Quarterly report pursuant to Section 13 or 15(d)

LEASES (Tables)

v3.20.2
LEASES (Tables)
9 Months Ended
Aug. 31, 2020
Leases [Abstract]  
Schedule of lease costs

As of August 31, 2020, right-of-use assets of $1,220,725, current lease liabilities of $227,272, and non-current lease liabilities of $866,365 are reflected in the accompanying Condensed Consolidated Balance Sheets. The elements of lease expense were as follows:

 

    Three Months Ended     Nine Months Ended  
    August 31, 2020     August 31, 2020  
Lease Cost:                
Operating lease cost   $ 63,066     $ 109,708  
Short-term lease cost     7,368       17,192  
Variable lease cost           8,696  
Total lease cost   $ 70,434     $ 135,596  
                 
Other Information:                
Cash paid for amounts included in the measurement of operating lease liabilities           $ 231,336  
Operating lease liabilities arising from obtaining right-of-use assets           $ 1,292,594  
                 
Operating Leases:                
Weighted-average remaining lease term (in years)             5.2 years  
Weighted-average discount rate             8.3 %
Schedule of future lease payments under non-cancelable operating leases
Future lease payments under non-cancelable operating leases as of August 31, 2020 are as follows:

  

Fiscal Year Ended November 30,  
2020 (three months)     $ 74,065  
2021       308,448  
2022       239,221  
2023       213,859  
2024       216,866  
Thereafter       286,290  
Total lease payments       1,338,749  
Less: imputed interest       (245,112 )
Total lease liabilities     $ 1,093,637
Schedule of lease commitments by fiscal year
The Company had the following lease commitments by fiscal year at November 30, 2019:

  

Location   2020     2021     2022     2023     2024     2025 and beyond  
Wilmington/Andover, MA   $ 24,987     $ 115,371     $ 117,972     $ 120,979     $ 123,986     $ 300,660  
Fort Wayne, IN     30,357       30,585       7,646                    
South Africa*     13,098       2,217                          
Total   $ 68,442     $ 148,173     $ 125,618     $ 120,979     $ 123,986     $ 300,660  
(*USD based on November 30, 2019 exchange rate)