Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.23.1
Leases
3 Months Ended
Feb. 28, 2023
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, 2023 and November 30, 2022:

 

 

 

February 28,
2023

 

 

November 30,
2022

 

Assets

 

 

 

 

 

 

Operating lease right-of-use asset

 

$

526,710

 

 

$

606,034

 

Liabilities

 

 

 

 

 

 

Current portion of operating lease liabilities

 

$

288,902

 

 

$

297,691

 

Operating lease long-term liabilities

 

 

242,039

 

 

 

313,298

 

Total lease liability

 

$

530,941

 

 

$

610,989

 

 

The maturity of the Company’s lease liabilities at February 28, 2023 were as follows:

 

 

 

Future Operating

 

Fiscal Year Ending February 28,

 

Lease Payments

 

2023

 

$

228,878

 

2024

 

 

295,086

 

2025

 

 

24,591

 

Less: Imputed interest

 

 

(17,614

)

Present value of lease liabilities

 

$

530,941

 

 

The remaining lease term and discount rates are as follows:

 

 

 

February 28,
2023

 

November 30,
2022

 

Lease Term and Discount Rate

 

 

 

 

 

Remaining lease term (years)

 

 

 

 

 

Operating lease

 

1.83

 

 

2.08

 

Discount rate (percentage)

 

 

 

 

 

Operating lease

 

3.5%

 

 

3.5

%

 

Supplemental cash flow information related to leases is as follows:

 

 

 

Three months ended

 

 

 

February 28,
2023

 

 

February 28,
2022

 

Operating cash outflows from operating leases

 

$

88,395

 

 

$

85,964