Quarterly report pursuant to Section 13 or 15(d)

Notes Payable (Tables)

v3.10.0.1
Notes Payable (Tables)
6 Months Ended
May 31, 2018
Debt Disclosure [Abstract]  
Schedule of Note Payable Obligation

As of May 31, 2018 and November 30, 2017, the note payable obligation was as follows:

 

     May 31, 2018      November 30, 2017  

Note payable

   $ 6,500,100      $ 7,500,100  

Unamortized debt issuance costs

     (153,377      (204,917
  

 

 

    

 

 

 

Net note payable

   $ 6,346,723      $ 7,295,183  
  

 

 

    

 

 

 

Current portion of note payable

   $ 2,000,000      $ 2,000,000  

Long-term note payable, net of debt issuance costs

     4,346,723        5,295,183  
  

 

 

    

 

 

 

Total

   $ 6,346,723      $ 7,295,183  
  

 

 

    

 

 

 
Summary of Interest Expense on Note Payable

Interest expense on the note payable for the three and six months ended May 31, 2018 and May 31, 2017 was as follows:

 

     For the three
months ended
May 31, 2018
     For the six
months ended
May 31, 2018
 

Interest expense on notes payable

   $ 94,818      $ 188,645  

Debt issuance costs

     24,837        51,540  
  

 

 

    

 

 

 

Total Interest expense

   $ 119,655      $ 240,185  
  

 

 

    

 

 

 

 

     For the three
months ended
May 31, 2017
     For the six
months ended
May 31, 2017
 

Interest expense on notes payable

   $ 123,963      $ 245,951  

Debt issuance costs

     32,289        66,442  
  

 

 

    

 

 

 

Total interest expense

   $ 156,252      $ 312,393