Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.21.1
Leases (Tables)
3 Months Ended
Feb. 28, 2021
Leases [Abstract]  
Summary of Lease Assets and Liabilities

The following table presents the right-of-use asset and short-term and long-term lease liabilities amounts recorded on the consolidated balance sheets as of February 28, 2021 and November 30, 2020:

 

 

 

February 28,

2021

 

 

November 30,

2020

 

Assets

 

 

 

 

 

 

 

 

Operating lease right-of-use asset

 

$

1,012,539

 

 

$

299,089

 

Liabilities

 

 

 

 

 

 

 

 

Current portion of operating lease liabilities

 

$

239,330

 

 

$

275,570

 

Operating lease long term liabilities

 

 

774,438

 

 

 

23,632

 

Total lease liability

 

$

1,013,768

 

 

$

299,202

 

Summary of Maturity of the Company's Lease Liabilities

The maturity of the Company’s lease liabilities at February 28, 2021 were as follows:

 

 

 

Future Operating

 

Fiscal Year Ending November 30,

 

Lease Payments

 

2021 (remaining 9 months)

 

$

214,567

 

2022

 

 

294,336

 

2023

 

 

295,086

 

2024

 

 

295,086

 

2025

 

 

24,590

 

Less: Imputed interest

 

 

(109,897

)

Present value of lease liabilities

 

$

1,013,768

 

Summary of Remaining Lease Term and Discount Rates

The remaining lease term and discount rates are as follows:

 

 

 

February 28, 2021

 

Lease Term and Discount Rate

 

 

 

 

Remaining lease term (years)

 

 

 

 

Operating lease

 

 

3.8

 

Discount rate (percentage)

 

 

 

 

Operating lease

 

 

5.3

%

Summary of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases is as follows:

 

 

 

Three Months

Ended

 

 

Three Months

Ended

 

 

 

February 28, 2021

 

 

February 29, 2020

 

Operating cash outflows from operating leases

 

$

71,566

 

 

$

66,300