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

Property and Equipment

v3.25.4
Property and Equipment
 12 Months Ended
Nov. 30, 2025
Property, Plant and Equipment [Abstract]  
Property and Equipment

NOTE 7 - PROPERTY AND EQUIPMENT

The major classes of property and equipment are as follows:

 

 

 

2025

 

 

2024

 

Land

 

$

2,598,879

 

 

$

2,598,879

 

Building and building improvements

 

$

17,129,171

 

 

$

17,129,171

 

Vehicle

 

 

172,697

 

 

 

172,697

 

Furniture and equipment

 

 

5,856,319

 

 

 

5,794,351

 

Leasehold improvements

 

 

1,227,094

 

 

 

1,227,094

 

Computer software – internal use

 

 

614,720

 

 

 

614,720

 

 

 

27,598,880

 

 

 

27,536,912

 

Less: accumulated depreciation

 

 

(6,564,508

)

 

 

(5,642,649

)

Total property and equipment

 

$

21,034,372

 

 

$

21,894,263

 

 

Depreciation expense was approximately $927,000 in fiscal 2025 and approximately $626,000 in fiscal 2024, of which approximately $134,000 and $119,000 is included in cost of sales, respectively, and of which approximately $100,000 and $93,000 is included in research, development and related engineering, respectively, in the accompanying consolidated statements of operations.

During fiscal 2025 and 2024, the Company capitalized $0 and $409,307, respectively, of interest related to the construction of the Company's new facility in North Carolina.