0001354866 2020-12-01 2021-05-31 0001354866 2019-12-01 2020-05-31 0001354866 2021-03-01 2021-05-31 0001354866 2020-03-01 2020-05-31 0001354866 country:US 2021-03-01 2021-05-31 0001354866 country:ZA 2021-03-01 2021-05-31 0001354866 country:US 2020-03-01 2020-05-31 0001354866 country:ZA 2020-03-01 2020-05-31 0001354866 country:US 2020-12-01 2021-05-31 0001354866 country:ZA 2020-12-01 2021-05-31 0001354866 country:US 2019-12-01 2020-05-31 0001354866 country:ZA 2019-12-01 2020-05-31 0001354866 byrn:BipManufacturerMember 2020-12-01 2021-05-31 0001354866 byrn:BipManufacturerMember 2019-12-01 2020-05-31 0001354866 byrn:BipManufacturerMember 2021-03-01 2021-05-31 0001354866 byrn:BipManufacturerMember 2020-03-01 2020-05-31 0001354866 byrn:AndreBuysMember 2021-05-31 0001354866 byrn:AndreBuysMember 2020-12-01 2021-05-31 0001354866 2021-05-31 0001354866 2021-02-28 0001354866 2020-05-31 0001354866 country:MA 2021-05-31 0001354866 country:MA 2020-12-01 2021-05-31 0001354866 country:ZA 2020-11-26 2020-11-30 0001354866 country:IN byrn:LeaseTerminationAgreementMember 2020-12-01 2021-05-31 0001354866 stpr:IN 2020-12-01 2021-05-31 0001354866 stpr:NV 2020-12-01 2021-05-31 0001354866 2020-11-30 0001354866 byrn:AndreBuysMember 2019-12-01 2020-05-31 0001354866 byrn:AndreBuysMember 2020-11-30 0001354866 byrn:AndreBuysMember 2017-12-01 2018-11-30 0001354866 us-gaap:PatentsMember byrn:AndreBuysMember 2020-12-01 2021-05-31 0001354866 srt:ChiefExecutiveOfficerMember 2020-12-01 2021-05-31 0001354866 srt:ChiefExecutiveOfficerMember 2019-12-01 2020-05-31 0001354866 byrn:AndreBuysMember 2021-03-01 2021-05-31 0001354866 byrn:AndreBuysMember 2020-03-01 2020-05-31 0001354866 srt:ChiefExecutiveOfficerMember 2020-03-01 2020-05-31 0001354866 us-gaap:SeriesAPreferredStockMember 2020-03-01 2020-05-31 0001354866 us-gaap:SeriesAPreferredStockMember 2019-12-01 2020-05-31 0001354866 us-gaap:WarrantMember 2020-03-01 2020-05-31 0001354866 us-gaap:WarrantMember 2019-12-01 2020-05-31 0001354866 us-gaap:EmployeeStockOptionMember 2020-03-01 2020-05-31 0001354866 us-gaap:EmployeeStockOptionMember 2019-12-01 2020-05-31 0001354866 us-gaap:RestrictedStockUnitsRSUMember 2020-12-01 2021-05-31 0001354866 us-gaap:RestrictedStockUnitsRSUMember 2020-11-30 0001354866 us-gaap:RestrictedStockUnitsRSUMember 2021-05-31 0001354866 byrn:EmployeesAndDirectorsAndNonEmployeesMember 2020-12-01 2021-05-31 0001354866 byrn:EmployeesAndDirectorsAndNonEmployeesMember srt:MinimumMember 2020-12-01 2021-05-31 0001354866 byrn:EmployeesAndDirectorsAndNonEmployeesMember srt:MaximumMember 2020-12-01 2021-05-31 0001354866 byrn:EmployeesAndDirectorsAndNonEmployeesMember srt:MinimumMember 2021-05-31 0001354866 byrn:EmployeesAndDirectorsAndNonEmployeesMember srt:MaximumMember 2021-05-31 0001354866 currency:CAD 2020-12-01 2021-05-31 0001354866 currency:CAD 2020-11-30 0001354866 currency:CAD 2021-05-31 0001354866 currency:USD 2020-12-01 2021-05-31 0001354866 currency:USD 2020-11-30 0001354866 currency:USD 2021-05-31 0001354866 byrn:StockOptionPlan2017Member 2021-05-31 0001354866 byrn:EquityIncentivePlan2020Member 2020-10-23 0001354866 byrn:EquityIncentivePlan2020Member us-gaap:RestrictedStockUnitsRSUMember 2020-12-01 2021-05-31 0001354866 byrn:EquityIncentivePlan2020Member us-gaap:RestrictedStockUnitsRSUMember 2019-12-01 2020-05-31 0001354866 byrn:EquityIncentivePlan2020Member byrn:EmployeesAndDirectorsMember 2020-12-01 2021-05-31 0001354866 byrn:StockOptionPlan2017Member byrn:EmployeesAndDirectorsMember 2019-12-01 2020-05-31 0001354866 byrn:EquityIncentivePlan2020Member byrn:NonEmployeesMember 2020-12-01 2021-05-31 0001354866 byrn:StockOptionPlan2017Member byrn:NonEmployeesMember 2019-12-01 2020-05-31 0001354866 byrn:MarketingConsultantMember byrn:IncentiveWarrantsMember 2020-12-01 2021-05-31 0001354866 byrn:MarketingConsultantMember byrn:IncentiveWarrantsMember 2019-12-01 2020-05-31 0001354866 byrn:EquityIncentivePlan2020Member us-gaap:RestrictedStockUnitsRSUMember 2021-03-01 2021-05-31 0001354866 byrn:EquityIncentivePlan2020Member us-gaap:RestrictedStockUnitsRSUMember 2020-03-01 2020-05-31 0001354866 byrn:EquityIncentivePlan2020Member byrn:EmployeesAndDirectorsMember 2021-03-01 2021-05-31 0001354866 byrn:StockOptionPlan2017Member byrn:EmployeesAndDirectorsMember 2020-03-01 2020-05-31 0001354866 us-gaap:SeriesAPreferredStockMember 2021-05-31 0001354866 us-gaap:SeriesAPreferredStockMember 2020-11-30 0001354866 2019-11-30 0001354866 2021-04-14 2021-04-15 0001354866 us-gaap:SeriesAPreferredStockMember 2021-04-09 0001354866 us-gaap:ConvertibleNotesPayableMember 2020-04-07 2020-04-08 0001354866 2020-01-01 2020-01-31 0001354866 us-gaap:CommonStockMember us-gaap:PatentsMember 2020-01-05 2020-01-06 0001354866 byrn:ConvertibleNoteholdersMember 2020-01-01 2020-01-31 0001354866 us-gaap:WarrantMember 2020-02-01 2020-02-29 0001354866 us-gaap:CommonStockMember 2021-03-01 2021-05-31 0001354866 us-gaap:CommonStockMember 2020-03-01 2020-05-31 0001354866 us-gaap:CommonStockMember 2020-12-01 2021-05-31 0001354866 us-gaap:CommonStockMember 2019-12-01 2020-05-31 0001354866 us-gaap:CommonStockMember 2021-02-28 0001354866 us-gaap:CommonStockMember 2021-05-31 0001354866 us-gaap:CommonStockMember 2020-02-29 0001354866 us-gaap:CommonStockMember 2020-05-31 0001354866 us-gaap:CommonStockMember 2020-11-30 0001354866 us-gaap:CommonStockMember 2019-11-30 0001354866 byrn:SharesToBeIssuedMember 2020-03-01 2020-05-31 0001354866 byrn:SharesToBeIssuedMember 2019-12-01 2020-05-31 0001354866 byrn:SharesToBeIssuedMember 2020-02-29 0001354866 byrn:SharesToBeIssuedMember 2020-05-31 0001354866 byrn:SharesToBeIssuedMember 2019-11-30 0001354866 us-gaap:TreasuryStockMember 2019-12-01 2020-05-31 0001354866 us-gaap:TreasuryStockMember 2019-11-30 0001354866 us-gaap:AdditionalPaidInCapitalMember 2021-03-01 2021-05-31 0001354866 us-gaap:AdditionalPaidInCapitalMember 2020-03-01 2020-05-31 0001354866 us-gaap:AdditionalPaidInCapitalMember 2020-12-01 2021-05-31 0001354866 us-gaap:AdditionalPaidInCapitalMember 2019-12-01 2020-05-31 0001354866 us-gaap:AdditionalPaidInCapitalMember 2021-02-28 0001354866 us-gaap:AdditionalPaidInCapitalMember 2021-05-31 0001354866 us-gaap:AdditionalPaidInCapitalMember 2020-02-29 0001354866 us-gaap:AdditionalPaidInCapitalMember 2020-05-31 0001354866 us-gaap:AdditionalPaidInCapitalMember 2020-11-30 0001354866 us-gaap:AdditionalPaidInCapitalMember 2019-11-30 0001354866 us-gaap:RetainedEarningsMember 2021-03-01 2021-05-31 0001354866 us-gaap:RetainedEarningsMember 2020-03-01 2020-05-31 0001354866 us-gaap:RetainedEarningsMember 2020-12-01 2021-05-31 0001354866 us-gaap:RetainedEarningsMember 2019-12-01 2020-05-31 0001354866 us-gaap:RetainedEarningsMember 2021-02-28 0001354866 us-gaap:RetainedEarningsMember 2021-05-31 0001354866 us-gaap:RetainedEarningsMember 2020-02-29 0001354866 us-gaap:RetainedEarningsMember 2020-05-31 0001354866 us-gaap:RetainedEarningsMember 2020-11-30 0001354866 us-gaap:RetainedEarningsMember 2019-11-30 0001354866 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-03-01 2021-05-31 0001354866 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-03-01 2020-05-31 0001354866 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-12-01 2020-05-31 0001354866 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-02-28 0001354866 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-05-31 0001354866 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-02-29 0001354866 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-05-31 0001354866 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-11-30 0001354866 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-11-30 0001354866 2020-02-29 0001354866 us-gaap:SeriesAPreferredStockMember 2020-04-08 0001354866 us-gaap:SeriesAPreferredStockMember 2020-04-07 2020-04-08 0001354866 2020-04-07 2020-04-08 0001354866 2020-04-08 0001354866 us-gaap:CommonStockMember 2020-04-08 0001354866 us-gaap:PreferredClassAMember 2020-04-08 0001354866 us-gaap:PreferredClassAMember 2020-04-08 0001354866 us-gaap:WarrantMember 2020-12-01 2021-05-31 0001354866 us-gaap:WarrantMember 2021-05-31 0001354866 us-gaap:WarrantMember 2020-03-01 2020-03-31 0001354866 us-gaap:WarrantMember 2020-03-31 0001354866 us-gaap:WarrantMember 2019-12-01 2020-05-31 0001354866 us-gaap:WarrantMember 2020-05-31 0001354866 byrn:ConvertibleNoteholdersMember 2019-12-01 2020-05-31 0001354866 byrn:ConvertibleNoteholdersMember 2020-05-31 0001354866 us-gaap:RevolvingCreditFacilityMember 2021-01-19 0001354866 byrn:RevolvingCreditFacilityOneMember 2021-01-19 0001354866 byrn:KoreMember 2021-05-12 0001354866 byrn:KoreMember 2021-05-11 2021-05-12 0001354866 byrn:RoboroMember 2020-05-05 0001354866 byrn:RoboroMember 2020-05-03 2020-05-05 0001354866 byrn:RoboroMember byrn:SubscriptionAgreementsMember 