Annual report pursuant to Section 13 and 15(d)

Leases (Tables)

v3.24.0.1
Leases (Tables)
 12 Months Ended
Nov. 30, 2023
Leases [Abstract]  
Summary of Lease Assets and Liabilities

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 November 30, 2023 and November 30, 2022:

 

 

 

November 30,
2023

 

 

November 30,
2022

 

Assets

 

 

 

 

 

 

Operating lease right-of-use asset

 

$

1,033,157

 

 

$

606,034

 

Liabilities

 

 

 

 

 

 

Current portion of operating lease liabilities

 

$

225,686

 

 

$

297,691

 

Operating lease long-term liabilities

 

 

851,938

 

 

 

313,298

 

Total lease liability

 

$

1,077,624

 

 

$

610,989

 
Summary of Maturity of the Company's Lease Liabilities

The maturity of the Company’s lease liabilities at November 30, 2023 were as follows:

 

 

 

Future Operating

 

Fiscal Year Ending November 30,

 

Lease Payments

 

2024

 

$

306,762

 

2025

 

 

435,970

 

2026

 

 

458,026

 

2027

 

 

38,247

 

Less: Imputed interest

 

 

(161,381

)

Present value of lease liabilities

 

$

1,077,624

 
Summary of Remaining Lease Term and Discount Rates

The remaining lease term and discount rates are as follows:

 

 

 

November 30,
2023

 

November 30,
2022

 

Lease Term and Discount Rate

 

 

 

 

 

Remaining lease term (years)

 

 

 

 

 

Operating lease

 

3.08

 

 

2.08

 

Discount rate (percentage)

 

 

 

 

 

Operating lease

 

8.3%

 

 

3.5

%

 
Summary of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases is as follows:

 

 

 

Twelve months ended

 

 

 

November 30, 2023

 

 

November 30, 2022

 

Operating cash outflows from operating leases

 

$

330,455

 

 

$

342,132