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Leases | 12 Months Ended
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Nov. 30, 2023
Leases [Abstract] |
Leases | NOTE 16 - LEASES At the inception of a lease 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, 2023 and November 30, 2022:
|  | November 30, 2023 |  |  | November 30, 2022 |
Assets |  |  |  |  |  |
Operating lease right-of-use asset |  | $ | 1,033,157 |  |  | $ | 606,034 |
Liabilities |  |  |  |  |  |
Current portion of operating lease liabilities |  | $ | 225,686 |  |  | $ | 297,691 |
Operating lease long-term liabilities |  |  | 851,938 |  |  |  | 313,298 |
Total lease liability |  | $ | 1,077,624 |  |  | $ | 610,989 |
The maturity of the Company’s lease liabilities at November 30, 2023 were as follows:
|  | Future Operating |
Fiscal Year Ending November 30, |  | Lease Payments |
2024 |  | $ | 306,762 |
2025 |  |  | 435,970 |
2026 |  |  | 458,026 |
2027 |  |  | 38,247 |
Less: Imputed interest |  |  | (161,381 | )
Present value of lease liabilities |  | $ | 1,077,624 |
The remaining lease term and discount rates are as follows:
|  | November 30, 2023 |  | November 30, 2022 |
Lease Term and Discount Rate |  |  |  |  |
Remaining lease term (years) |  |  |  |  |
Operating lease |  | 3.08 |  |  | 2.08 |
Discount rate (percentage) |  |  |  |  |
Operating lease |  | 8.3% |  |  | 3.5 | %
Supplemental cash flow information related to leases is as follows:
|  | Twelve months ended |
|  | November 30, 2023 |  |  | November 30, 2022 |
Operating cash outflows from operating leases |  | $ | 330,455 |  |  | $ | 342,132 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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