2020-05-03 2020-05-05 0001354866 byrn:RoboroMember byrn:SubscriptionAgreementsMember 2020-05-05 0001354866 2021-04-26 2021-04-27 0001354866 byrn:ByrnaHDMember 2020-12-01 2021-05-31 0001354866 byrn:FortymmMember 2020-12-01 2021-05-31 0001354866 byrn:WholesaleMember 2020-12-01 2021-05-31 0001354866 byrn:ECommerceMember 2020-12-01 2021-05-31 0001354866 byrn:ByrnaHDMember 2019-12-01 2020-05-31 0001354866 byrn:FortymmMember 2019-12-01 2020-05-31 0001354866 byrn:WholesaleMember 2019-12-01 2020-05-31 0001354866 byrn:ECommerceMember 2019-12-01 2020-05-31 0001354866 byrn:ByrnaHDMember 2021-03-01 2021-05-31 0001354866 byrn:FortymmMember 2021-03-01 2021-05-31 0001354866 byrn:WholesaleMember 2021-03-01 2021-05-31 0001354866 byrn:ECommerceMember 2021-03-01 2021-05-31 0001354866 byrn:ByrnaHDMember 2020-03-01 2020-05-31 0001354866 byrn:FortymmMember 2020-03-01 2020-05-31 0001354866 byrn:WholesaleMember 2020-03-01 2020-05-31 0001354866 byrn:ECommerceMember 2020-03-01 2020-05-31 0001354866 us-gaap:ShippingAndHandlingMember 2020-12-01 2021-05-31 0001354866 us-gaap:ShippingAndHandlingMember 2019-12-01 2020-05-31 0001354866 us-gaap:ComputerEquipmentMember 2021-05-31 0001354866 us-gaap:FurnitureAndFixturesMember 2021-05-31 0001354866 us-gaap:LeaseholdImprovementsMember 2021-05-31 0001354866 us-gaap:MachineryAndEquipmentMember 2021-05-31 0001354866 us-gaap:ComputerEquipmentMember 2020-11-30 0001354866 us-gaap:FurnitureAndFixturesMember 2020-11-30 0001354866 us-gaap:LeaseholdImprovementsMember 2020-11-30 0001354866 us-gaap:MachineryAndEquipmentMember 2020-11-30 0001354866 us-gaap:ComputerEquipmentMember srt:MinimumMember 2020-12-01 2021-05-31 0001354866 us-gaap:ComputerEquipmentMember srt:MaximumMember 2020-12-01 2021-05-31 0001354866 us-gaap:FurnitureAndFixturesMember srt:MinimumMember 2020-12-01 2021-05-31 0001354866 us-gaap:FurnitureAndFixturesMember srt:MaximumMember 2020-12-01 2021-05-31 0001354866 us-gaap:MachineryAndEquipmentMember srt:MinimumMember 2020-12-01 2021-05-31 0001354866 us-gaap:MachineryAndEquipmentMember srt:MaximumMember 2020-12-01 2021-05-31 0001354866 us-gaap:LeaseholdImprovementsMember srt:MinimumMember 2020-12-01 2021-05-31 0001354866 us-gaap:LeaseholdImprovementsMember srt:MaximumMember 2020-12-01 2021-05-31 0001354866 byrn:PurchaseAndSaleAgreementAgreementWithAndreBuysMember 2018-04-01 2018-04-13 0001354866 srt:MinimumMember byrn:PurchaseAndSaleAgreementAgreementWithAndreBuysMember 2018-04-13 0001354866 srt:MaximumMember byrn:PurchaseAndSaleAgreementAgreementWithAndreBuysMember 2018-04-13 0001354866 us-gaap:PatentsMember byrn:PurchaseAndSaleAgreementAgreementWithAndreBuysMember 2019-12-01 2019-12-18 0001354866 srt:MinimumMember byrn:PurchaseAndSaleAgreementAgreementWithAndreBuysMember 2018-04-01 2018-04-13 0001354866 srt:MaximumMember byrn:PurchaseAndSaleAgreementAgreementWithAndreBuysMember 2018-04-01 2018-04-13 0001354866 us-gaap:PatentsMember 2020-12-01 2021-05-31 0001354866 us-gaap:PatentsMember 2019-12-01 2020-05-31 0001354866 us-gaap:PatentsMember 2021-03-01 2021-05-31 0001354866 us-gaap:PatentsMember 2020-03-01 2020-05-31 0001354866 us-gaap:RevolvingCreditFacilityMember us-gaap:PrimeRateMember 2020-12-01 2021-05-31 0001354866 us-gaap:RevolvingCreditFacilityMember srt:MinimumMember 2021-05-31 0001354866 us-gaap:RevolvingCreditFacilityMember 2020-12-01 2021-05-31 0001354866 byrn:RevolvingCreditFacilityOneMember us-gaap:PrimeRateMember 2020-12-01 2021-05-31 0001354866 byrn:RevolvingCreditFacilityOneMember srt:MinimumMember 2021-05-31 0001354866 byrn:RevolvingCreditFacilityOneMember 2020-12-01 2021-05-31 0001354866 2019-12-01 2020-11-30 0001354866 us-gaap:ShippingAndHandlingMember 2021-03-01 2021-05-31 0001354866 us-gaap:ShippingAndHandlingMember 2020-03-01 2020-05-31 0001354866 byrn:PaycheckProtectionProgramMember 2020-05-01 2020-05-04 0001354866 byrn:PaycheckProtectionProgramMember 2021-02-09 2021-02-10 0001354866 us-gaap:RevolvingCreditFacilityMember 2021-05-31 0001354866 byrn:EquityIncentivePlan2020Member byrn:NonEmployeesMember 2021-03-01 2021-05-31 0001354866 byrn:StockOptionPlan2017Member byrn:NonEmployeesMember 2020-03-01 2020-05-31 0001354866 us-gaap:ConvertibleNotesPayableMember us-gaap:PreferredClassAMember 2020-04-07 2020-04-08 0001354866 us-gaap:ConvertibleNotesPayableMember us-gaap:WarrantMember 2020-04-07 2020-04-08 0001354866 us-gaap:WarrantMember 2021-03-01 2021-05-31 0001354866 byrn:EquityIncentivePlan2020Member us-gaap:RestrictedStockUnitsRSUMember byrn:DoubleTriggerVestingMember 2020-12-01 2021-05-31 0001354866 byrn:EquityIncentivePlan2020Member us-gaap:RestrictedStockUnitsRSUMember byrn:TimeTriggerVestingMember 2020-12-01 2021-05-31 0001354866 byrn:MarketingConsultantMember byrn:IncentiveWarrantsMember 2021-03-01 2021-05-31 0001354866 byrn:MarketingConsultantMember byrn:IncentiveWarrantsMember 2020-03-01 2020-05-31 0001354866 us-gaap:EmployeeStockOptionMember 2021-03-01 2021-05-31 0001354866 us-gaap:EmployeeStockOptionMember 2020-12-01 2021-05-31 0001354866 byrn:CO2PistolsMember 2020-12-01 2021-05-31 0001354866 byrn:FintailProjectilesMember 2020-12-01 2021-05-31 0001354866 us-gaap:SeriesAPreferredStockMember 2021-04-07 2021-04-09 0001354866 us-gaap:SeriesAPreferredStockMember 2019-11-30 0001354866 2018-12-01 2019-11-30 0001354866 2018-11-30 0001354866 us-gaap:PreferredStockMember 2020-04-07 2020-04-08 0001354866 us-gaap:PreferredStockMember 2020-04-08 0001354866 us-gaap:PatentsMember us-gaap:CommonStockMember 2020-01-01 2020-01-31 0001354866 us-gaap:SeriesAPreferredStockMember 2018-12-01 2019-11-30 0001354866 us-gaap:SeriesAPreferredStockMember 2018-11-30 0001354866 us-gaap:CommonStockMember 2018-12-01 2019-11-30 0001354866 us-gaap:CommonStockMember 2018-11-30 0001354866 byrn:SharesToBeIssuedMember 2018-12-01 2019-11-30 0001354866 us-gaap:TreasuryStockMember 2018-12-01 2019-11-30 0001354866 us-gaap:AdditionalPaidInCapitalMember 2018-12-01 2019-11-30 0001354866 us-gaap:AdditionalPaidInCapitalMember 2018-11-30 0001354866 us-gaap:RetainedEarningsMember 2018-12-01 2019-11-30 0001354866 us-gaap:RetainedEarningsMember 2018-11-30 0001354866 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-01 2019-11-30 0001354866 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-11-30 0001354866 us-gaap:SeriesAPreferredStockMember 2019-12-01 2020-11-30 0001354866 us-gaap:CommonStockMember 2019-12-01 2020-11-30 0001354866 byrn:SharesToBeIssuedMember 2019-12-01 2020-11-30 0001354866 us-gaap:TreasuryStockMember 2019-12-01 2020-11-30 0001354866 us-gaap:AdditionalPaidInCapitalMember 2019-12-01 2020-11-30 0001354866 us-gaap:RetainedEarningsMember 2019-12-01 2020-11-30 0001354866 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-12-01 2020-11-30 0001354866 us-gaap:SeriesAPreferredStockMember 2021-03-01 2021-05-31 0001354866 us-gaap:SeriesAPreferredStockMember 2020-03-01 2020-05-31 0001354866 us-gaap:SeriesAPreferredStockMember 2019-12-01 2020-05-31 0001354866 us-gaap:SeriesAPreferredStockMember 2020-12-01 2021-05-31 0001354866 us-gaap:SeriesAPreferredStockMember 2021-02-28 0001354866 us-gaap:SeriesAPreferredStockMember 2020-05-31 0001354866 2021-01-17 2021-01-19 0001354866 us-gaap:ComputerEquipmentMember srt:MinimumMember 2019-12-01 2020-11-30 0001354866 us-gaap:ComputerEquipmentMember srt:MaximumMember 2019-12-01 2020-11-30 0001354866 us-gaap:FurnitureAndFixturesMember srt:MinimumMember 2019-12-01 2020-11-30 0001354866 us-gaap:FurnitureAndFixturesMember srt:MaximumMember 2019-12-01 2020-11-30 0001354866 us-gaap:MachineryAndEquipmentMember srt:MinimumMember 2019-12-01 2020-11-30 0001354866 us-gaap:MachineryAndEquipmentMember srt:MaximumMember 2019-12-01 2020-11-30 0001354866 us-gaap:LeaseholdImprovementsMember srt:MinimumMember 2019-12-01 2020-11-30 0001354866 us-gaap:LeaseholdImprovementsMember srt:MaximumMember 2019-12-01 2020-11-30 0001354866 us-gaap:PatentsMember 2019-12-01 2020-11-30 0001354866 byrn:ByrnaHDMember 2018-12-01 2019-11-30 0001354866 byrn:FortymmMember 2018-12-01 2019-11-30 0001354866 byrn:ByrnaHDMember 2019-12-01 2020-11-30 0001354866 byrn:FortymmMember 2019-12-01 2020-11-30 0001354866 byrn:WholesaleMember 2019-12-01 2020-11-30 0001354866 byrn:ECommerceMember 2019-12-01 2020-11-30 0001354866 byrn:WholesaleMember 2018-12-01 2019-11-30 0001354866 byrn:ECommerceMember 2018-12-01 2019-11-30 0001354866 us-gaap:ComputerEquipmentMember 2019-11-30 0001354866 us-gaap:FurnitureAndFixturesMember 2019-11-30 0001354866 us-gaap:LeaseholdImprovementsMember 2019-11-30 0001354866 us-gaap:MachineryAndEquipmentMember 2019-11-30 0001354866 byrn:PaycheckProtectionProgramMember 2020-05-04 0001354866 byrn:PaycheckProtectionProgramMember 2020-11-30 0001354866 byrn:RoboroMember 2020-11-30 0001354866 byrn:RoboroMember currency:ZAR 2020-11-30 0001354866 byrn:RoboroMember 