|
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, 2026 and November 30, 2025:
|
|
|
|
|
|
|
|
|
|
|
May 31,
2026 |
|
|
November 30,
2025 |
|
Assets |
|
|
|
|
|
|
Operating lease right-of-use asset |
|
$ |
621,943 |
|
|
$ |
819,626 |
|
Liabilities |
|
|
|
|
|
|
Current portion of operating lease liabilities |
|
$ |
421,888 |
|
|
$ |
430,221 |
|
Operating lease long-term liabilities |
|
|
260,664 |
|
|
|
474,628 |
|
Total lease liability |
|
$ |
682,552 |
|
|
$ |
904,849 |
|
The maturity of the Company’s lease liabilities at May 31, 2026 were as follows:
|
|
|
|
|
|
|
Future Operating |
|
Fiscal Year Ending May 31, |
|
Lease Payments |
|
2027 |
|
|
458,701 |
|
2028 |
|
|
267,225 |
|
Less: Imputed interest |
|
|
(43,374 |
) |
Present value of lease liabilities |
|
$ |
682,552 |
|
The remaining lease term and discount rates are as follows:
|
|
|
|
|
|
|
|
|
May 31,
2026 |
|
November 30,
2025 |
|
Lease Term and Discount Rate |
|
|
|
|
|
Remaining lease term (years) |
|
|
|
|
|
Operating lease |
|
1.57 |
|
|
2.03 |
|
Discount rate (percentage) |
|
|
|
|
|
Operating lease |
|
7.5% |
|
|
7.5 |
% |
Supplemental cash flow information related to leases is as follows:
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
May 31, 2026 |
|
|
May 31, 2025 |
|
Operating cash outflows from operating leases |
|
$ |
133,614 |
|
|
$ |
126,629 |
|
|
|
|
|
|
|
|
|
|
Six months ended |
|
|
|
May 31, 2026 |
|
|
May 31, 2025 |
|
Operating cash outflows from operating leases |
|
$ |
264,515 |
|
|
$ |
253,257 |
|
|