Quarterly report pursuant to Section 13 or 15(d)

Note Payable (Tables)

v3.21.1
Note Payable (Tables)
3 Months Ended
Feb. 28, 2021
Debt Disclosure [Abstract]  
Schedule of Note Payable Obligation

As of February 28, 2021, and November 30, 2020, the note payable obligation was as follows:

 

 

 

February 28, 2021

 

 

November 30, 2020

 

Note payable

 

$

4,233,433

 

 

$

6,008,433

 

Unamortized debt issuance costs

 

 

(47,537

)

 

 

(67,219

)

Net note payable

 

$

4,185,896

 

 

$

5,941,214

 

Current portion of note payable

 

$

3,100,000

 

 

$

3,100,000

 

Long-term note payable, net of debt issuance costs

 

1,085,896

 

 

2,841,214

 

Total

 

$

4,185,896

 

 

$

5,941,214

 

Summary of Interest Expense on Note Payable

Interest expense on the note payable for the three months ended February 28, 2021 and February 29, 2020 was as follows:

 

 

 

February 28, 2021

 

 

February 29, 2020

 

Interest expense on notes payable

 

$

40,538

 

 

$

109,780

 

Debt issuance costs

 

 

19,682

 

 

 

24,481

 

Total interest expense

 

$

60,220

 

 

$

134,261