2019-12-01 2020-11-30 0001354866 byrn:SeriesBConvertibleSecuredDebenturesDecemberSevenTwoZeroOneSixMember 2019-12-01 2020-11-30 0001354866 byrn:SeriesBConvertibleSecuredDebenturesDecemberSevenTwoZeroOneSixMember 2020-11-30 0001354866 byrn:SeriesBConvertibleSecuredDebenturesDecemberSevenTwoZeroOneSixMember currency:CAD 2020-11-30 0001354866 byrn:SubordinatedSecuredDebenturesMember currency:CAD 2019-12-01 2020-11-30 0001354866 us-gaap:ConvertibleNotesPayableMember byrn:October2018NotesMember us-gaap:WarrantMember 2019-12-01 2020-11-30 0001354866 us-gaap:ConvertibleNotesPayableMember byrn:October2018NotesMember us-gaap:WarrantMember 2018-10-22 0001354866 us-gaap:ConvertibleNotesPayableMember byrn:October2018NotesMember us-gaap:WarrantMember 2018-10-21 2018-10-22 0001354866 us-gaap:ConvertibleNotesPayableMember byrn:October2018NotesMember us-gaap:CommonStockMember 2018-10-22 0001354866 us-gaap:ConvertibleNotesPayableMember byrn:October2018NotesMember 2018-10-21 2018-10-22 0001354866 us-gaap:ConvertibleNotesPayableMember byrn:October2018NotesMember 2018-10-22 0001354866 us-gaap:ConvertibleNotesPayableMember byrn:AprilMay2019NotesMember 2019-12-01 2020-11-30 0001354866 us-gaap:ConvertibleNotesPayableMember byrn:AprilMay2019NotesMember 2020-11-30 0001354866 us-gaap:ConvertibleNotesPayableMember us-gaap:SeriesAPreferredStockMember 2020-04-07 2020-04-08 0001354866 us-gaap:ConvertibleNotesPayableMember us-gaap:SeriesAPreferredStockMember 2020-04-08 0001354866 us-gaap:ConvertibleNotesPayableMember us-gaap:SeriesAPreferredStockMember us-gaap:WarrantMember 2020-04-08 0001354866 us-gaap:ConvertibleNotesPayableMember byrn:SecuritiesPurchaseAgreementMember 2020-04-07 2020-04-08 0001354866 us-gaap:ConvertibleNotesPayableMember us-gaap:WarrantMember byrn:SecuritiesPurchaseAgreementMember 2020-04-07 2020-04-08 0001354866 us-gaap:ConvertibleNotesPayableMember byrn:October2018NotesMember 2020-11-30 0001354866 us-gaap:ConvertibleNotesPayableMember byrn:October2018NotesMember 2019-12-01 2020-11-30 0001354866 us-gaap:ConvertibleDebtMember byrn:September2019NotesMember 2020-11-30 0001354866 us-gaap:ConvertibleDebtMember byrn:September2019NotesMember 2019-12-01 2020-11-30 0001354866 us-gaap:ConvertibleDebtMember byrn:July2019NotesMember 2020-11-30 0001354866 us-gaap:ConvertibleDebtMember byrn:July2019NotesMember 2019-12-01 2020-11-30 0001354866 us-gaap:ConvertibleNotesPayableMember byrn:AprilMay2019NotesMember 2019-04-21 2019-04-22 0001354866 us-gaap:ConvertibleNotesPayableMember byrn:AprilMay2019NotesMember 2019-05-18 2019-05-20 0001354866 us-gaap:ConvertibleNotesPayableMember byrn:AprilMay2019NotesMember 2019-04-22 0001354866 us-gaap:ConvertibleNotesPayableMember byrn:AprilMay2019NotesMember 2019-05-20 0001354866 us-gaap:ConvertibleNotesPayableMember byrn:AprilMay2019NotesMember us-gaap:CommonStockMember 2019-04-22 0001354866 us-gaap:ConvertibleNotesPayableMember byrn:AprilMay2019NotesMember us-gaap:CommonStockMember 2019-05-20 0001354866 us-gaap:ConvertibleNotesPayableMember byrn:AprilMay2019NotesMember us-gaap:WarrantMember 2019-04-21 2019-04-22 0001354866 us-gaap:ConvertibleNotesPayableMember byrn:AprilMay2019NotesMember us-gaap:WarrantMember 2019-05-18 2019-05-20 0001354866 us-gaap:ConvertibleNotesPayableMember byrn:AprilMay2019NotesMember us-gaap:WarrantMember 2019-05-20 0001354866 us-gaap:ConvertibleNotesPayableMember byrn:AprilMay2019NotesMember us-gaap:WarrantMember 2019-04-22 0001354866 byrn:SubordinatedSecuredDebenturesMember currency:CAD 2019-05-01 2019-05-31 0001354866 byrn:SubordinatedSecuredDebenturesMember currency:CAD 2019-05-31 0001354866 byrn:SubordinatedSecuredDebentureMember currency:CAD 2019-12-01 2020-11-30 0001354866 us-gaap:ConvertibleNotesPayableMember byrn:September2019NotesMember byrn:SecuritiesPurchaseAgreementMember 2019-09-15 2019-09-16 0001354866 us-gaap:ConvertibleNotesPayableMember byrn:September2019NotesMember byrn:SecuritiesPurchaseAgreementMember 2019-09-16 0001354866 us-gaap:ConvertibleNotesPayableMember byrn:September2019NotesMember byrn:SecuritiesPurchaseAgreementMember us-gaap:WarrantMember 2019-09-15 2019-09-16 0001354866 us-gaap:ConvertibleNotesPayableMember byrn:September2019NotesMember byrn:SecuritiesPurchaseAgreementMember 2018-12-01 2019-11-30 0001354866 us-gaap:ConvertibleNotesPayableMember byrn:July2019NotesMember byrn:SecuritiesPurchaseAgreementMember 2019-07-21 2019-07-22 0001354866 us-gaap:ConvertibleNotesPayableMember byrn:July2019NotesMember byrn:SecuritiesPurchaseAgreementMember 2019-07-22 0001354866 us-gaap:ConvertibleNotesPayableMember byrn:July2019NotesMember byrn:SecuritiesPurchaseAgreementMember us-gaap:WarrantMember 2019-07-21 2019-07-22 0001354866 us-gaap:ConvertibleNotesPayableMember byrn:July2019NotesMember byrn:SecuritiesPurchaseAgreementMember us-gaap:WarrantMember 2019-07-22 0001354866 us-gaap:ConvertibleNotesPayableMember byrn:July2019NotesMember byrn:SecuritiesPurchaseAgreementMember 2018-12-01 2019-11-30 0001354866 us-gaap:ConvertibleNotesPayableMember 2019-12-01 2020-11-30 0001354866 us-gaap:WarrantMember us-gaap:MeasurementInputRiskFreeInterestRateMember srt:MinimumMember 2019-11-30 0001354866 us-gaap:WarrantMember us-gaap:MeasurementInputRiskFreeInterestRateMember srt:MaximumMember 2019-11-30 0001354866 us-gaap:WarrantMember us-gaap:MeasurementInputExpectedDividendRateMember 2019-11-30 0001354866 us-gaap:WarrantMember us-gaap:MeasurementInputRiskFreeInterestRateMember srt:MinimumMember 2020-11-30 0001354866 us-gaap:WarrantMember us-gaap:MeasurementInputRiskFreeInterestRateMember srt:MaximumMember 2020-11-30 0001354866 us-gaap:WarrantMember us-gaap:MeasurementInputExpectedDividendRateMember 2020-11-30 0001354866 us-gaap:WarrantMember us-gaap:MeasurementInputPriceVolatilityMember srt:MinimumMember 2019-11-30 0001354866 us-gaap:WarrantMember us-gaap:MeasurementInputPriceVolatilityMember srt:MaximumMember 2019-11-30 0001354866 us-gaap:WarrantMember us-gaap:MeasurementInputPriceVolatilityMember srt:MinimumMember 2020-11-30 0001354866 us-gaap:WarrantMember us-gaap:MeasurementInputPriceVolatilityMember srt:MaximumMember 2020-11-30 0001354866 us-gaap:WarrantMember us-gaap:MeasurementInputExpectedTermMember srt:MinimumMember 2019-11-30 0001354866 us-gaap:WarrantMember us-gaap:MeasurementInputExpectedTermMember srt:MaximumMember 2019-11-30 0001354866 us-gaap:WarrantMember us-gaap:MeasurementInputExpectedTermMember srt:MinimumMember 2020-11-30 0001354866 us-gaap:WarrantMember us-gaap:MeasurementInputExpectedTermMember srt:MaximumMember 2020-11-30 0001354866 us-gaap:WarrantMember us-gaap:MeasurementInputExercisePriceMember 2019-11-30 0001354866 us-gaap:WarrantMember us-gaap:MeasurementInputExercisePriceMember 2020-11-30 0001354866 us-gaap:WarrantMember us-gaap:MeasurementInputSharePriceMember 2020-11-30 0001354866 us-gaap:WarrantMember us-gaap:MeasurementInputSharePriceMember srt:MinimumMember 2019-11-30 0001354866 us-gaap:WarrantMember us-gaap:MeasurementInputSharePriceMember srt:MaximumMember 2019-11-30 0001354866 us-gaap:CommonStockMember 2020-06-07 2020-06-08 0001354866 us-gaap:WarrantMember us-gaap:CommonStockMember 2020-08-01 2020-08-31 0001354866 us-gaap:WarrantMember us-gaap:CommonStockMember 2020-06-08 0001354866 us-gaap:WarrantMember us-gaap:CommonStockMember 2020-06-07 2020-06-08 0001354866 us-gaap:WarrantMember us-gaap:CommonStockMember 2020-06-03 0001354866 us-gaap:WarrantMember us-gaap:CommonStockMember 2020-06-02 2020-06-03 0001354866 us-gaap:WarrantMember byrn:TwoConsultantsMember us-gaap:CommonStockMember 2019-11-30 0001354866 us-gaap:WarrantMember byrn:TwoConsultantsMember us-gaap:CommonStockMember 2018-12-01 2019-11-30 0001354866 us-gaap:PrivatePlacementMember 2020-11-30 0001354866 us-gaap:ConvertibleNotesPayableMember byrn:AccreditedInvestorsMember byrn:SecuritiesPurchaseAgreementMember 2018-10-01 2018-10-22 0001354866 us-gaap:ConvertibleNotesPayableMember byrn:AccreditedInvestorsMember byrn:SecuritiesPurchaseAgreementMember 2018-10-22 0001354866 us-gaap:ConvertibleNotesPayableMember byrn:AccreditedInvestorsMember byrn:SecuritiesPurchaseAgreementMember 2019-05-20 0001354866 us-gaap:ConvertibleNotesPayableMember byrn:AccreditedInvestorsMember byrn:SecuritiesPurchaseAgreementMember 2019-04-23 2019-05-20 0001354866 us-gaap:ConvertibleNotesPayableMember byrn:AccreditedInvestorsMember byrn:SecuritiesPurchaseAgreementMember 2019-04-22 0001354866 us-gaap:ConvertibleNotesPayableMember byrn:AccreditedInvestorsMember byrn:SecuritiesPurchaseAgreementMember 2019-04-01 2019-04-22 0001354866 us-gaap:ConvertibleNotesPayableMember byrn:SeveralInvestorsMember byrn:SecuritiesPurchaseAgreementMember 2019-07-01 2019-07-22 0001354866 us-gaap:ConvertibleNotesPayableMember byrn:SeveralInvestorsMember byrn:SecuritiesPurchaseAgreementMember 