| Schedule of Note Payable Obligation |
As of February 28, 2025 and November 30, 2024, the note payable obligation was as follows:
|
|
|
|
|
|
|
|
|
|
|
February 28, 2025 |
|
|
November 30, 2024 |
|
Note payable - Susser |
|
$ |
8,594,822 |
|
|
$ |
8,628,700 |
|
Unamortized debt issuance costs - Susser |
|
|
(142,921 |
) |
|
|
(148,167 |
) |
Net note payable |
|
$ |
8,451,901 |
|
|
$ |
8,480,533 |
|
Current portion of note payable |
|
$ |
178,786 |
|
|
$ |
170,488 |
|
Long-term note payable, net of debt issuance costs |
|
|
8,273,115 |
|
|
|
8,310,045 |
|
Total |
|
$ |
8,451,901 |
|
|
$ |
8,480,533 |
|
Future principal payments under the note payable obligation are as follows:
|
|
|
|
|
Years ending February 28: |
|
Amount |
|
2026 |
|
$ |
178,786 |
|
2027 |
|
|
191,085 |
|
2028 |
|
|
204,786 |
|
2029 |
|
|
217,119 |
|
2030 |
|
|
231,024 |
|
Thereafter |
|
|
7,572,022 |
|
Less: Unamortized debt issuance costs |
|
|
(142,921 |
) |
Total |
|
$ |
8,451,901 |
|
|
| Summary of Future Principal Payments under the Note Payable Obligation |
Future principal payments under the note payable obligation are as follows:
|
|
|
|
|
Years ending February 28: |
|
Amount |
|
2026 |
|
$ |
178,786 |
|
2027 |
|
|
191,085 |
|
2028 |
|
|
204,786 |
|
2029 |
|
|
217,119 |
|
2030 |
|
|
231,024 |
|
Thereafter |
|
|
7,572,022 |
|
Less: Unamortized debt issuance costs |
|
|
(142,921 |
) |
Total |
|
$ |
8,451,901 |
|
|
| Summary of Interest Expense on Note Payable |
Interest expense on the note payable for the three months ended February 28, 2025 and February 29, 2024 was as follows:
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
|
For the three months ended |
|
|
|
February 28, 2025 |
|
|
February 29, 2024 |
|
Interest expense on notes payable - Susser |
|
$ |
223,001 |
|
|
$ |
— |
|
Debt issuance costs - Susser |
|
|
5,246 |
|
|
|
— |
|
Total interest expense |
|
$ |
228,247 |
|
|
$ |
— |
|
|
|
|
|
|
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|
|
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|