Quarterly report [Sections 13 or 15(d)]

Leases (Tables)

v3.25.3
Leases (Tables)
9 Months Ended
Aug. 31, 2025
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 August 31, 2025 and November 30, 2024:

 

 

 

August 31, 2025

 

 

November 30,
2024

 

Assets

 

 

 

 

 

 

Operating lease right-of-use asset

 

$

906,848

 

 

$

806,339

 

Liabilities

 

 

 

 

 

 

Current portion of operating lease liabilities

 

$

434,604

 

 

$

428,334

 

Operating lease long-term liabilities

 

 

577,202

 

 

 

505,053

 

Total lease liability

 

$

1,011,806

 

 

$

933,387

 

Summary of Maturity of Company's Lease Liabilities

The maturity of the Company’s lease liabilities at August 31, 2025 were as follows:

 

 

 

Future Operating

 

Fiscal Year Ending November 30,

 

Lease Payments

 

2025 (3 months remaining)

 

$

125,350

 

2026

 

 

483,135

 

2027

 

 

457,513

 

2028

 

 

38,175

 

Less: Imputed interest

 

 

(92,367

)

Present value of lease liabilities

 

$

1,011,806

 

Summary of Remaining Lease Term and Discount Rates

The remaining lease term and discount rates are as follows:

 

 

 

August 31, 2025

 

November 30,
2024

 

Lease Term and Discount Rate

 

 

 

 

 

Remaining lease term (years)

 

 

 

 

 

Operating lease

 

2.27

 

 

2.08

 

Discount rate (percentage)

 

 

 

 

 

Operating lease

 

7.5%

 

 

8.3

%

Summary of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases is as follows:

 

 

 

Three months ended

 

 

 

August 31, 2025

 

 

August 31, 2024

 

Operating cash outflows from operating leases

 

$

127,245

 

 

$

88,321

 

 

 

 

 

 

 

 

 

 

Nine months ended

 

 

 

August 31, 2025

 

 

August 31, 2024

 

Operating cash outflows from operating leases

 

$

380,502

 

 

$

266,418