2019-07-22 0001354866 us-gaap:ConvertibleNotesPayableMember byrn:TwoInvestorsMember byrn:SecuritiesPurchaseAgreementMember 2019-09-01 2019-09-16 0001354866 us-gaap:ConvertibleNotesPayableMember byrn:TwoInvestorsMember byrn:SecuritiesPurchaseAgreementMember 2019-09-16 0001354866 byrn:ConvertibleNoteholdersMember 2020-11-30 0001354866 byrn:ConvertibleNoteholdersMember 2019-12-01 2020-11-30 0001354866 byrn:SecurityPurchaseAgreementsMember srt:MinimumMember byrn:MonteCarloSimulationModelMember us-gaap:WarrantMember 2020-11-30 0001354866 byrn:SecurityPurchaseAgreementsMember srt:MaximumMember byrn:MonteCarloSimulationModelMember us-gaap:WarrantMember 2020-11-30 0001354866 byrn:SecurityPurchaseAgreementsMember srt:MinimumMember us-gaap:WarrantMember 2020-11-30 0001354866 byrn:SecurityPurchaseAgreementsMember srt:MaximumMember us-gaap:WarrantMember 2020-11-30 0001354866 byrn:SecurityPurchaseAgreementsMember us-gaap:CommonStockMember 2019-12-01 2020-11-30 0001354866 byrn:SecurityPurchaseAgreementsMember 2020-11-30 0001354866 byrn:SecurityPurchaseAgreementsMember 2019-12-01 2020-11-30 0001354866 us-gaap:PreferredClassAMember 2020-04-07 2020-04-08 0001354866 byrn:ConsultantServicesMember 2019-12-01 2020-11-30 0001354866 byrn:ConsultantServicesMember 2020-11-30 0001354866 us-gaap:WarrantMember byrn:TwoConsultantsMember us-gaap:CommonStockMember 2020-10-24 2020-10-25 0001354866 us-gaap:WarrantMember us-gaap:CommonStockMember 2020-08-31 0001354866 us-gaap:WarrantMember us-gaap:CommonStockMember 2020-06-01 0001354866 us-gaap:WarrantMember byrn:ConsultantsMember us-gaap:CommonStockMember 2020-07-01 2020-07-30 0001354866 us-gaap:WarrantMember byrn:ConsultantsMember us-gaap:CommonStockMember 2020-07-30 0001354866 us-gaap:WarrantMember byrn:ConsultantsMember us-gaap:CommonStockMember 2020-05-01 2020-05-30 0001354866 us-gaap:WarrantMember byrn:ConsultantsMember us-gaap:CommonStockMember 2020-05-30 0001354866 us-gaap:WarrantMember 2020-03-01 2020-03-31 0001354866 us-gaap:WarrantMember us-gaap:CommonStockMember 2020-03-01 2020-03-31 0001354866 us-gaap:WarrantMember us-gaap:CommonStockMember 2020-03-31 0001354866 us-gaap:WarrantMember us-gaap:CommonStockMember srt:MaximumMember 2020-03-31 0001354866 us-gaap:WarrantMember us-gaap:CommonStockMember srt:MinimumMember 2020-03-31 0001354866 us-gaap:WarrantMember us-gaap:CommonStockMember 2019-12-01 2020-11-30 0001354866 us-gaap:CommonStockMember 2020-06-08 0001354866 us-gaap:PrivatePlacementMember 2020-05-21 2020-08-31 0001354866 us-gaap:WarrantMember us-gaap:CommonStockMember 2020-05-28 2020-06-01 0001354866 us-gaap:RestrictedStockUnitsRSUMember 2019-12-01 2020-11-30 0001354866 us-gaap:RestrictedStockUnitsRSUMember 2019-11-30 0001354866 us-gaap:ShareBasedPaymentArrangementEmployeeMember 2018-12-01 2019-11-30 0001354866 us-gaap:ShareBasedPaymentArrangementEmployeeMember 2019-11-30 0001354866 us-gaap:ShareBasedPaymentArrangementEmployeeMember srt:MinimumMember 2019-12-01 2020-11-30 0001354866 us-gaap:ShareBasedPaymentArrangementEmployeeMember srt:MinimumMember 2020-11-30 0001354866 us-gaap:ShareBasedPaymentArrangementEmployeeMember srt:MaximumMember 2019-12-01 2020-11-30 0001354866 us-gaap:ShareBasedPaymentArrangementEmployeeMember srt:MaximumMember 2020-11-30 0001354866 us-gaap:ShareBasedPaymentArrangementEmployeeMember 2019-12-01 2020-11-30 0001354866 currency:CAD 2019-12-01 2020-11-30 0001354866 currency:CAD 2018-12-01 2019-11-30 0001354866 currency:USD 2019-12-01 2020-11-29 0001354866 currency:USD 2018-12-01 2019-11-29 0001354866 currency:CAD 2019-11-30 0001354866 currency:USD 2019-11-30 0001354866 currency:USD 2020-11-29 0001354866 currency:CAD 2018-11-30 0001354866 currency:USD 2018-11-30 0001354866 currency:USD 2019-11-29 0001354866 byrn:IncentiveWarrantsMember 2018-12-01 2019-11-30 0001354866 byrn:IncentiveWarrantsMember 2019-11-30 0001354866 byrn:IncentiveWarrantsMember 2019-12-01 2020-11-30 0001354866 byrn:IncentiveWarrantsMember 2020-11-30 0001354866 us-gaap:RestrictedStockUnitsRSUMember srt:MinimumMember 2019-12-01 2020-11-30 0001354866 us-gaap:RestrictedStockUnitsRSUMember srt:MaximumMember 2019-12-01 2020-11-30 0001354866 us-gaap:RestrictedStockUnitsRSUMember srt:MinimumMember 2020-11-30 0001354866 us-gaap:RestrictedStockUnitsRSUMember srt:MaximumMember 2020-11-30 0001354866 byrn:RevisedStockOptionPlanMember 2017-12-19 0001354866 byrn:EmployeesAndDirectorsMember 2019-12-01 2020-11-30 0001354866 byrn:EmployeesAndDirectorsMember 2018-12-01 2019-11-30 0001354866 byrn:NonEmployeesMember 2019-12-01 2020-11-30 0001354866 byrn:NonEmployeesMember 2018-12-01 2019-11-30 0001354866 byrn:ConsultantTwoMember byrn:IncentiveWarrantsMember 2019-11-30 0001354866 byrn:ConsultantOneMember byrn:IncentiveWarrantsMember 2019-11-30 0001354866 byrn:EquityIncentivePlan2020Member us-gaap:RestrictedStockUnitsRSUMember srt:ChiefExecutiveOfficerMember 2020-08-01 2020-08-31 0001354866 byrn:EquityIncentivePlan2020Member us-gaap:RestrictedStockUnitsRSUMember srt:ChiefExecutiveOfficerMember 2019-12-01 2020-11-30 0001354866 byrn:EquityIncentivePlan2020Member 2020-10-22 2020-10-23 0001354866 us-gaap:SeriesAPreferredStockMember 2019-12-01 2020-11-30 0001354866 us-gaap:WarrantMember 2019-12-01 2020-11-30 0001354866 us-gaap:WarrantMember 2018-12-01 2019-11-30 0001354866 us-gaap:EmployeeStockOptionMember 2019-12-01 2020-11-30 0001354866 us-gaap:EmployeeStockOptionMember 2018-12-01 2019-11-30 0001354866 us-gaap:RestrictedStockMember 2019-12-01 2020-11-30 0001354866 byrn:AndreBuysMember 2019-12-01 2020-11-30 0001354866 byrn:AndreBuysMember 2018-12-01 2019-11-30 0001354866 byrn:DirectorsAndManagementMember 2019-12-01 2020-11-30 0001354866 byrn:DirectorsAndManagementMember 2018-12-01 2019-11-30 0001354866 srt:ChiefExecutiveOfficerMember 2018-12-01 2019-11-30 0001354866 byrn:OfficersMember 2018-12-01 2019-11-30 0001354866 byrn:BryanGanzMember 2019-12-01 2020-11-30 0001354866 byrn:BryanGanzMember 2018-12-01 2019-11-30 0001354866 byrn:DirectorsAndOfficersMember 2018-12-01 2019-11-30 0001354866 country:MA 2019-11-30 0001354866 country:IN 2019-11-30 0001354866 country:ZA 2019-11-30 0001354866 2020-07-24 2020-07-25 0001354866 2019-12-01 2020-08-31 0001354866 2020-08-31 0001354866 2022-02-27 2022-02-28 0001354866 2022-08-01 2022-08-31 0001354866 us-gaap:DomesticCountryMember 2018-12-01 2019-11-30 0001354866 us-gaap:ForeignCountryMember 2018-12-01 2019-11-30 0001354866 us-gaap:DomesticCountryMember 2019-12-01 2020-11-30 0001354866 us-gaap:ForeignCountryMember 2019-12-01 2020-11-30 0001354866 byrn:OwnershipMember 2019-12-01 2020-11-30 0001354866 byrn:ConsultingAgreementMember 2019-01-01 2019-12-31 0001354866 byrn:ConsultingAgreementMember 2018-01-01 2018-12-31 0001354866 byrn:ConsultingAgreementMember 2018-12-01 2019-11-30 0001354866 srt:ChiefOperatingOfficerMember 2018-11-01 2019-01-31 0001354866 srt:ChiefOperatingOfficerMember 2018-11-01 2018-11-30 0001354866 srt:ChiefOperatingOfficerMember 2019-07-01 2019-07-31 0001354866 srt:PresidentMember 2019-07-01 2019-07-31 0001354866 srt:PresidentMember 2018-09-01 2018-11-30 0001354866 srt:PresidentMember 2018-06-01 2018-08-31 0001354866 srt:PresidentMember 2018-12-01 2019-11-30 0001354866 byrn:RoboroIndustriesMember 2020-05-01 2020-05-05 0001354866 byrn:RoboroIndustriesMember 2018-12-01 2019-11-30 0001354866 byrn:RoboroIndustriesMember 2019-12-01 2020-11-30 0001354866 byrn:BipManufacturerMember 2019-12-01 2020-11-30 0001354866 byrn:BipManufacturerMember 2018-12-01 2019-11-30 0001354866 byrn:SafarilandLlcMember 2019-12-01 2020-11-30 0001354866 byrn:SafarilandLlcMember 2018-12-01 2019-11-30 0001354866 country:US 2019-12-01 2020-11-30 0001354866 country:ZA 2019-12-01 2020-11-30 0001354866 country:US 2018-12-01 2019-11-30 0001354866 country:ZA 2018-12-01 2019-11-30 0001354866 country:US 2020-11-30 0001354866 country:ZA 2020-11-30 0001354866 country:US 2019-11-30 0001354866 country:CA 2019-11-30 0001354866 byrn:TwoCustomerMember us-gaap:RevenueFromContractWithCustomerMember us-gaap:CustomerConcentrationRiskMember 2018-12-01 2019-11-30 0001354866 byrn:TwoCustomerMember us-gaap:AccountsReceivableMember us-gaap:CustomerConcentrationRiskMember 2018-12-01 2019-11-30 0001354866 us-gaap:CostOfGoodsTotalMember us-gaap:SupplierConcentrationRiskMember 2018-12-01 2019-11-30 0001354866 us-gaap:RevolvingCreditFacilityMember us-gaap:EquipmentMember 2021-01-19 0001354866 us-gaap:RevolvingCreditFacilityMember us-gaap:EquipmentMember 2021-01-18 2021-01-19 0001354866 us-gaap:RevolvingCreditFacilityMember byrn:InventoryMember 2021-01-19 0001354866 us-gaap:RevolvingCreditFacilityMember byrn:InventoryMember 2021-01-18 2021-01-19 0001354866 2021-02-09 2021-02-10 0001354866 us-gaap:RevolvingCreditFacilityMember 2021-01-18 2021-01-19 0001354866 byrn:KoreMember srt:MinimumMember 