Note 11 – Leases 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, 2026 and November 30, 2025:
|
|
|
|
|
|
|
|
|
|
|
August 31, 2026 |
|
|
November 30,
2025 |
|
Assets |
|
|
|
|
|
|
Operating lease right-of-use asset |
|
$ |
529,033 |
|
|
$ |
819,626 |
|
Liabilities |
|
|
|
|
|
|
Current portion of operating lease liabilities |
|
$ |
426,861 |
|
|
$ |
430,221 |
|
Operating lease long-term liabilities |
|
|
150,342 |
|
|
|
474,628 |
|
Total lease liability |
|
$ |
577,203 |
|
|
$ |
904,849 |
|
The maturity of the Company’s lease liabilities at August 31, 2026 were as follows:
|
|
|
|
|
|
|
Future Operating |
|
Fiscal Year Ending August 31, |
|
Lease Payments |
|
2027 |
|
|
455,753 |
|
2028 |
|
|
152,700 |
|
Less: Imputed interest |
|
|
(31,250 |
) |
Present value of lease liabilities |
|
$ |
577,203 |
|
The remaining lease term and discount rates are as follows:
|
|
|
|
|
|
|
|
|
August 31,
2026 |
|
November 30,
2025 |
|
Lease Term and Discount Rate |
|
|
|
|
|
Remaining lease term (years) |
|
|
|
|
|
Operating lease |
|
1.33 |
|
|
2.03 |
|
Discount rate (percentage) |
|
|
|
|
|
Operating lease |
|
7.5% |
|
|
7.5 |
% |
Supplemental cash flow information related to leases is as follows:
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
August 31, 2026 |
|
|
August 31, 2025 |
|
Operating cash outflows from operating leases |
|
$ |
130,797 |
|
|
$ |
127,245 |
|
|
|
|
|
|
|
|
|
|
Nine months ended |
|
|
|
August 31, 2026 |
|
|
August 31, 2025 |
|
Operating cash outflows from operating leases |
|
$ |
395,312 |
|
|
$ |
380,502 |
|
|