| Schedule of Note Payable Obligation |
As of May 31, 2025 and November 30, 2024, the note payable obligation was as follows:
|
|
|
|
|
|
|
|
|
|
|
May 31, 2025 |
|
|
November 30, 2024 |
|
Note payable - Susser |
|
$ |
8,554,284 |
|
|
$ |
8,628,700 |
|
Unamortized debt issuance costs - Susser |
|
|
(137,702 |
) |
|
|
(148,167 |
) |
Net note payable |
|
$ |
8,416,582 |
|
|
$ |
8,480,533 |
|
Current portion of note payable |
|
$ |
177,603 |
|
|
$ |
170,488 |
|
Long-term note payable, net of debt issuance costs |
|
|
8,238,979 |
|
|
|
8,310,045 |
|
Total |
|
$ |
8,416,582 |
|
|
$ |
8,480,533 |
|
Future principal payments under the note payable obligation are as follows:
|
|
|
|
|
Years ending May 31: |
|
Amount |
|
2026 |
|
$ |
177,603 |
|
2027 |
|
|
195,135 |
|
2028 |
|
|
207,586 |
|
2029 |
|
|
220,485 |
|
2030 |
|
|
234,610 |
|
Thereafter |
|
|
7,518,865 |
|
Less: Unamortized debt issuance costs |
|
|
(137,702 |
) |
Total |
|
$ |
8,416,582 |
|
|
| Summary of Future Principal Payments under the Note Payable Obligation |
Future principal payments under the note payable obligation are as follows:
|
|
|
|
|
Years ending May 31: |
|
Amount |
|
2026 |
|
$ |
177,603 |
|
2027 |
|
|
195,135 |
|
2028 |
|
|
207,586 |
|
2029 |
|
|
220,485 |
|
2030 |
|
|
234,610 |
|
Thereafter |
|
|
7,518,865 |
|
Less: Unamortized debt issuance costs |
|
|
(137,702 |
) |
Total |
|
$ |
8,416,582 |
|
|
| Summary of Interest Expense on Note Payable |
Interest expense on the note payable for the three and six months ended May 31, 2025 and 2024 was as follows:
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
|
For the six months ended |
|
|
|
May 31, 2025 |
|
|
May 31, 2025 |
|
Interest expense on notes payable - Susser |
|
$ |
239,154 |
|
|
$ |
462,155 |
|
Debt issuance costs - Susser |
|
|
5,219 |
|
|
|
10,465 |
|
Total interest expense |
|
$ |
244,373 |
|
|
$ |
472,620 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
|
For the six months ended |
|
|
|
May 31, 2024 |
|
|
May 31, 2024 |
|
Interest expense on notes payable - Susser |
|
$ |
47,166 |
|
|
$ |
47,166 |
|
Debt issuance costs - Susser |
|
|
— |
|
|
|
— |
|
Total interest expense |
|
$ |
47,166 |
|
|
$ |
47,166 |
|
|