2021-05-11 2021-05-12 0001354866 byrn:KoreMember srt:MaximumMember 2021-05-11 2021-05-12 0001354866 byrn:EquityIncentivePlan2020Member us-gaap:RestrictedStockUnitsRSUMember byrn:NonEmployeesMember 2020-12-01 2021-05-31 0001354866 byrn:EquityIncentivePlan2020Member us-gaap:RestrictedStockUnitsRSUMember byrn:NonEmployeesMember 2019-12-01 2020-05-31 0001354866 byrn:EquityIncentivePlan2020Member us-gaap:RestrictedStockUnitsRSUMember byrn:NonEmployeesMember 2020-03-01 2020-05-31 0001354866 byrn:EquityIncentivePlan2020Member us-gaap:RestrictedStockUnitsRSUMember byrn:NonEmployeesMember 2021-03-01 2021-05-31 0001354866 us-gaap:RestrictedStockUnitsRSUMember 2021-03-01 2021-05-31 0001354866 us-gaap:RestrictedStockUnitsRSUMember 2020-12-01 2021-05-31 0001354866 byrn:EquityIncentivePlan2020Member us-gaap:RestrictedStockUnitsRSUMember byrn:TimeTriggerVestingMember 2020-11-30 iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure iso4217:CAD xbrli:shares iso4217:USD byrn:Unit utr:Y utr:D byrn:Segment 0.10 0.10 22294000 1339000 13401000 1190000 12868000 533000 1077000 113000 21325000 969000 1321000 18000 16566295 924419 15497606 1068689 536471 387948 183000 0 183000 0 292529 0.094 0.00 0.082 0.00 -0.0239 0.0000 0.21 0.2100 0.2100 179000 87000 198402 5000 5000 24560 184000 92000 231658 60316 156000 309642 182000 1336153 0.093 0.084 P4Y8M12D P4Y10M24D 161000 335317 315000 259261 282000 213859 290000 216866 187000 188913 157000 97086 1392000 1311302 255000 225689 1137000 1085613 121000 14000 107000 27000 54000 40000 200000 210490 5000 100000 4000 8000 4000 3700 7740 114180 2540 4461 1224000 1200000 2024-11-30 2026-08-31 2022-02-28 2025-07-31 2022-08-31 2020-11-30 2025-07-31 2026-08-31 2022-02-28 2022-08-31 20000 P3Y 0 25000 200000 P4Y P2Y P4Y P4Y P1Y P1Y P1Y 0 70000 0 60000 200000 1000 204813 8333 100000 300000 41000 150000 29000 391750 0 11000 4535500 120000 9000000 6735000 25000000 6000 8000 2000 4000 2000 20000 10000 51876 16960 23600 386681 386681 386680 386681 3866810 697000 700000 700000 697000 700000 696799 3867 692932 586493 8093036 688000 8093036 4636667 4636667 2783702 2783702 672667 672667 75018543 638000 518000 48698886 46366490 5857386 45787219 7059667 2911667 15735000 50000 68493 16359496 11271719 17800749 12068759 17604131 11271719 18989231 12068759 126787466 103543833 15735000 1747993 300000 174493 174493 0 174493 0 159000 15493 15735000 0.0033 0.0026 0.0200 0.00 0.0168 0.0200 0.0147 0.0000 0.0000 0.00 0.00 0.00 0.00 0.83 1.13 1.21 1.33 1.18 1.44 1.49 0.57 P4Y P5Y P3Y P5Y P2Y P5Y P3Y P1Y1M 14.74 19.70 0.14 0.19 1.48 0.16 0.22 1.41 1.58 14.90 17.00 0.14 0.19 1.50 0.16 0.25 1.41 1.58 642050 705967 2911667 6376667 22667 8000 22667 55000 55000 82250 120000 2315000 642050 5059667 1411667 2.40 3.60 3.10 3.00 0.19 0.14 0.31 0.22 0.18 0.14 18.90 15.60 0.42 0.19 0.33 0.14 0.28 0.37 0.21 0.28 5.10 4.20 1.79 0.22 1.38 0.17 2.60 2.20 0 15000 49842 15000 49842 2146836 22223058 S-1/A Byrna Technologies Inc. 0001354866 Non-accelerated Filer true false 4391000 3175000 1081900 862000 6389000 1235000 834000 438255 6607000 4817000 959748 82000 1282000 1391000 377305 14428000 16606000 2857208 3626000 811000 99002 2810000 678000 619000 196921 700000 600000 196921 1187000 1220000 321288 180000 651000 651000 651000 92000 92000 92000 91000 17000 22033000 21216000 3566419 1208747 18524699 2691421 2307257 50415 4571000 6629000 639877 1675000 4902000 10842 1500000 5000000 1500000 76000 7978000 11864000 3675440 115000 8883000 12807000 5550412 20000 15000 104022 61374000 58581000 36480520 -48450000 -50215000 -37662123 206000 28000 -38412 13150000 9044000 5778000 8409000 -1983000 15000 20000 10000 12000 15000 10000 20000 63000 20000 -888000 59430000 61374000 37264000 53653000 58581000 36575000 -50487000 -48450000 -39947000 -48008000 -50215000 -37662000 86000 206000 -75000 58000 28000 -38000 -2728000 157037 101977 33341695 -33252338 -34297 22033000 21216000 3566419 51000 56000 232000 257000 905000 828000 0.001 0.001 0.001 0.001 5000000 5000000 1500 1500 5000000 1500 0 0 0 1391 0 0 0 1391 0 0.001 0.001 0.001 300000000 300000000 300000000 20693521 14852023 104021836 20693521 14852023 104021836 12303000 482000 7562000 516000 7508170 149007 10691000 2959000 5539000 1369000 11817002 3437544 1612000 -2477000 2023000 -853000 -4308832 -3288537 1948000 -10346000 2220000 -8061000 -12260796 -4409785 1765000 -10346000 2037000 -8061000 2037000 -8061000 1765000 -10346000 -12553325 -4409785 -4409785 -12553325 1943000 -10250000 2157000 -7929000 -12486780 -4413900 0.04 -0.91 0.06 -0.66 0.04 -0.91 0.05 -0.66 178000 96000 120000 132000 178000 120000 133000 96000 66545 -4115 -4115 66545 845000 845415 177000 3000 553046 44786 119000 429582 514339 43000 20000 217000 77000 100000 10000 177181 46844 9000 10000 83000 29000 138599 -33000 -138000 -82000 432907 419341 -3227000 137000 4891245 1407000 239000 4491329 875413 -422000 48000 1022802 226060 6000 1000 16613 -2358000 147000 5937818 270177 -65000 -130000 -250540 234000 108488 -2864000 -1617000 2537755 -3772234 116000 147000 1426434 245971 -3855000 -716000 -1995286 -245971 1217000 3218000 7223979 35000 10431 83000 30000 500000 500000 190000 1500000 2669000 3908000 7767962 4032335 -261000 58000 171304 -22617 -4311000 1633000 8481735 -8487 5345000 2807000 9656000 1174000 1182387 14000 988493 161595 695498 4636649 33333 1391 1391 1391 369999 369999 3866810 134938 3699999 100000 100000 124603 10000 1391 14920109 20693521 10481365 12629957 14852023 10402184 101976899 1391 1391 62500 3000000 3866810 805883 1744937 360000 416666 250000 83333 500000 500000 833333 118000 118000 696799 386382 272339 200000 -888000 888000 19996 696799 135 19861 3700 -888000 884300 43000 43000 43000 43000 20000 20000 1391 1391 1391 11562000 11562000 11562000 11562000 11562473 1 11562472 1546000 648000 853000 11000 853000 11000 1546000 648000 1252366 1252366 138889 138889 1388889 556000 556000 556000 556000 500000 555556 1389 554167 433265 2009703 486684 2009703 486684 1997911 11792 433265 42009858 1217000 4022000 1083000 4022000 2000 2000 1083000 4020000 1217000 4020000 1200000 3200000 20000 8028261 1000000 42010 7986251 35000 13000 13000 35000 10431 55 10376 1043000 1043000 1043000 1043000 1899327 25000000 P3Y 1546000 648000 800000 10000 1400000 0 170000 600000 20000 20000 0 20000 700000 0 90000 10000 1252366 20000 20000 0 0 218154 536069 16909 16909 70000 0 0 70000 82250 66000 93000 60000 9991000 857000 5839000 674000 9058125 775412 192000 -9000 214000 -5000 -91399 -12031 -755000 -257000 -755401 -1120872 -6027000 -6027000 -6026654 6026657 190000 9000 8000 37000 80000 100000 80000 489000 488852 3702000 99055 585739 45787219 26041160 486684 42076668 2476999 99055 5857386 45037219 1.91 2.40 0.22 0.19 2.50 0.21 0.16 1.91 0.24 0.22 1391 486684 1997911 11792 20000 433265 5100000 1498418 4000 8321060 8321060 3272000 9130000 750000 117925 11600000 29000 8000 7000000 100000 1041835 1399000 1275000 2080265 2080265 2282500 818000 124603 1.50 1.50 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 5000 2.50 5000 4.00 0.25 0.25 0.25 0.25 0.25 0.25 0.60 0.155 0.10 15000 150000 2.50 0.25 2.50 1.60 1.80 2.50 0.18 0.15 0.155 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.16 0.25 0.16 0.25 0.25 0.25 0.155 0.155 0.18 0.25 0.16 3.0 400 21000000 5000000 1500000 465000 165000 3702000 67000 54000 123000 35000 19000 38000 557000 200000 1.00 600000 500000 138889 3.60 600000 2000 1-for-10 0.10 1675000 4902000 11000 10842 18100000 18826000 0 21327000 13935000 22294000 1339000 13401000 1190000 22249000 45000 3776000 18518000 1227000 112000 290000 1049000 13356000 45000 2107000 11294000 1100000 90000 356000 834000 16566295 924419 850404 74015 16322482 243813 2952825 13613470 602838 321581 1300000 10000 600000 3000 300000 10000 0 10000 565393 10000 10000 P3Y P3Y Products purchased include a standard warranty that cannot be purchased separately. This allows customers to return defective products for repair or replacement within one year of sale. The Company also sells an extended warranty for the same terms over three years. The extended 3-year warranty can be purchased separately from the product and therefore, must be classified as a service warranty. Since a warranty for the first year after sale is included and non-separable from all launcher purchases, the Company considers this extended warranty to represent a service obligation during the second and third years after sale. 1929000 1777000 671164 259000 189000 229000 1252000 204000 105000 144000 1324000 116348 20998 26471 507347 742000 557000 349876 100000 P3Y P7Y P3Y P7Y P3Y P7Y P3Y P7Y 3999000 2901000 449767 159000 302000 32098 2449000 1614000 477883 562000 572000 147457 232000 677000 7470 245000 16000 243000 126000 74516 1925000 3475000 600878 122000 180000 