| Schedule of Note Payable Obligation |
As of November 30, 2024, and November 30, 2023, the note payable obligation was as follows:
|
|
|
|
|
|
|
|
|
|
|
November 30, 2024 |
|
|
November 30, 2023 |
|
Note payable - Susser |
|
$ |
8,628,700 |
|
|
$ |
8,765,082 |
|
Unamortized debt issuance costs - Susser |
|
|
(148,167 |
) |
|
|
(169,404 |
) |
Net note payable |
|
$ |
8,480,533 |
|
|
$ |
8,595,678 |
|
Current portion of note payable |
|
$ |
170,488 |
|
|
$ |
165,641 |
|
Long-term note payable, net of debt issuance costs |
|
|
8,310,045 |
|
|
|
8,430,037 |
|
Total |
|
$ |
8,480,533 |
|
|
$ |
8,595,678 |
|
Future principal payments under the note payable obligation are as follows:
|
|
|
|
|
Years ending November 30: |
|
Amount |
|
2025 |
|
$ |
170,488 |
|
2026 |
|
|
187,035 |
|
2027 |
|
|
201,985 |
|
2028 |
|
|
213,753 |
|
2029 |
|
|
227,438 |
|
Thereafter |
|
|
7,628,001 |
|
Less: Unamortized debt issuance costs |
|
|
(148,167 |
) |
Total |
|
$ |
8,480,533 |
|
|
| 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 |
|
2025 |
|
$ |
170,488 |
|
2026 |
|
|
187,035 |
|
2027 |
|
|
201,985 |
|
2028 |
|
|
213,753 |
|
2029 |
|
|
227,438 |
|
Thereafter |
|
|
7,628,001 |
|
Less: Unamortized debt issuance costs |
|
|
(148,167 |
) |
Total |
|
$ |
8,480,533 |
|
|
| Summary of Interest Expense on Note Payable |
Interest expense on the note payable for the years ended November 30, 2024 and November 30, 2023 was as follows:
|
|
|
|
|
|
|
|
|
|
|
November 30, 2024 |
|
|
November 30, 2023 |
|
Interest expense on notes payable - Susser |
|
$ |
521,619 |
|
|
$ |
136,958 |
|
Debt issuance costs - Susser |
|
|
10,569 |
|
|
|
3,631 |
|
Total interest expense |
|
$ |
532,188 |
|
|
$ |
140,589 |
|
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|
|
|
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|