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Leases | 12 Months Ended
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Nov. 30, 2020
Leases [Abstract] |
Leases | NOTE 16 - LEASES Effective December 1, 2019, the Company adopted ASU 2016-02, Leases (Topic 842), using the modified retrospective approach and utilizing the effective date as its date of initial application. As a result, prior periods are presented in accordance with the previous guidance in ASC 840, Leases (“ASC 840”). The Company has elected to apply the ‘package of practical expedients’ which allows the Company to not reassess i) whether existing or expired arrangements contain a lease, ii) the lease classification of existing or expired leases, or iii) whether previous initial direct costs would qualify for capitalization under the new lease standard. At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present in the arrangement. Leases with a term greater than one year are recognized on the balance sheet as a right-of-use (ROU) assets and as short-term and long-term lease liabilities, as applicable. The Company does not have any financing leases. Operating lease liabilities and their corresponding right-of-use assets are initially recorded based on the present value of lease payments over the expected remaining lease term. The interest rate implicit in lease contracts is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rate to discount lease payments, which reflects the fixed rate at which the Company believes it could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. The Company has elected not to recognize leases with an original term of one year or less on the balance sheet. The Company typically only includes an initial lease term in its assessment of a lease arrangement. Options to renew a lease are not included in the Company’s assessment unless there is reasonable certainty that the Company will renew. The following table presents the right-of-use asset and short-term and long-term lease liabilities amounts recorded on the consolidated balance sheets as of November 30, 2020:
|  | November 30, 2020 |
Assets |  |  |  |
Operating lease right-of-use asset |  | $ | 299,089 |
Liabilities |  |  |  |
Current portion of operating lease liabilities |  | $ | 275,570 |
Operating lease long term liabilities |  |  | 23,632 |
Total lease liability |  | $ | 299,202 |
The maturity of the Company’s lease liabilities at November 30, 2020 were as follows:
|  | Future Operating |
Fiscal Year Ending November 30, 2020 |  | Lease Payments |
2021 |  | $ | 284,847 |
2022 |  |  | 23,737 |
Less: Imputed interest |  |  | (9,382 | )
Present value of lease liabilities |  | $ | 299,202 |
The remaining lease term and discount rates are as follows:
|  | November 30, 2020 |
Lease Term and Discount Rate |  |  |  |
Remaining lease term (years) |  |  |  |
Operating lease |  |  | 1.08 |
Discount rate (percentage) |  |  |  |
Operating lease |  |  | 5.3 | %
Supplemental cash flow information related to leases is as follows:
|  | Twelve Months Ended |
|  | November 30, 2020 |
Operating cash outflows from operating leases |  | $ | 278,788 |

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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