Annual report pursuant to Section 13 and 15(d)

Note Payable (Tables)

v3.8.0.1
Note Payable (Tables)
 12 Months Ended
Nov. 30, 2017
Debt Disclosure [Abstract]  
Schedule of Note Payable Obligation

As of November 30, 2017, and November 30, 2016, the note payable obligation was as follows:

 

     November 30, 2017      November 30, 2016  

Note payable

    $ 7,500,100      $ 10,150,100  

Unamortized debt issuance costs

      (204,917 )       (330,350 ) 
  

 

 

     

 

 

  

Net note payable

    $ 7,295,183      $ 9,819,750  
  

 

 

     

 

 

  

Current portion of note payable

    $ 2,000,000      $ 2,000,000  

Long-term note payable, net of debt issuance costs

      5,295,183        7,819,750  
  

 

 

     

 

 

  

Total

    $ 7,295,183      $ 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  

2018

    $ 2,000,000  

2019

      2,000,000  

2020

      2,000,000  

2021

      1,500,100  
  

 

 

  

Total

    $ 7,500,100  
  

 

 

  
Summary of Interest Expense on Note Payable

Interest expense on the note payable for the years ended November 30, 2017 and November 30, 2016 was as follows:

 

     November 30, 2017      November 30, 2016  

Interest expense on notes payable

    $ 446,439      $ 229,314  

Debt issuance costs

      125,434        48,435  
  

 

 

     

 

 

  

Total interest expense

    $ 571,873      $ 277,749