Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.22.2
Leases
6 Months Ended
May 31, 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 May 31, 2022 and November 30, 2021:

 

 

 

May 31,
2022

 

 

November 30,
2021

 

Assets

 

 

 

 

 

 

Operating lease right-of-use asset

 

$

762,617

 

 

$

916,493

 

Liabilities

 

 

 

 

 

 

Current portion of operating lease liabilities

 

$

315,042

 

 

$

312,067

 

Operating lease long-term liabilities

 

 

453,979

 

 

 

610,989

 

Total lease liability

 

$

769,021

 

 

$

923,056

 

 

The maturity of the Company’s lease liabilities at May 31, 2022 were as follows:

 

 

 

Future Operating

 

Fiscal Year Ending November 30,

 

Lease Payments

 

2022 (remaining 6 months)

 

$

170,235

 

2023

 

 

313,996

 

2024

 

 

295,086

 

2025

 

 

24,591

 

Less: Imputed interest

 

 

(34,887

)

Present value of lease liabilities

 

$

769,021

 

 

The remaining lease term and discount rates are as follows:

 

 

 

May 31,
2022

 

November 30,
2021

 

Lease Term and Discount Rate

 

 

 

 

 

Remaining lease term (years)

 

 

 

 

 

Operating lease

 

2.58

 

 

3.08

 

Discount rate (percentage)

 

 

 

 

 

Operating lease

 

3.5%

 

 

3.5

%

 

Supplemental cash flow information related to leases is as follows:

 

 

 

Three months ended

 

 

 

May 31,
2022

 

 

May 31,
2021

 

Operating cash outflows from operating leases

 

$

85,964

 

 

$

75,564

 

 

 

 

 

 

 

 

 

 

Six months ended

 

 

 

May 31,
2022

 

 

May 31,
2021

 

Operating cash outflows from operating leases

 

$

171,928

 

 

$

147,130