|
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 |
|
|
|
|
|
|
|
|
|