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Notes Payable | 6 Months Ended
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May 31, 2026
Debt Disclosure [Abstract] |
Notes Payable | Note 5 – Notes Payable On July 18, 2022, Cryo-Cell International, Inc. (the “Company”) entered into a Credit Agreement (the “Credit Agreement”) with Susser Bank, a Texas state bank (“Susser”), as administrative agent on behalf of itself and the other lenders (collectively, the “Lenders”). The Credit Agreement provides for (i) an unsecured revolving line of credit with an aggregate commitment of up to $10,000,000 (the “RCF”) and (ii) a term loan facility in an original principal amount of $8,960,000 (the “Term Loan,” and together with the RCF, the “Loans”). In connection with the Credit Agreement, the Company executed a Revolving Credit Note in favor of Susser in the principal amount of $10,000,000 (the “RCF Note”) and a Term Note in favor of Susser in the principal amount of $8,960,000 (the “Term Note,” and together with the RCF Note, the “Notes”). The Loans bear interest, at the Company’s option, at either (a) a base rate equal to the highest of (i) the U.S. Prime Rate as published by The Wall Street Journal, (ii) the federal funds rate plus 0.50%, or (iii) the Monthly SOFR rate plus 1.00%, subject in each case to a floor of 5.50%, plus an applicable margin, or (b) the Monthly SOFR rate plus an applicable margin, subject to a floor of 4.50%. Prior to the Fifth Amendment (defined below), the applicable margins were 4.25% for Base Rate loans and 3.25% for Monthly SOFR loans. The Company is also required to pay a commitment fee on the unused portion of the RCF. The RCF originally matured on July 18, 2025, and the Term Note was scheduled to mature on July 18, 2032. On July 15, 2025, Susser extended the RCF maturity date to October 18, 2025. On October 18, 2025, the Company and Susser entered into a Fifth Amendment to the Credit Agreement (the “Fifth Amendment”). Pursuant to the Fifth Amendment, (i) the RCF maturity date was extended to October 18, 2027, (ii) the Term Note maturity date was extended to July 29, 2032, (iii) the revolving credit commitment was reduced to $8,000,000, and (iv) the applicable margins were revised as follows: 4.25% for Base Rate term loans, 3.75% for Base Rate revolving loans, 3.25% for Monthly SOFR term loans, and 2.75% for Monthly SOFR revolving loans. The commitment fee was revised to 0.25% per annum. In addition, the Company’s wholly owned subsidiary, Celle Corp., became a guarantor under the Credit Agreement and entered into a Security Agreement for the benefit of the Lenders. For the three months ended May 31, 2026 and May 31, 2025, the Company incurred interest expense of $152,753 and $239,154, respectively, which is reflected in interest expense on the accompanying consolidated statements of income. As of the six months ended May 31, 2026 and May 31, 2025, the Company incurred interest expense of $336,169 and $462,155, respectively, which is reflected in interest expense on the accompanying consolidated statements of income. The interest rates for the RCF and Term Note as of May 31, 2026 were 0% and 6.86%, respectively. The interest rates for the RCF and Term Note as of May 31, 2025 were 7.57% and 7.58%, respectively. The average outstanding balance during the six months ended May 31, 2026 for the revolving line of credit was $1,223,077. The average outstanding balance during the twelve months ended November 30, 2025 for the revolving line of credit was $3,360,822. The revolving line of credit balance as of May 31, 2026 and November 30, 2025 was $0 and $2,300,000, respectively, and is reflected on the accompanying balance sheet. The Company incurred debt issuance costs related to the term loan in the amount of $196,501 which is recorded as a direct reduction of the carrying amount of the note payable and amortized over the life of the loan. As of the three months ended May 31, 2026 and May 31, 2025, $5,109 and $5,219, respectively, of the debt issuance costs were amortized and are reflected in interest expense on the accompanying consolidated statements of income. As of the six months ended May 31, 2026 and May 31, 2025, $10,245 and $10,465, respectively, of the debt issuance costs were amortized and are reflected in interest expense on the accompanying consolidated statements of income. The Credit Agreement contains customary affirmative and negative covenants, including requirements that the Company maintain (i) a leverage ratio of no more than 3.50 to 1.00 and (ii) a debt service coverage ratio of not less than 1.25 to 1.00, each determined as of the last day of each fiscal quarter for the four-fiscal-quarter period then ended. As of May 31, 2026 and November 30, 2025, the note payable obligation was as follows:
|  | May 31, 2026 |  |  | November 30, 2025 |
Note payable - Susser |  | $ | 8,394,265 |  |  | $ | 8,481,125 |
Unamortized debt issuance costs - Susser |  |  | (117,100 | ) |  |  | (127,345 | )
Net note payable |  | $ | 8,277,165 |  |  | $ | 8,353,780 |
Current portion of note payable |  | $ | 195,135 |  |  | $ | 183,650 |
Long-term note payable, net of debt issuance costs |  |  | 8,082,030 |  |  |  | 8,170,130 |
Total |  | $ | 8,277,165 |  |  | $ | 8,353,780 |
Future principal payments under the note payable obligation are as follows:
Years ending May 31: |  | Amount |
2027 |  | $ | 195,135 |
2028 |  |  | 207,586 |
2029 |  |  | 220,485 |
2030 |  |  | 234,610 |
2031 |  |  | 249,645 |
Thereafter |  |  | 7,286,804 |
Less: Unamortized debt issuance costs |  |  | (117,100 | )
Total |  | $ | 8,277,165 |
Interest expense on the note payable for the three and six months ended May 31, 2026 and 2025 was as follows:
|  | For the three months ended |  |  | For the six months ended |
|  | May 31, 2026 |  |  | May 31, 2026 |
Interest expense on notes payable |  | $ | 152,753 |  |  | $ | 336,169 |
Debt issuance costs |  |  | 5,109 |  |  |  | 10,245 |
Total interest expense |  | $ | 157,862 |  |  | $ | 346,414 |
|  | For the three months ended |  |  | For the six months ended |
|  | May 31, 2025 |  |  | May 31, 2025 |
Interest expense on notes payable |  | $ | 239,154 |  |  | $ | 462,155 |
Debt issuance costs |  |  | 5,219 |  |  |  | 10,465 |
Total interest expense |  | $ | 244,373 |  |  | $ | 472,620 |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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