Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.20.2
Leases (Tables)
9 Months Ended
Aug. 31, 2020
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 August 31, 2020:

 

 

 

August 31,

2020

 

Assets

 

 

 

 

Operating lease right-of-use asset

 

$

365,696

 

 

 

 

 

 

Liabilities

 

 

 

 

Current portion of operating lease liabilities

 

$

271,932

 

Operating lease long term liabilities

 

 

93,904

 

Total lease liability

 

$

365,836

 

Summary of Maturity of the Company's Lease Liabilities

The maturity of the Company’s lease liabilities at August 31, 2020 were as follows:

 

 

 

Future Operating

 

Fiscal Year Ending November 30,

 

Lease Payments

 

2020 (remaining 3 months)

 

$

71,212

 

2021

 

 

284,846

 

2022

 

 

23,737

 

Less: Imputed interest

 

 

(13,959

)

Present value of lease liabilities

 

$

365,836

 

Summary of Remaining Lease Term and Discount Rates

The remaining lease term and discount rates are as follows:

 

 

 

August 31,

2020

 

Lease Term and Discount Rate

 

 

 

 

Remaining lease term (years)

 

 

 

 

Operating lease

 

 

1.3

 

Discount rate (percentage)

 

 

 

 

Operating lease

 

 

5.3

%

 

Summary of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases is as follows:

 

 

 

Three Months

Ended

 

 

Nine Months

Ended

 

 

 

August 31,

2020

 

 

August 31,

2020

 

Operating cash outflows from operating leases

 

$

65,754

 

 

$

196,940