CONCENTRATIONS |
6 Months Ended |
|---|---|
May 31, 2026 | |
| CONCENTRATIONS | |
| CONCENTRATIONS | NOTE 11 — CONCENTRATIONS Credit risk As of May 31, 2026 and November 30, 2025, $0.2 million and $1.2 million of the Company’s cash was on deposit at financial institutions in the U.S. and insured by the Federal Deposit Insurance Corporation (FDIC) subject to applicable insurance limits. The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category. The bank deposits exceeding the standard insurance amount will not be covered. The Company’s total unprotected cash held in banks amounted to approximately $nil and $0.5 million as of May 31, 2026 and November 30, 2025, respectively. The Company has not experienced any losses in such accounts. As of May 31, 2026 and November 30, 2025, $5.0 million and $0.1 million of the Company’s cash was on deposit at financial institutions in Hong Kong, respectively. Per Hong Kong regulations, the maximum insured bank deposit amount is HKD800,000 for each financial institution. The Company’s total unprotected cash held in banks amounted to $4.9 million and $nil as of May 31, 2026 and November 30, 2025, respectively. The Company has not experienced any losses in such accounts. Accounts receivable are unsecured and derived entirely from revenue earned under the Company’s ISP Agreement with FedEx. Concentrations The Company’s sole customer, FedEx, accounted for 100% of the Company’s revenue for both the three months and six months ended May 31, 2026 and May 31, 2025. Accordingly, all of the accounts receivable are derived from FedEx. The Company’s revenue and accounts receivable concentration is consistent with its business model as an exclusive service provider under the ISP Agreement with FedEx. |