| Schedule of Note Payable Obligation |
As of February 28, 2019 and November 30, 2018, the note
payable obligation was as follows:
|
|
|
|
|
|
|
|
|
| |
|
February 28, 2019 |
|
|
November 30, 2018 |
|
|
Note payable
|
|
$ |
12,433,433 |
|
|
$ |
13,208,433 |
|
|
Unamortized debt issuance costs
|
|
|
(235,028 |
) |
|
|
(264,923 |
) |
|
|
|
|
|
|
|
|
|
|
Net note payable
|
|
$ |
12,198,405 |
|
|
$ |
12,943,510 |
|
|
|
|
|
|
|
|
|
|
|
Current portion of note payable
|
|
$ |
3,100,000 |
|
|
$ |
3,100,000 |
|
|
Long-term note payable, net of debt issuance costs
|
|
|
9,098,405 |
|
|
|
9,843,510 |
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
12,198,405 |
|
|
$ |
12,943,510 |
|
|
|
|
|
|
|
|
|
|
|
| Summary of Interest Expense on Note Payable |
Interest expense on the note payable for the three months ended
February 28, 2019 and February 28, 2018 was as
follows:
|
|
|
|
|
|
|
|
|
| |
|
February 28, 2019 |
|
|
February 28, 2018 |
|
|
Interest expense on notes payable
|
|
$ |
180,244 |
|
|
$ |
93,827 |
|
|
Debt issuance costs
|
|
|
29,894 |
|
|
|
26,702 |
|
|
|
|
|
|
|
|
|
|
|
Total interest expense
|
|
$ |
210,138 |
|
|
$ |
120,529 |
|
|
|
|
|
|
|
|
|
|
|