Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.20.1
Leases (Tables)
 3 Months Ended
Feb. 29, 2020
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 February 29, 2020:
 
     February 29, 2020  
Assets
   
Operating lease
right-of-use
asset
    $ 496,284  
Liabilities
   
Current portion of operating lease liabilities
    $ 264,798  
Operating lease long term liabilities
      231,677  
  
 
 
  
Total lease liability
    $ 496,475  
  
 
 
  
Summary of Maturity of the Company's Lease Liabilities
The maturity of the Company’s lease liabilities at February 29, 2020 were as follows:
 
     Future Operating  
Fiscal Year Ending November 30,
    Lease Payments  
2020 (remaining 9 months)
    $ 213,635  
2021
      284,846  
2022
      23,737  
Less: Imputed interest
      (25,743 ) 
  
 
 
  
Present value of lease liabilities
    $ 496,475  
  
 
 
  
Summary of Remaining Lease Term and Discount Rates
The remaining lease term and discount rates are as follows:
 
     February 29, 2020  
Lease Term and Discount Rate
   
Remaining lease term (years)
   
Operating lease
      1.8  
Discount rate (percentage)
   
Operating lease
      5.3 % 
Summary of Supplemental Cash Flow Information Related to Leases
Supplemental cash flow information related to leases is as follows:
 
     Three Months Ended  
     February 29, 2020  
Operating cash outflows from operating leases
    $ 66,300