|
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 May 31, 2025 and November 30, 2024:
|
|
|
|
|
|
|
|
|
|
|
May 31, 2025 |
|
|
November 30,
2024 |
|
Assets |
|
|
|
|
|
|
Operating lease right-of-use asset |
|
$ |
620,225 |
|
|
$ |
806,339 |
|
Liabilities |
|
|
|
|
|
|
Current portion of operating lease liabilities |
|
$ |
465,231 |
|
|
$ |
428,334 |
|
Operating lease long-term liabilities |
|
|
265,140 |
|
|
|
505,053 |
|
Total lease liability |
|
$ |
730,371 |
|
|
$ |
933,387 |
|
The maturity of the Company’s lease liabilities at May 31, 2025 were as follows:
|
|
|
|
|
|
|
Future Operating |
|
Fiscal Year Ending November 30, |
|
Lease Payments |
|
2025 (6 months remaining) |
|
$ |
251,798 |
|
2026 |
|
|
490,982 |
|
2027 |
|
|
38,247 |
|
Less: Imputed interest |
|
|
(50,656 |
) |
Present value of lease liabilities |
|
$ |
730,371 |
|
The remaining lease term and discount rates are as follows:
|
|
|
|
|
|
|
|
|
May 31, 2025 |
|
November 30,
2024 |
|
Lease Term and Discount Rate |
|
|
|
|
|
Remaining lease term (years) |
|
|
|
|
|
Operating lease |
|
1.58 |
|
|
2.08 |
|
Discount rate (percentage) |
|
|
|
|
|
Operating lease |
|
8.3% |
|
|
8.3 |
% |
Supplemental cash flow information related to leases is as follows:
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
May 31, 2025 |
|
|
May 31, 2024 |
|
Operating cash outflows from operating leases |
|
$ |
126,629 |
|
|
$ |
88,743 |
|
|
|
|
|
|
|
|
|
|
Six months ended |
|
|
|
May 31, 2025 |
|
|
May 31, 2024 |
|
Operating cash outflows from operating leases |
|
$ |
253,257 |
|
|
$ |
178,097 |
|
|