Quarterly report [Sections 13 or 15(d)]

Note 12 - Property and Equipment

v3.25.2
Note 12 - Property and Equipment
 6 Months Ended
May 31, 2025
Notes to Financial Statements  
Property, Plant and Equipment Disclosure [Text Block]

12.

PROPERTY AND EQUIPMENT

 

The following table summarizes cost and accumulated depreciation (in thousands):

 

   

May 31,

    

November 30,

  
   

2025

    

2024

  

Computer equipment and software

   $ 817     $ 791  

Furniture and fixtures

     501       276  

Leasehold improvements

     2,028       1,048  

Machinery and equipment

     7,137       4,095  
      10,483       6,210  

Less: accumulated depreciation

     3,639       2,802  

Total

   $ 6,844     $ 3,408  

 

The Company recognized $0.9 million and $0.6 million in depreciation expense during the six months ended May 31, 2025 and May 31, 2024, respectively. The Company recognized $0.5 million and $0.3 million in depreciation expense during the three months ended May 31, 2025 and 2024, respectively. Depreciation expense is presented in the operating expenses and within cost of goods sold in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income.

 

At May 31, 2025 and November 30, 2024, the Company had deposits of $2.0 million and $2.7 million, respectively, with vendors primarily for supply of machinery (molds) and equipment where the vendors have not completed the supply of these assets and is presented as Deposits for equipment in the Condensed Consolidated Balance Sheets.