213000 268000 217000 160000 38999 0.0050 0.0050 0.0400 0.0400 0.01 0.07 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 2024-01-19 2024-01-19 0.0025 0.0025 10000 100000 10000 P15Y P20Y P15Y P15Y P20Y 30000 30000 10000 20000 64873 7332 500000 800000 P2Y 800000 100000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">The estimated total cost of the acquisition has been allocated as follows (in thousands):</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 45%; border-collapse: collapse; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Assets<br />acquired</b></font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td style="width: 70%; text-indent: 10pt"><font style="font: 10pt Times New Roman, Times, Serif">Accounts receivable</font></td> <td style="width: 2%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 2%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 24%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">465</font></td> <td style="width: 2%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-indent: 10pt"><font style="font: 10pt Times New Roman, Times, Serif">Prepaid expenses</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">165</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td style="text-indent: 10pt"><font style="font: 10pt Times New Roman, Times, Serif">Inventory</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">82</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-indent: 10.1pt"><font style="font: 10pt Times New Roman, Times, Serif">Property and equipment</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">180</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td style="padding-bottom: 1pt; text-indent: 10.1pt"><font style="font: 10pt Times New Roman, Times, Serif">Intangible assets</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;2,810</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total acquired assets</b></font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,702</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr></table> true 200000 200000 250000 190300 37000 233000 9000 74000 233095 414364 600 123726 67007 16808 16808 81920 200000 845000 845000 800000 845415 -845415 6950000 11590000 200000 6950000 6950000 <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">The following table summarizes option activity under the 2017 and 2020 Plan during the six months ended May 31, 2021:</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse; margin-left: 0.5in"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt"><b>Stock</b></font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td colspan="6" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt"><b>Weighted-Average<br /> Exercise Price Per Stock<br /> Option</b></font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt"><b>Options</b></font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt"><b>CDN$</b></font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt"><b>USD$</b></font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; width: 54%"><font style="font-size: 10pt">Outstanding, November 30, 2020 ⁽¹⁾</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><font style="font-size: 10pt">705,967</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><font style="font-size: 10pt">2.40</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><font style="font-size: 10pt">3.10</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">&#160;</font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">Granted </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">41,000</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">18.90</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">15.60</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">Exercised</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(22,667</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">)</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(1.90</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">)</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(1.50</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">)</font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">Forfeited</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(82,250</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">)&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(5.10</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">)&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(4.20</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">Outstanding, May 31, 2021 ⁽²⁾</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">642,050</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">3.60</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">3.00</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">Exercisable, May 31, 2021 ⁽²⁾</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">642,050</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">2.60</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">2.20</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-left: 16pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">⁽¹⁾</td><td style="font: 10pt Times New Roman, Times, Serif">As of November 30, 2020 all options were governed by the 2017 Plan.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-left: 16pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">⁽²⁾</td><td style="font: 10pt Times New Roman, Times, Serif">As of May 31, 2021 all options were governed by the 2020 Plan.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The following table summarizes option activity under the 2017 Plan during the year ended November 30, 2020:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 0.4in"> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Stock</font></td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Weighted-Average&#160; <br />Exercise Price Per Stock&#160; <br />Option</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Options</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">CDN$</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">USD$</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 54%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Outstanding, November 30, 2018</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6,376,667</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.22</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(0.18</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Granted</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">120,000</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.19</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(0.14</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Expired</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1,270,000</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.37</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(0.28</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Cancelled</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2,315,000</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.22</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(0.17</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Outstanding, November 30, 2019</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,911,667</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.19</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.14</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Granted</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,535,500</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.42</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.33</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Expired</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(212,500</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(0.28</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(0.21</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Exercised</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(55,000</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(0.25</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(0.19</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Cancelled</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(120,000</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1.79</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1.38</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Outstanding, November 30, 2020</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">7,059,667</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.24</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.31</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Exercisable, November 