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