Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.24.2
Leases (Tables)
6 Months Ended
May 31, 2024
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 May 31, 2024 and November 30, 2023:

 

 

 

May 31,
2024

 

 

November 30,
2023

 

Assets

 

 

 

 

 

 

Operating lease right-of-use asset

 

$

881,744

 

 

$

1,033,157

 

Liabilities

 

 

 

 

 

 

Current portion of operating lease liabilities

 

$

294,777

 

 

$

225,686

 

Operating lease long-term liabilities

 

 

672,339

 

 

 

851,938

 

Total lease liability

 

$

967,116

 

 

$

1,077,624

 

Summary of Maturity of the Company's Lease Liabilities

The maturity of the Company’s lease liabilities at May 31, 2024 were as follows:

 

 

 

Future Operating

 

Fiscal Year Ending November 30,

 

Lease Payments

 

2024 (6 months remaining)

 

$

153,381

 

2025

 

 

435,970

 

2026

 

 

458,026

 

2027

 

 

38,247

 

Less: Imputed interest

 

 

(118,508

)

Present value of lease liabilities

 

$

967,116

 

Summary of Remaining Lease Term and Discount Rates

The remaining lease term and discount rates are as follows:

 

 

 

May 31,
2024

 

November 30,
2023

 

Lease Term and Discount Rate

 

 

 

 

 

Remaining lease term (years)

 

 

 

 

 

Operating lease

 

2.58

 

 

3.08

 

Discount rate (percentage)

 

 

 

 

 

Operating lease

 

8.3%

 

 

8.3

%

Summary of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases is as follows:

 

 

 

Three months ended

 

 

 

May 31,
2024

 

 

May 31,
2023

 

Operating cash outflows from operating leases

 

$

88,743

 

 

$

88,918

 

 

 

 

 

 

 

 

 

 

Six months ended

 

 

 

May 31,
2024

 

 

May 31,
2023

 

Operating cash outflows from operating leases

 

$

178,097

 

 

$

177,313