Annual report pursuant to Section 13 and 15(d)

Note 8 - Property and Equipment

v3.22.4
Note 8 - Property and Equipment
 12 Months Ended
Nov. 30, 2022
Notes to Financial Statements  
Property, Plant and Equipment Disclosure [Text Block]

8.

PROPERTY AND EQUIPMENT

 

The following table summarizes cost and accumulated depreciation as of November 30, 2022 and 2021, respectively (in thousands).

           

   

Estimated Useful

    

November 30,

  
   

Lives in Years

    

2022

    

2021

  

Computer equipment and software

     3-5     $ 328     $ 275  

Furniture and fixtures

     5       392       208  

Leasehold improvements

     3-7       910       157  

Machinery and equipment

     5-7       2,531       1,738  
              4,161       2,378  

Less: accumulated depreciation and amortization

             852       406  

Total

           $ 3,309     $ 1,972  

 

The Company recognized approximately $0.6 million and $0.3 million in depreciation and amortization expense during the years ended November 30, 2022 and 2021, respectively. Depreciation and amortization expense is presented in the operating expenses and within cost of goods sold in the accompanying Consolidated Statements of Operations and Comprehensive Loss.

 

At November 30, 2022 and 2021, the Company deposited $2.3 million and $1.3 million, respectively, with vendors primarily for supply of molds and equipment where the vendors have not completed supply of these assets.  The Company placed $0.9 million of molds and equipment deposits from November 30, 2021 into service during fiscal year 2022.