Annual report pursuant to Section 13 and 15(d)

Leases (Tables)

v3.22.4
Leases (Tables)
 12 Months Ended
Nov. 30, 2022
Leases [Abstract]  
Summary of Lease Assets and Liabilities

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 November 30, 2022 and November 30, 2021:

 

 

 

November 30,
2022

 

 

November 30,
2021

 

Assets

 

 

 

 

 

 

Operating lease right-of-use asset

 

$

606,034

 

 

$

916,493

 

Liabilities

 

 

 

 

 

 

Current portion of operating lease liabilities

 

$

297,691

 

 

$

312,067

 

Operating lease long-term liabilities

 

 

313,298

 

 

 

610,989

 

Total lease liability

 

$

610,989

 

 

$

923,056

 
Summary of Maturity of the Company's Lease Liabilities

The maturity of the Company’s lease liabilities at November 30, 2022 were as follows:

 

 

 

Future Operating

 

Fiscal Year Ending November 30,

 

Lease Payments

 

2023

 

$

313,996

 

2024

 

 

295,086

 

2025

 

 

24,591

 

Less: Imputed interest

 

 

(22,684

)

Present value of lease liabilities

 

$

610,989

 
Summary of Remaining Lease Term and Discount Rates

The remaining lease term and discount rates are as follows:

 

 

 

November 30,
2022

 

November 30,
2021

 

Lease Term and Discount Rate

 

 

 

 

 

Remaining lease term (years)

 

 

 

 

 

Operating lease

 

2.08

 

 

3.08

 

Discount rate (percentage)

 

 

 

 

 

Operating lease

 

3.5%

 

 

3.5

%

 
Summary of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases is as follows:

 

 

 

Twelve Months Ended November 30,
2022

 

 

Twelve Months Ended November 30,
2021

 

Operating cash outflows from operating leases

 

$

342,132

 

 

$

328,752