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Note 13 - Leases | 9 Months Ended
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Aug. 31, 2021
Notes to Financial Statements |
Leases [Text Block] |
| 13) | Leases
The components related to sales-type leases on November 30, 2020, are as follows:
|  | November 30, 2020 |
Minimum lease receivable, current |  | $ | 29,002 |
Unearned interest income, current |  |  | (650 | )
Net investment in sales-type leases, current |  | $ | 28,352 |
There was no sales activity related to sales-type leases for the three and nine months ended August 31, 2021, and August 31, 2020. There were no future minimum lease receipts from sales-type leases as of August 31, 2021. The components of operating leases on the Condensed Consolidated Balance Sheets on August 31, 2021 are as follows:
|  | August 31, 2021 |  |  | November 30, 2020 |
Operating lease right-of-use assets (other assets) |  | $ | 50,908 |  |  | $ | 27,879 |
Current portion of operating lease liabilities (accrued expenses) |  | $ | 12,699 |  |  | $ | 9,537 |
Long-term portion of operating lease liabilities |  |  | 38,209 |  |  |  | 18,342 |
Total operating lease liabilities |  | $ | 50,908 |  |  | $ | 27,879 |
The Company recorded $5,547 and $17,536 of operating lease costs in the three and nine months ended August 31, 2021, respectively, compared to $4,208 and $17,840 for the same periods of 2020, which included variable costs tied to usage. The Company’s operating leases carry a weighted average lease term of 51 months and have a weighted average discount rate of 5.50% Future maturities of operating lease liabilities are as follows:
Year Ending November 30, |  |  |  |
2021 |  |  | 3,729 |
2022 |  |  | 14,914 |
2023 |  |  | 12,344 |
2024 |  |  | 11,162 |
2025 |  |  | 9,532 |
2026 and thereafter |  |  | 4,766 |
Total lease payments |  |  | 56,447 |
Less imputed interest |  |  | (5,539 | )
Total operating lease liabilities |  |  | 50,908 |
The components of finance leases on the Condensed Consolidated Balance Sheets on August 31, 2021 are as follows:
|  | August 31, 2021 |
Finance lease right-of-use assets (net of amortization in other assets) |  | $ | 7,035 |
Current portion of finance lease liabilities (accrued expenses) |  | $ | 1,311 |
Long-term portion of finance lease liabilities |  |  | 5,777 |
Total finance lease liabilities |  | $ | 7,088 |
The Company recorded $357 of amortization and $87 of interest expense in the three months ended August 31, 2021 and $477 of amortization and $116 of interest expense in the nine months ended August 31, 2021 compared to $0 for the same periods of fiscal 2021. The Company’s finance lease carries a lease term of 59 months and uses a discount rate of 4.75%. Future maturities of finance lease liabilities are as follows:
Year Ending November 30, |  |  |  |
2021 |  | $ | 405 |
2022 |  |  | 1,619 |
2023 |  |  | 1,619 |
2024 |  |  | 1,619 |
2025 |  |  | 1,619 |
2026 and thereafter |  |  | 1,080 |
Total lease payments |  |  | 7,961 |
Less imputed interest |  |  | (873 | )
Total finance lease liabilities |  | $ | 7,088 |

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