|
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 August 31, 2022 and November 30, 2021:
|
|
|
|
|
|
|
|
|
|
|
August 31,
2022 |
|
|
November 30,
2021 |
|
Assets |
|
|
|
|
|
|
Operating lease right-of-use asset |
|
$ |
684,668 |
|
|
$ |
916,493 |
|
Liabilities |
|
|
|
|
|
|
Current portion of operating lease liabilities |
|
$ |
306,404 |
|
|
$ |
312,067 |
|
Operating lease long-term liabilities |
|
|
383,943 |
|
|
|
610,989 |
|
Total lease liability |
|
$ |
690,347 |
|
|
$ |
923,056 |
|
The maturity of the Company’s lease liabilities at August 31, 2022 were as follows:
|
|
|
|
|
|
|
Future Operating |
|
Fiscal Year Ending November 30, |
|
Lease Payments |
|
2022 (remaining 3 months) |
|
$ |
85,118 |
|
2023 |
|
|
313,996 |
|
2024 |
|
|
295,086 |
|
2025 |
|
|
24,591 |
|
Less: Imputed interest |
|
|
(28,444 |
) |
Present value of lease liabilities |
|
$ |
690,347 |
|
The remaining lease term and discount rates are as follows:
|
|
|
|
|
|
|
|
|
August 31,
2022 |
|
November 30,
2021 |
|
Lease Term and Discount Rate |
|
|
|
|
|
Remaining lease term (years) |
|
|
|
|
|
Operating lease |
|
2.33 |
|
|
3.08 |
|
Discount rate (percentage) |
|
|
|
|
|
Operating lease |
|
3.5% |
|
|
3.5 |
% |
Supplemental cash flow information related to leases is as follows:
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
August 31,
2022 |
|
|
August 31,
2021 |
|
Operating cash outflows from operating leases |
|
$ |
83,378 |
|
|
$ |
82,545 |
|
|
|
|
|
|
|
|
|
|
Nine months ended |
|
|
|
August 31,
2022 |
|
|
August 31,
2021 |
|
Operating cash outflows from operating leases |
|
$ |
255,306 |
|
|
$ |
229,675 |
|
|