Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.22.1
Leases
3 Months Ended
Feb. 28, 2022
Leases [Abstract]  
Leases

Note 11 – Leases

 

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, 2022 and November 30, 2021:

 

 

 

February 28,
2022

 

 

November 30,
2021

 

Assets

 

 

 

 

 

 

Operating lease right-of-use asset

 

$

839,889

 

 

$

916,493

 

Liabilities

 

 

 

 

 

 

Current portion of operating lease liabilities

 

$

315,860

 

 

$

312,067

 

Operating lease long-term liabilities

 

 

530,941

 

 

 

610,989

 

Total lease liability

 

$

846,801

 

 

$

923,056

 

 

The maturity of the Company’s lease liabilities at February 28, 2022 were as follows:

 

 

 

Future Operating

 

Fiscal Year Ending November 30,

 

Lease Payments

 

2022 (remaining 9 months)

 

$

255,137

 

2023

 

 

313,996

 

2024

 

 

295,086

 

2025

 

 

24,591

 

Less: Imputed interest

 

 

(42,009

)

Present value of lease liabilities

 

$

846,801

 

 

The remaining lease term and discount rates are as follows:

 

 

 

February 28,
2022

 

November 30,
2021

 

Lease Term and Discount Rate

 

 

 

 

 

Remaining lease term (years)

 

 

 

 

 

Operating lease

 

2.83

 

 

3.08

 

Discount rate (percentage)

 

 

 

 

 

Operating lease

 

3.5%

 

 

3.5

%

 

Supplemental cash flow information related to leases is as follows:

 

 

 

Three months ended

 

 

 

February 28,
2022

 

 

February 28,
2021

 

Operating cash outflows from operating leases

 

$

85,964

 

 

$

71,566