Annual report pursuant to Section 13 and 15(d)

Property and Equipment

v3.24.0.1
Property and Equipment
 12 Months Ended
Nov. 30, 2023
Property, Plant and Equipment [Abstract]  
Property and Equipment

NOTE 7 - PROPERTY AND EQUIPMENT

The major classes of property and equipment are as follows:

 

 

 

2023

 

 

2022

 

Land and building

 

$

11,215,134

 

 

$

11,215,134

 

Vehicle

 

 

172,697

 

 

 

172,697

 

Furniture and equipment

 

 

8,573,555

 

 

 

7,570,067

 

Leasehold improvements

 

 

1,262,238

 

 

 

1,258,738

 

Computer software – internal use

 

 

1,194,038

 

 

 

1,194,038

 

Construction in process

 

 

6,712,329

 

 

 

—

 

 

 

29,129,991

 

 

 

21,410,674

 

Less: accumulated depreciation

 

 

(8,133,108

)

 

 

(7,807,559

)

Total property and equipment

 

$

20,996,883

 

 

$

13,603,115

 

 

Depreciation expense was approximately $326,000 in fiscal 2023 and approximately $333,000 in fiscal 2022, of which approximately $172,000 and $208,000 is included in cost of sales, respectively, in the accompanying consolidated statements of operations.

During fiscal 2023, the Company capitalized $683,524 of interest related to the construction of the Company's new facility in North Carolina.