Annual report pursuant to Section 13 and 15(d)

Note 9 - Property and Equipment

v3.24.0.1
Note 9 - Property and Equipment
 12 Months Ended
Nov. 30, 2023
Notes to Financial Statements  
Property, Plant and Equipment Disclosure [Text Block]

9.

PROPERTY AND EQUIPMENT

 

The following table summarizes cost and accumulated depreciation as of November 30, 2023 and 2022, respectively (in thousands).

           

   

Estimated Useful

    

November 30,

  
   

Lives in Years

    

2023

    

2022

  

Computer equipment and software

     3-5     $ 817     $ 328  

Furniture and fixtures

     5       273       392  

Leasehold improvements

     3-7       989       910  

Machinery and equipment

     5-7       3,425       2,531  
              5,504       4,161  

Less: accumulated depreciation and amortization

             1,701       852  

Total

           $ 3,803     $ 3,309  

 

The Company recognized approximately $1.0 million and $0.6 million in depreciation expense during the years ended November 30, 2023 and 2022, respectively. Depreciation 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, 2023 and 2022, the Company deposited $1.2 million and $2.3 million, respectively, with vendors primarily for supply of molds and equipment where the vendors have not completed supply of these assets.  The Company placed $1.2 million and $0.5 million of molds and equipment deposits and software deposits, respectively, from  November 30, 2022 into service during fiscal year November 30, 2023.  The Company placed $0.9 million of molds and equipment deposits from  November 30, 2021 into service during fiscal year  November 30, 2022.  The deposits are presented in the Consolidated Balance Sheets as deposits for equipment.