Annual report pursuant to Section 13 and 15(d)

Note Payable (Tables)

v3.6.0.2
Note Payable (Tables)
 12 Months Ended
Nov. 30, 2016
Debt Disclosure [Abstract]  
Schedule of Note Payable Obligation

As of November 30, 2016, the note payable obligation was as follows:

 

     November 30,
2016		  

Note payable

    $ 10,150,100  

Unamortized debt issuance costs

      (330,350 ) 
  

 

 

  

Net note payable

    $ 9,819,750  
  

 

 

  

Current portion of note payable

    $ 2,000,000  

Long-term note payable, net of debt issuance costs

      7,819,750  
  

 

 

  

Total

    $ 9,819,750  
  

 

 

  
Summary of Future Principal Payments under Note Payable Obligation

Future principal payments under the note payable obligation are as follows:

 

Years ending November 30:

    Amount  

2017

    $ 2,000,000  

2018

      2,000,000  

2019

      2,000,000  

2020

      2,000,000  

2021

      2,150,100  
  

 

 

  

Total

    $ 10,150,100  
  

 

 

  
Summary of Interest Expense on Note Payable

Interest expense on the note payable for the years ended November 30, 2016 was as follows:

 

     November 30,
2016		  

Interest expense on notes payable

    $ 229,314  

Debt issuance costs

      48,435  
  

 

 

  

Total interest expense

    $ 277,749