Annual report pursuant to Section 13 and 15(d)

Note Payable (Tables)

v3.19.3.a.u2
Note Payable (Tables)
 12 Months Ended
Nov. 30, 2019
Debt Disclosure [Abstract]  
Schedule of Note Payable Obligation
As of November 30, 2019, and November 30, 2018, the note payable obligation was as follows:
 
     November 30,
2019		      November 30,
2018		  
Note payable
    $ 9,108,433      $ 13,208,433  
Unamortized debt issuance costs
      (152,281 )       (264,923 ) 
  
 
 
     
 
 
  
Net note payable
    $ 8,956,152      $ 12,943,510  
  
 
 
     
 
 
  
Current portion of note payable
    $ 3,100,000      $ 3,100,000  
Long-term note payable, net of debt issuance costs
      5,856,152        9,843,510  
  
 
 
     
 
 
  
Total
    $ 8,956,152      $ 12,943,510  
  
 
 
     
 
 
  
Summary of Future Principal Payments under the Note Payable Obligation
Future principal payments under the note payable obligation are as follows:
 
Years ending November 30:
    Amount  
2020
      3,100,000  
2021
      3,100,000  
2022
      2,908,433  
  
 
 
  
Total
    $ 9,108,433  
  
 
 
  
Summary of Interest Expense on Note Payable
Interest expense on the note payable for the years ended November 30, 2019 and November 30, 2018 was as follows:
 
     November 30,
2019		      November 30,
2018		  
Interest expense on notes payable
    $ 646,744      $ 589,583  
Debt issuance costs
      112,642        109,293  
  
 
 
     
 
 
  
Total interest expense
    $ 759,386      $ 698,876