INSURANCE PREMIUM FINANCING PAYABLE |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
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Aug. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||
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| INSURANCE PREMIUM FINANCING PAYABLE | NOTE 9 — INSURANCE PREMIUM FINANCING PAYABLE A summary of the Company’s insurance premium financing payable is listed as follows:
On August 21, 2026, the Company entered into a premium finance agreement with First Insurance Funding, whereby the Company was loaned a total principal amount of $141,897.35 for the purpose of funding the Company’s D&O insurance policy. This loan bears an interest rate of 6.85% per annum, and is repayable in nine monthly installments of principal and interest through May 2027. As of August 31, 2026, a principal amount of $106,236 remains outstanding. Related prepaid insurance at August 31, 2026 of $137,701 is included in Prepaid D&O insurance. Interest Expense on Insurance Premium Financing Payable During the three months ended August 31, 2026 and 2025, the Company recognized $nil and $nil interest expense associated with its insurance premium financing payable, respectively. During the nine months ended August 31, 2026 and 2025, the Company recognized $1,540 and $nil interest expense associated with its insurance premium financing payable. |
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- References No definition available.
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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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