30, 2020</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,059,667</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Exercisable, November 30, 2019</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,411,667</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr></table> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><td style="font: 10pt Times New Roman, Times, Serif; width: 48px"></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">The following table summarizes the RSU activity during the six months ended May 31, 2021:</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse; margin-left: 0.5in"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">RSUs</td> <td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 81%">Unvested and outstanding as of November 30, 2020</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right">1,573,500</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif">Granted</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">174,493</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif">Exercised</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#8212;</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Cancelled</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#8212;</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">Unvested and outstanding at May 31, 2021</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,747,993</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The following table summarizes the RSU activity during the year ended November 30, 2020:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse; margin-left: 0.4in"> <tr style="vertical-align: bottom"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">RSUs</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Weighted-Average <br />Exercise Price</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Outstanding, November 30, 2019</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 65%; padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Granted</font></td> <td style="width: 1%; padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; width: 14%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">15,735,000</font></td> <td style="width: 1%; padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; width: 14%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1.55</font></td> <td style="width: 1%; padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Outstanding, November 30, 2020</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">15,735,000</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1.55</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Exercisable, November 30, 2020</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr></table> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px"><font style="font: 10pt Times New Roman, Times, Serif"><b>1.</b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>NATURE OF OPERATIONS</b></font></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company was incorporated under the laws of the state of Delaware on March 1, 2005. On February 3, 2014, the Company incorporated a wholly-owned subsidiary in Canada, Security Devices International Canada Corp. (&#8220;SDI Canada&#8221;). SDI Canada was dissolved on December 19, 2019. On March 1, 2018, the Company acquired all the shares of a company in South Africa, Byrna South Africa (Pty) Ltd. (&#8220;Byrna South Africa&#8221;). On May 5, 2020, the Company acquired all the outstanding shares of Roboro Industries (&#8220;Roboro&#8221;), at that time, its exclusive manufacturer in South Africa. See Note 6, &#8220;Acquisitions: Business Combination.&#8221; On May 12, 2021, the Company acquired certain assets of the Mission Less Lethal brand from Kore Outdoor (U.S.), Inc. See Note 6, &#8220;Acquisitions: Asset Acquisition.&#8221;&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Byrna Technologies Inc. (the &#8220;Company&#8221; or &#8220;Byrna&#8221;) is a non-lethal defense technology company, specializing in next generation solutions for security situations that do not require the use of lethal force. The Company&#8217;s primary product is its .68 caliber handheld personal security device called the Byrna&#174; HD and Byrna&#174; HD magazines and projectiles. The Company manufactured its Byrna HD launchers and magazines at Roboro until May 2020 when Roboro became a subsidiary and its operations were assumed by Byrna South Africa. On October 6, 2020, the Company opened a second manufacturing facility in Fort Wayne, Indiana. The Company has implemented manufacturing partnerships in the United States and South Africa, to assist in the deployment of its patented family of 40mm ammunition and its .68 caliber ammunition. The Company&#8217;s 40mm products are its Blunt Impact Projectile 40mm (&#8220;BIP&#174;&#8221;) line of products.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">1. NATURE OF OPERATIONS</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Byrna Technologies Inc. (the &#8220;Company&#8221; or &#8220;Byrna&#8221;) is a less-lethal defense technology company, specializing in next generation solutions for security situations that do not require the use of lethal force. The Company&#8217;s primary product is its .68 caliber handheld personal security device called the Byrna&#174; HD and Byrna&#174; HD magazines and projectiles. The Company manufactures its Byrna HD launchers and magazines at its South African subsidiary, Roboro Industries (&#8220;Roboro&#8221;), and beginning on October 6, 2020, at its manufacturing facility in Fort Wayne, Indiana. The Company has implemented manufacturing partnerships in the United States and South Africa, to assist in the deployment of its patented and patent pending family of 40mm ammunition and its .68 caliber ammunition. The Company&#8217;s 40mm products are its SDI&#174; branded Blunt Impact Projectile 40mm (&#8220;BIP&#174;&#8221;) line of products.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The Company was incorporated under the laws of the state of Delaware on March 1, 2005. On February 3, 2014, the Company incorporated a wholly-owned subsidiary in Canada, Security Devices International Canada Corp. (&#8220;SDI Canada&#8221;). SDI Canada was dissolved on December 19, 2019. On March 1, 2018, the Company acquired all the shares of a company in South Africa, Byrna South Africa (Pty) Ltd. (&#8220;Byrna South Africa&#8221;). On May 5, 2020, the Company acquired all the outstanding shares of Roboro, its exclusive manufacturer in South Africa. See Note 5, &#8220;Business Combination.&#8221;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px"><font style="font: 10pt Times New Roman, Times, Serif"><b>2.</b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>OPERATIONS AND MANAGEMENT PLANS</b></font></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">From inception to May 31, 2021, the Company had incurred a cumulative loss of $48.5 million. The Company has funded operations through the issuance of common stock, warrants, and convertible notes payable. The Company generated $22.3 million in revenue and income from operations of $1.6 million for the six months ended May 31, 2021. The Company&#8217;s future success is dependent upon its ability to continue to generate adequate revenue or raise sufficient capital, to cover its ongoing operating expenses, and also to continue to develop and be able to profitably market its products.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The rapid growth of revenues and development of the production capacity to support them have substantially improved the Company&#8217;s operations and financial condition. Sales increased by $21.0 million for the six months ended May 31, 2021, as compared to the previous period ended May 31, 2020, cash increased by $1.2 million and restricted cash has decreased by $5.5 million as of May 31, 2021 as compared to November 30, 2020. The decrease in restricted cash was due to successful efforts to reduce the sales order backlog.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Since the order backlog has been eliminated, cash generation through sales will be limited to the rate of incoming sales orders. Though growth in the rate of new sales orders is expected to continue, cash flow from operations is expected to be flat for the next several months. During this period, some loan financing may be needed to sustain adequate levels of liquidity.