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NOTES PAYABLE | 6 Months Ended
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May 31, 2020
Debt Disclosure [Abstract] |
NOTES PAYABLE |
15. | NOTES PAYABLE
| The Company applied for and received $190,300 of funding under the Paycheck Protection Program (“PPP”) on May 4, 2020. The PPP loan was disbursed by Coronavirus Aid, Relief, and Economic Security (“CARES”) Act as administered by the U.S. Small Business Administration. The loan was made pursuant to a PPP Promissory Note and Agreement. Loans obtained through the Paycheck Protection Program 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 is 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. The Company is using the proceeds from the PPP loan to fund payroll costs in accordance with the relevant terms and conditions of the CARES Act. The Company is following the government guidelines and tracking costs to insure 100% forgiveness of the loan. To the extent it is not forgiven, the Company would be required to repay that portion at an interest rate of 1% over a period of eighteen months, beginning November 2020 with a final installment in April 2022. As of May 31, 2020, the current and long-terms portion of the loan were $74,006 and $116,294, respectively. 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 $122,548 (2,261,564 South African rand) at the acquisition date. The balance at May 31, 2020 was $135,901. Interest expense for three and six months ended May 31, 2020 was less than $600.
| The below table summarizes maturities of the Company’s debt at May 31, 2020:
Fiscal Year Ended November 30, |  |  |  |  |  |  |
2020 (six months) |  | $ | 146,473 |  |  |  |  |
2021 |  |  | 126,867 |  |  |  |  |
2022 |  |  | 52,861 |  |  |  |  |
Total |  | $ | 326,201 |  |  |  |  |

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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