|
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 February 28, 2026 and November 30, 2025:
|
|
|
|
|
|
|
|
|
|
|
February 28, 2026 |
|
|
November 30,
2025 |
|
Assets |
|
|
|
|
|
|
Operating lease right-of-use asset |
|
$ |
721,839 |
|
|
$ |
819,626 |
|
Liabilities |
|
|
|
|
|
|
Current portion of operating lease liabilities |
|
$ |
426,254 |
|
|
$ |
430,221 |
|
Operating lease long-term liabilities |
|
|
368,941 |
|
|
|
474,628 |
|
Total lease liability |
|
$ |
795,195 |
|
|
$ |
904,849 |
|
The maturity of the Company’s lease liabilities at February 28, 2026 were as follows:
|
|
|
|
|
|
|
Future Operating |
|
Fiscal Year Ending February 28, |
|
Lease Payments |
|
2027 |
|
|
471,065 |
|
2028 |
|
|
381,750 |
|
Less: Imputed interest |
|
|
(57,620 |
) |
Present value of lease liabilities |
|
$ |
795,195 |
|
The remaining lease term and discount rates are as follows:
|
|
|
|
|
|
|
|
|
February 28, 2026 |
|
November 30,
2025 |
|
Lease Term and Discount Rate |
|
|
|
|
|
Remaining lease term (years) |
|
|
|
|
|
Operating lease |
|
1.80 |
|
|
2.03 |
|
Discount rate (percentage) |
|
|
|
|
|
Operating lease |
|
7.5% |
|
|
7.5 |
% |
Supplemental cash flow information related to leases is as follows:
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
February 28, 2026 |
|
|
February 28, 2025 |
|
Operating cash outflows from operating leases |
|
$ |
130,137 |
|
|
$ |
126,629 |
|
|