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Note 13 - Leases | 6 Months Ended
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May 31, 2022
Notes to Financial Statements |
Leases [Text Block] |
| 13) | Leases
|  | May 31, 2022 |  |  | November 30, 2021 |
Operating lease right-of-use assets (in other assets) |  | $ | 41,444 |  |  |  | 47,794 |
Current portion of operating lease liabilities (in accrued expenses) |  | $ | 12,333 |  |  |  | 12,863 |
Long-term portion of operating lease liabilities |  |  | 29,111 |  |  |  | 34,931 |
Total operating lease liabilities |  | $ | 41,444 |  |  |  | 47,794 |
The Company recorded $5,192 and $10,035 of operating lease costs in the three and six months ended May 31, 2022, respectively, which included variable costs tied to usage, compared to $5,909 and $11,989 for the three and six months ended May 31, 2021.The Company’s operating leases carry a weighted average lease term of 46 months and have a weighted average discount rate of 4.88% Future maturities of operating lease liabilities are as follows:
Years Ending November 30 |  |  |  |
2022 |  |  | 7,457 |
2023 |  |  | 12,345 |
2024 |  |  | 11,162 |
2025 |  |  | 9,532 |
2026 |  |  | 4,764 |
Total lease payments |  |  | 45,260 |
Less imputed interest |  |  | (3,816 | )
Total operating lease liabilities |  |  | 41,444 |
The components of finance leases on the Consolidated Balance Sheets on May 31, 2022 and November 30, 2021 were as follows:
|  | May 31, 2022 |  |  | November 30, 2021 |
Finance lease right-of-use assets (net of amortization in other assets) |  | $ | 532,822 |  |  | $ | 190,667 |
Current portion of finance lease liabilities |  | $ | 116,311 |  |  | $ | 48,591 |
Long-term portion of finance lease liabilities |  |  | 425,650 |  |  |  | 142,386 |
Total finance lease liabilities |  | $ | 541,961 |  |  | $ | 190,977 |
Future maturities of finance lease liabilities as of May 31, 2022 are as follows:
Year Ending November 30, |  |  |  |
2022 |  | $ | 66,725 |
2023 |  | $ | 136,991 |
2024 |  | $ | 148,374 |
2025 |  | $ | 94,548 |
2026 |  | $ | 92,964 |
2027 and thereafter |  | $ | 54,268 |
Total lease payments |  |  | 593,870 |
Less imputed interest |  |  | (51,909 | )
Total finance lease liabilities |  | $ | 541,961 |
The weighted average lease term of the Company’s finance leases are 52 months while the weighted average rate of finance leases is 4.24%. The Company incurred $31,002 and $47,144 of amortization expense from ROU assets related to finance leases in three- and six-months ending May 31, 2022, respectively compared to $0 for the same periods in 2021. On June 29, 2022 the Company signed a finance lease proposal for a forklift that has 60 monthly payments of $2,432 with a of $14,575. The forklift will be used at the Agricultural Products segment to transport oversized equipment. On July 5, 2022, the Company entered into a finance lease agreement for a Haas milling machine for its Tools segment to increase production capacity and efficiency. The finance lease consists of 60 payments of $2,805 per month with a buyout of $16,437 at the end of the lease.

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