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Note 13 - Convertible Notes Payable | 12 Months Ended
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Nov. 30, 2021
Notes to Financial Statements |
Convertible Notes Payable [Text Block] |
13. | CONVERTIBLE NOTES PAYABLE
Effective April 8, 2020, the Company exchanged an aggregate of $6.95 million of all its then outstanding convertible notes, representing principal and accrued interest through April 7, 2020, for 1,391 shares Series A Preferred Stock at an original issue price of $5,000. Accretion of debt discounts incurred through conversion for the year ended November 30, 2020 totaled $0.8 million, and related interest expense for the same period totaled $0.2 million. As the debt was convertible to shares of common stock, whereas shares of Series A Preferred Stock were issued, the Company evaluated ASC 405-20, Extinguishments of Liabilities (“ASC 405-20”). Pursuant to ASC 405-20, a liability has been extinguished if either of the following conditions is met (a) the debtor pays the creditor and is relieved of its obligation for the liability and (b) the debtor is legally released from being the primary obligor under the liability, either judicially or by the creditor. As both conditions were met, the transaction was accounted for as a debt extinguishment and the Company recorded a $6.0 million loss on extinguishment of debt which represented the difference between:
| (i) | the carrying value of the notes, net of unamortized discounts, of $5.4 million plus accrued interest of $0.4 million; and
| (ii) | the fair value of the consideration transferred (Series A Preferred Stock and warrants) of $11.8 million. See Note 14, “Stockholders Equity,” for additional information.
At the closing, in accordance with the Amendment and the Security Purchase Agreements pursuant to which the notes were issued, the Company also issued 149,842 warrants to the holders reflecting 400 warrants for each $1,000 of unpaid interest accrued on the Notes. See Note 14, “Stockholders’ Equity,” for additional information. In connection with the issuance of notes in April/May of 2019 which have been repaid, the Company issued warrants for the purchase of 832,106 shares of common stock at an exercise price of $2.50 per share. The warrants were exercisable until October 23, 2023. In connection with the issuance of notes in October, 2018, the Company issued warrants for the purchase of 510,000 shares of common stock at an exercise price of $2.50 per share. The warrants were exercisable until October 23, 2023.

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