| Schedule of Notes Payable Obligation |
As of August 31, 2020, and November 30, 2019, the note payable obligation was as follows:
|
|
|
August 31,
2020
|
|
|
November 30,
2019
|
|
|
Note payable
|
|
$
|
6,783,433
|
|
|
$
|
9,108,433
|
|
|
Unamortized debt issuance costs
|
|
|
(85,269
|
)
|
|
|
(152,281
|
)
|
|
Net note payable
|
|
$
|
6,698,164
|
|
|
$
|
8,956,152
|
|
|
|
|
|
|
|
|
|
|
|
|
Current portion of note payable
|
|
$
|
3,100,000
|
|
|
$
|
3,100,000
|
|
|
Long-term note payable, net of debt issuance costs
|
|
|
3,598,164
|
|
|
|
5,856,152
|
|
|
Total
|
|
$
|
6,698,164
|
|
|
$
|
8,956,152
|
|
|
| Summary of Interest Expense on Notes Payable |
Interest expense on the note payable for the three and nine months ended August 31, 2020 and August 31, 2019 was as follows:
|
|
|
For the three
months ended
August 31,
2020
|
|
|
For the nine
months ended
August 31,
2020
|
|
|
Interest expense on notes payable
|
|
$
|
63,560
|
|
|
$
|
254,945
|
|
|
Debt issuance costs
|
|
|
20,193
|
|
|
|
67,012
|
|
|
Total interest expense
|
|
$
|
83,753
|
|
|
$
|
321,957
|
|
|
|
|
For the three
months ended
August 31,
2019
|
|
|
For the nine
months ended
August 31,
2019
|
|
|
Interest expense on notes payable
|
|
$
|
162,134
|
|
|
$
|
523,818
|
|
|
Debt issuance costs
|
|
|
28,014
|
|
|
|
86,014
|
|
|
Total interest expense
|
|
$
|
190,148
|
|
|
$
|
609,832
|
|
|