LEASES (Tables)
|
6 Months Ended |
12 Months Ended |
May 31, 2021 |
Nov. 30, 2020 |
| Leases [Abstract] |
|
|
| Schedule of lease expense |
The elements of lease expense were as follows (in thousands):
| |
|
Three Months
Ended |
|
|
Six Months
Ended |
|
| |
|
May
31, 2021 |
|
|
May
31, 2021 |
|
| Lease
Cost: |
|
|
|
|
|
|
|
|
| Operating
lease cost |
|
$ |
87 |
|
|
$ |
179 |
|
| Short-term
lease cost |
|
|
5 |
|
|
|
5 |
|
| Variable
lease cost |
|
|
— |
|
|
|
— |
|
| Total
lease cost |
|
$ |
92 |
|
|
$ |
184 |
|
| |
|
|
|
|
|
|
|
|
| Other
Information: |
|
|
|
|
|
|
|
|
| Cash
paid for amounts included in the measurement of operating lease liabilities |
|
|
|
|
|
$ |
156 |
|
| Operating
lease liabilities arising from obtaining right-of-use assets |
|
|
|
|
|
$ |
182 |
|
| |
|
|
|
|
|
|
|
|
| Operating
Leases: |
|
|
|
|
|
|
|
|
| Weighted-average
remaining lease term (in years) |
|
|
|
|
|
|
4.7 years |
|
| Weighted-average
discount rate |
|
|
|
|
|
|
9.3 |
% |
|
As
of November 30, 2020, right-of-use assets of $1,200,447, current lease liabilities of $257,608, and non-current lease liabilities
of $828,005 are reflected in the accompanying Consolidated Balance Sheets. The elements of lease expense were as follows:
| |
|
November
30,2020 |
|
| Lease
Cost: |
|
|
|
|
| Operating
lease cost |
|
$ |
198,402 |
|
| Short-term
lease cost |
|
|
24,560 |
|
| Variable
lease cost |
|
|
8.696 |
|
| Total
lease cost |
|
$ |
231,658 |
|
| |
|
|
|
|
| Other
Information: |
|
|
|
|
| Cash
paid for amounts included in the measurement of operating lease liabilities |
|
$ |
309,642 |
|
| Operating
lease liabilities arising from obtaining right-of-use assets |
|
$ |
1,336,153 |
|
| |
|
|
|
|
| Operating
Leases: |
|
|
|
|
| Weighted-average
remaining lease term (in years) |
|
|
4.9 years |
|
| Weighted-average
discount rate |
|
|
8.4 |
% |
|
| Schedule of future lease payments under non-cancelable operating leases |
|
Future lease payments under non-cancelable operating
leases as of May 31, 2021 are as follows (in thousands): |
| Fiscal
Year Ending November 30, |
|
| 2021 (six months) |
|
|
$ |
161 |
|
| 2022 |
|
|
|
315 |
|
| 2023 |
|
|
|
282 |
|
| 2024 |
|
|
|
290 |
|
| 2025 |
|
|
|
187 |
|
| Thereafter |
|
|
|
157 |
|
| Total lease payments |
|
|
|
1,392 |
|
| Less: imputed interest |
|
|
|
255 |
|
| Total lease liabilities |
|
|
$ |
1,137 |
|
|
Future
lease payments under non-cancelable operating leases as of November 30, 2020 are as follows:
| Fiscal
Year Ended November 30, |
|
|
|
|
| 2021 |
|
|
$ |
335,317 |
|
| 2022 |
|
|
|
259,261 |
|
| 2023 |
|
|
|
213,859 |
|
| 2024 |
|
|
|
216,866 |
|
| 2025 |
|
|
|
188,913 |
|
| Thereafter |
|
|
|
97,086 |
|
| Total lease payments |
|
|
|
1,311,302 |
|
| Less:
imputed interest |
|
|
|
225,689 |
|
| Total
lease liabilities |
|
|
$ |
1,085,613 |
|
|
| Schedule of sales-type leases |
The
receivable recorded as a result of the lease is collateralized by the underlying equipment and consist of the following components at
May 31, 2021 (in thousands):
| Net
minimum lease payments to be received |
|
$ |
121 |
|
| Less:
unearned interest income portion |
|
|
14 |
|
| Net investment
in sales-type leases |
|
|
107 |
|
| Less:
current portion |
|
|
44 |
|
| Net
investment in sales-type leases, non-current |
|
$ |
63 |
|
|
|
| Schedule of future minimum lease payments under sales-type leases |
The
maturity schedule of future minimum lease payments under sales-type leases and the reconciliation to the net investment in sales-type
leases reported at May 31, 2021 was as follows (in thousands):
| Fiscal
Year Ending November 30, |
| 2021 (six months) |
|
$ |
27 |
|
| 2022 |
|
|
54 |
|
| 2023 |
|
|
40 |
|
| Total future
minimum sales-type lease payments |
|
|
121 |
|
| Less:
unearned income |
|
|
14 |
|
| Total
net investment in sales-type leases |
|
$ |
107 |
|
|
|
| Schedule of lease commitments by fiscal year |
|
The
Company had the following commitments by fiscal year at November 30, 2019:
| Location |
|
2020 |
|
|
2021 |
|
|
2022 |
|
|
2023 |
|
|
2024 |
|
|
2025 and
beyond |
|
| Wilmington, 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) |
|
|
|
|
|
|
|
|
|