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Note 8 - Leases

12 Months Ended

Nov. 30, 2023

NOTE 8 – LEASES

The Company leases office space under non-cancelable operating leases with original lease terms of five years. These leases require monthly lease payments that may be subject to annual increases throughout the lease term. Certain of these leases also include renewal options at the election of the Company to renew or extend the lease for an additional five years. These optional periods have not been considered in the determination of ROU assets or lease liabilities associated with these leases as management did not consider it reasonably certain it would exercise the options. Certain of our leases include payments that vary based on the Company’s level of usage and operations. These variable payments are not included within ROU assets and lease liabilities in the Consolidated Balance Sheets. Additionally, short-term leases, which have an initial term of 12 months or less, are not recorded in the Consolidated Balance Sheets.

Lease expenses are included in General and administrative expense – Office expense on the Consolidated Statements of Loss and include the following components:

	Years ended November 30,
	2023		2022		2021
Operating lease cost	$	232	$	234	$	235
Variable lease cost		121		126		122
Short-term lease cost		5		5		4
	$	358	$	365	$	361

Future minimum lease payments under non-cancellable operating leases as of November 30, 2023, were as follows:

2024	$	234
2025		157
2026		154
2027		159
2028		164
Thereafter		56
Total future minimum lease payments		924
Less: imputed interest		(123	)
	$	801

Other information regarding leases includes the following:

	Years ended November 30,
	2023			2022			2021
Cash paid for operating leases	$	193		$	238		$	235
Variable lease cost		121			126			127
Short-term lease cost		5			5			5
	$	319		$	369		$	367

ROU assets obtained in exchange for lease liabilities	$	—		$	750		$	—
Weighted average:
Remaining lease term (years) – operating leases		4.8			5.6			2.3
Discount rate – operating leases		5.9	%		5.8	%		5.0	%