Annual report [Section 13 and 15(d), not S-K Item 405]

Property and Equipment

v3.25.0.1
Property and Equipment
 12 Months Ended
Nov. 30, 2024
Property, Plant and Equipment [Abstract]  
Property and Equipment

NOTE 7 - PROPERTY AND EQUIPMENT

The major classes of property and equipment are as follows:

 

 

 

2024

 

 

2023

 

Land

 

$

2,598,879

 

 

$

—

 

Building and building improvements

 

 

17,129,171

 

 

 

11,215,134

 

Vehicle

 

 

172,697

 

 

 

172,697

 

Furniture and equipment

 

 

5,794,351

 

 

 

8,573,555

 

Leasehold improvements

 

 

1,227,094

 

 

 

1,262,238

 

Computer software – internal use

 

 

614,720

 

 

 

1,194,038

 

Construction in process

 

 

—

 

 

 

6,712,329

 

 

 

27,536,912

 

 

 

29,129,991

 

Less: accumulated depreciation

 

 

(5,642,649

)

 

 

(8,133,108

)

Total property and equipment

 

$

21,894,263

 

 

$

20,996,883

 

 

Depreciation expense was approximately $626,000 in fiscal 2024 and approximately $326,000 in fiscal 2023, of which approximately $119,000 and $172,000 is included in cost of sales, respectively, and of which approximately $93,000 and $87,000 is included in research, development and related engineering, respectively, in the accompanying consolidated statements of operations.

During fiscal 2024 and 2023, the Company capitalized $409,307 and $683,524, respectively, of interest related to the construction of the Company's new facility in North Carolina.