Quarterly report pursuant to Section 13 or 15(d)

Notes Payable (Tables)

v3.24.1.u1
Notes Payable (Tables)
 3 Months Ended
Feb. 29, 2024
Debt Disclosure [Abstract]  
Schedule of Note Payable Obligation

As of February 29, 2024 and November 30, 2023, the note payable obligation was as follows:

 

 

 

February 29, 2024

 

 

November 30, 2023

 

Note payable - Susser

 

$

8,724,417

 

 

$

8,765,082

 

Unamortized debt issuance costs - Susser

 

 

(164,056

)

 

 

(169,404

)

Net note payable

 

$

8,560,361

 

 

$

8,595,678

 

Current portion of note payable

 

$

168,623

 

 

$

165,641

 

Long-term note payable, net of debt issuance costs

 

 

8,391,738

 

 

 

8,430,037

 

Total

 

$

8,560,361

 

 

$

8,595,678

 
Summary of Interest Expense on Note Payable

Interest expense on the note payable for the three months ended February 29, 2024 and February 28, 2023 was as follows:

 

 

 

February 29, 2024

 

 

February 28, 2023

 

Interest expense on notes payable - Susser

 

$

—

 

 

$

202,475

 

Debt issuance costs - Susser

 

 

—

 

 

 

5,444

 

Total interest expense

 

$

—

 

 

$

207,919

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

During the three months ended February 29, 2024, the Company capitalized interest expense of $198,607 related to the construction of the Company's new facility in North Carolina.