Annual report pursuant to Section 13 and 15(d)

Note 11 - Notes Payable

Note 11 - Notes Payable
12 Months Ended
Nov. 30, 2021
Notes to Financial Statements  
Notes Payable Disclosure [Text Block]




Paycheck Protection Program (PPP) Loan


The Company received $0.2 million of funding under the Paycheck Protection Program (“PPP”) on May 4, 2020. The PPP loan was disbursed by the Coronavirus Aid Relief and Economic Security (“CARES”) Act as administered by the U.S. Small Business Administration ("SBA"). The loan was made pursuant to a PPP Promissory Note and Agreement. Loans obtained through the PPP are eligible to be forgiven as long as the proceeds are used for qualifying purposes and certain other conditions are met. The receipt of these funds, and the forgiveness of the loan was dependent on the Company having initially qualified for the loan and qualifying for the forgiveness of such loan based on its adherence to the forgiveness criteria. In June 2020, Congress passed the Payroll Protection Program Flexibility Act that made several significant changes to PPP loan provisions, including providing greater flexibility for loan forgiveness. On February 10, 2021, the Company received approval from the SBA for $0.2 million of PPP loan forgiveness. This amount was recorded as Forgiveness of Paycheck Protection Program loan in the accompanying Consolidated Statements of Operations and Comprehensive Loss during the year ended November 30, 2021.


Roboro Acquisition Note


As part of the Roboro acquisition, the Company assumed a loan payable to a former director of Roboro which is payable within four months of the May 5, 2020 acquisition date and accrued interest at a rate of 7.00%. The loan had a fair value of $0.1 million (2.3 million South African rand) at the acquisition date. This note was repaid during the year ended November 30, 2020.