| Leases |
Note 11 – Leases
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 August 31, 2023 and November 30, 2022:
|
|
|
|
|
|
|
|
|
|
|
August 31,
2023 |
|
|
November 30,
2022 |
|
Assets |
|
|
|
|
|
|
Operating lease right-of-use asset |
|
$ |
1,107,171 |
|
|
$ |
606,034 |
|
Liabilities |
|
|
|
|
|
|
Current portion of operating lease liabilities |
|
$ |
221,062 |
|
|
$ |
297,691 |
|
Operating lease long-term liabilities |
|
|
910,123 |
|
|
|
313,298 |
|
Total lease liability |
|
$ |
1,131,185 |
|
|
$ |
610,989 |
|
The maturity of the Company’s lease liabilities at August 31, 2023 were as follows:
|
|
|
|
|
|
|
Future Operating |
|
Fiscal Year Ending August 31, |
|
Lease Payments |
|
2023 (remaining 3 months) |
|
$ |
76,690 |
|
2024 |
|
|
306,762 |
|
2025 |
|
|
435,970 |
|
2026 |
|
|
458,026 |
|
2027 |
|
|
38,247 |
|
Less: Imputed interest |
|
|
(184,510 |
) |
Present value of lease liabilities |
|
$ |
1,131,185 |
|
The remaining lease term and discount rates are as follows:
|
|
|
|
|
|
|
|
|
August 31,
2023 |
|
November 30,
2022 |
|
Lease Term and Discount Rate |
|
|
|
|
|
Remaining lease term (years) |
|
|
|
|
|
Operating lease |
|
3.33 |
|
|
2.08 |
|
Discount rate (percentage) |
|
|
|
|
|
Operating lease |
|
8.3% |
|
|
3.5 |
% |
Supplemental cash flow information related to leases is as follows:
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
August 31,
2023 |
|
|
August 31,
2022 |
|
Operating cash outflows from operating leases |
|
$ |
76,690 |
|
|
$ |
83,378 |
|
|
|
|
|
|
|
|
|
|
Nine months ended |
|
|
|
August 31,
2023 |
|
|
August 31,
2022 |
|
Operating cash outflows from operating leases |
|
$ |
254,003 |
|
|
$ |
255,306 |
|
|