Annual report pursuant to Section 13 and 15(d)

Note Payable (Tables)

v3.19.3.a.u2
Note Payable (Tables)
12 Months Ended
Nov. 30, 2019
Debt Disclosure [Abstract]  
Schedule of Note Payable Obligation
As of November 30, 2019, and November 30, 2018, the note payable obligation was as follows:
 
     November 30,
2019
     November 30,
2018
 
Note payable
   $ 9,108,433      $ 13,208,433  
Unamortized debt issuance costs
     (152,281      (264,923
  
 
 
    
 
 
 
Net note payable
   $ 8,956,152      $ 12,943,510  
  
 
 
    
 
 
 
Current portion of note payable
   $ 3,100,000      $ 3,100,000  
Long-term note payable, net of debt issuance costs
     5,856,152        9,843,510  
  
 
 
    
 
 
 
Total
   $ 8,956,152      $ 12,943,510  
  
 
 
    
 
 
 
Summary of Future Principal Payments under the Note Payable Obligation
Future principal payments under the note payable obligation are as follows:
 
Years ending November 30:
   Amount  
2020
     3,100,000  
2021
     3,100,000  
2022
     2,908,433  
  
 
 
 
Total
   $ 9,108,433  
  
 
 
 
Summary of Interest Expense on Note Payable
Interest expense on the note payable for the years ended November 30, 2019 and November 30, 2018 was as follows:
 
     November 30,
2019
     November 30,
2018
 
Interest expense on notes payable
   $ 646,744      $ 589,583  
Debt issuance costs
     112,642        109,293  
  
 
 
    
 
 
 
Total interest expense
   $ 759,386      $ 698,876