
|
|
|
Net note payable
|
|
$ |
12,943,510 |
|
|
$ |
7,295,183 |
|
|
|
|
|
|
|
|
|
|
|
Current portion of note payable
|
|
$ |
3,100,000 |
|
|
$ |
2,000,000 |
|
|
Long-term note payable, net of debt issuance costs
|
|
|
9,843,510 |
|
|
|
5,295,183 |
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
12,943,510 |
|
|
$ |
7,295,183 |
|
|
|
|
|
|
|
|
|
|
|
| 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 |
|
|
2019
|
|
$ |
3,100,000 |
|
|
2020
|
|
|
3,100,000 |
|
|
2021
|
|
|
3,100,000 |
|
|
2022
|
|
|
3,100,000 |
|
|
2023
|
|
|
808,433 |
|
|
|
|
|
|
|
Total
|
|
$ |
13,208,433 |
|
|
|
|
|
|
|
| Summary of Interest Expense on Note Payable |
Interest expense on the note payable for the years ended
November 30, 2018 and November 30, 2017 was as
follows:
|
|
|
|
|
|
|
|
|
| |
|
November 30, 2018 |
|
|
November 30, 2017 |
|
|
Interest expense on notes payable
|
|
$ |
589,583 |
|
|
$ |
446,439 |
|
|
Debt issuance costs
|
|
|
109,293 |
|
|
|
125,434 |
|
|
|
|
|
|
|
|
|
|
|
Total interest expense
|
|
$ |
698,876 |
|
|
$ |
571,873 |
|
|
|
|
|
|
|
|
|
|
|