Note 8 - Leases

12 Months Ended

Nov. 30, 2020

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

NOTE 8 – LEASES

The Company leases office space under non-cancelable operating leases with original lease terms of five years. These leases require monthly lease payments that may be subject to annual increases throughout the lease term. Certain of these leases also include renewal options at the election of the Company to renew or extend the lease for an additional five years. These optional periods have not been considered in the determination of ROU assets or lease liabilities associated with these leases as management did not consider it reasonably certain it would exercise the options.

The Company performed evaluations of its contracts and determined each of its identified leases are operating leases. Additionally, short-term leases, which have an initial term of 12 months or less, are not recorded in the Consolidated Balance Sheets.

Lease expenses are included in General and administrative expense – Office expense on the Consolidated Statements of Loss and include the following components for the year ended November 30, 2020:

Operating lease cost	$	216
Variable lease cost		120
Short-term lease cost		4
	$	340

On February 1, 2020, the Company recorded a new operating lease obligation of $380 arising from obtaining ROU assets.

Future minimum lease payments under non-cancellable operating leases as of November 30, 2020, were as follows:

2021	$	232
2022		237
2023		90
2024		92
2025		8
Thereafter		—
Total future minimum lease payments		659
Less: imputed interest		(48	)
Total	$	611

Other information regarding leases for the year ended November 30, 2020 includes the following:

Cash paid for operating leases	$	204
Right-of-use assets obtained in exchange for lease liabilities	$	380
Weighted average remaining lease term (years) – operating leases		3.1
Weighted average discount rate – operating leases		5	%