|
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 February 29, 2024 and November 30, 2023:
|
|
|
|
|
|
|
|
|
|
|
February 29,
2024 |
|
|
November 30,
2023 |
|
Assets |
|
|
|
|
|
|
Operating lease right-of-use asset |
|
$ |
958,022 |
|
|
$ |
1,033,157 |
|
Liabilities |
|
|
|
|
|
|
Current portion of operating lease liabilities |
|
$ |
253,981 |
|
|
$ |
225,686 |
|
Operating lease long-term liabilities |
|
|
768,961 |
|
|
|
851,938 |
|
Total lease liability |
|
$ |
1,022,942 |
|
|
$ |
1,077,624 |
|
The maturity of the Company’s lease liabilities at February 29, 2024 were as follows:
|
|
|
|
|
|
|
Future Operating |
|
Fiscal Year Ending November 30, |
|
Lease Payments |
|
2024 (9 months remaining) |
|
$ |
230,071 |
|
2025 |
|
|
435,970 |
|
2026 |
|
|
458,026 |
|
2027 |
|
|
38,247 |
|
Less: Imputed interest |
|
|
(139,372 |
) |
Present value of lease liabilities |
|
$ |
1,022,942 |
|
The remaining lease term and discount rates are as follows:
|
|
|
|
|
|
|
|
|
February 29,
2024 |
|
November 30,
2023 |
|
Lease Term and Discount Rate |
|
|
|
|
|
Remaining lease term (years) |
|
|
|
|
|
Operating lease |
|
2.83 |
|
|
3.08 |
|
Discount rate (percentage) |
|
|
|
|
|
Operating lease |
|
8.3% |
|
|
8.3 |
% |
Supplemental cash flow information related to leases is as follows:
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
February 29, 2024 |
|
|
February 28, 2023 |
|
Operating cash outflows from operating leases |
|
$ |
89,354 |
|
|
$ |
88,395 |
|
|