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On January 19, 2021, the Company entered into a $5.0 million revolving line of credit, secured by the Company&#8217;s accounts receivable and inventory, and a $1.5 million line of credit, secured by the Company&#8217;s equipment. See Note 16, &#8220;Lines of Credit&#8221; for additional information. Management projects that all cash needs will be met beyond one year from the time these financial statements are issued.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">2. OPERATIONS AND MANAGEMENT PLANS</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">From inception to November 30, 2020, the Company had incurred a cumulative loss of $50.2 million. The Company had funded operations through the issuance of common stock, warrants, and convertible notes payable. The Company generated $16.6 million in revenue for the year ended November 30, 2020 but continues to incur a loss from operations. It still is expected to incur significant losses before the Company&#8217;s revenues sustains its operations. In addition, for the year ended November 30, 2020 the Company generated cash flows from operations of $2.5 million. The Company&#8217;s future success was dependent upon its ability to raise sufficient capital or generate adequate revenue, to cover its ongoing operating expenses, and also to continue to develop and be able to profitably market its products.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">The rapid growth of revenues and development of the production capacity to support them have substantially improved the Company&#8217;s operations and financial condition during the year ended November 30, 2020. Sales increased by $15.6 million in fiscal 2020 as compared to fiscal 2019, and cash and restricted cash has increased by approximately $8.5 million. On January 19, 2021, the Company entered into a $5,000,000 revolving line of credit, secured by the Company&#8217;s accounts receivable and inventory and another $1,500,000 line of credit, secured by the Company&#8217;s equipment, with a bank. See Note 24, &#8220;Subsequent Events&#8221; for additional information. Management projects that all cash needs will be met beyond one year from the time these financial statements are issued.</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px"><font style="font: 10pt Times New Roman, Times, Serif"><b>3.</b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>BASIS OF PRESENTATION</b></font></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with the instructions to Form 10-Q and therefore do not include all information and footnotes necessary for a fair presentation of financial position, results of operations and cash flows in conformity with accounting principles generally accepted in the United States of America (&#8220;GAAP&#8221;); however, such information reflects all adjustments consisting solely of normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the results for the interim periods. Certain prior year amounts have been reclassified to conform with the presentation of amounts for the three and six months ended May 31, 2021.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes thereto together with management&#8217;s discussion and analysis of financial condition and results of operations contained in Byrna Technologies Inc.&#8217;s (&#8220;Byrna&#8221; or the &#8220;Company&#8221;) annual report on Form 10-K for the year ended November 30, 2020. In the opinion of management, the accompanying unaudited Condensed Consolidated Financial Statements, the results of its operations for the three and six months ended May 31, 2021 and 2020, and its cash flows for the six months ended May 31, 2021 and 2020 are not necessarily indicative of results to be expected for the full year.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">3. BASIS OF PRESENTATION</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">These consolidated financial statements for the years ended November 30, 2020 and 2019 include the accounts of the Company and its subsidiaries SDI Canada through the date of its dissolution, Byrna South Africa, and Roboro since the date of its acquisition. These consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (&#8220;GAAP&#8221;). All significant intercompany accounts and transactions have been eliminated in consolidation. Certain prior year amounts have been reclassified to conform with the presentation of amounts for the year ended November 30, 2020.</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 0.4in"><font style="font: 10pt Times New Roman, Times, Serif">a)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Use of Estimates</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Future events and their effects cannot be determined with certainty. Therefore, the determination of estimates requires the exercise of judgment. Actual results could differ from those estimates, and any such differences may be material to our consolidated financial statements. Significant estimates include assumptions about collection of accounts receivable and the reserve for doubtful accounts, stock-based compensation expense, fair value of equity instruments, valuation for deferred tax assets, incremental borrowing rate on leases, valuation and carrying value of goodwill and other identifiable intangible assets, estimates for warranty costs, and useful life of fixed assets. </font></td></tr> </table> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px"><font style="font: 10pt Times New Roman, Times, Serif"><b>5.</b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>RECENT ACCOUNTING GUIDANCE</b></font></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b><u>Recently Adopted Accounting Guidance</u></b>&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In August 2018, the FASB issued ASU 2018-13, <i>Fair Value Measurement (Topic 820)</i> (&#8220;ASU 2018-13&#8221;). The guidance improves the effectiveness of disclosures about fair value measurements required under ASC 820. ASU 2018-13 amends the disclosure requirements for recurring and nonrecurring fair value measurements by removing, modifying, and adding certain disclosures. The Company adopted ASU 2018-13 in the first quarter of fiscal 2021. The adoption of ASC 2018-13 did not have a material impact on the Company&#8217;s consolidated financial statements and notes.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In June 2018, the FASB issue ASU 2018-07, <i>Compensation &#8211; Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting</i> (&#8220;ASU 2018-07&#8221;). FASB issued the update to include share-based payment transaction for acquiring goods or services from nonemployees in Topic 718, <i>Compensation &#8211; Stock Compensation</i>. The Company adopted ASU 2018-07 in the first quarter of fiscal 2020 prospectively, which has not had a material impact on its financial statements for share-based payments issued to nonemployees during fiscal 2020.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In July 2017, the FASB issued ASU 2017-11, <i>Earnings Per Share (Topic: 260), Distinguishing Liabilities from Equity (Topic: 480), Derivatives and Hedges (Topic 815)</i>. The FASB issued the update to simplify the accounting for certain financial instruments with down round features. The Company adopted ASU 2017-11 in the first quarter of fiscal 2020. Currently, the Company does not have financial instruments with down round features but will apply this update prospectively.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b><u>Accounting Guidance Issued But Not Adopted </u></b>&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In 2019, the FASB issued ASU 2019-12, <i>Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes</i>. The guidance simplifies the accounting for income taxes by primarily addressing the following: recognition of a deferred tax liability after transition to/from the equity method, evaluation when a step-up in the tax basis of goodwill should be related to a business combination or when it should be considered a separate transaction, inclusion of the amount of tax based on income in the income tax provision and any incremental amount as a tax not based on income, and recognition of the effect of an enacted change in tax laws or annual effective tax rates in the period the change was enacted, The guidance is effective for the Company in the first quarter of 2022. Early adoption is permitted. Several of the amendments in the update are required to be adopted using a prospective approach, while other amendments are required to be adopted using a modified-retrospective approach or retrospective approach. The Company is currently evaluating the impact of adopting this update on the consolidated financial statements.&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In January 2017, the FASB issued ASU 2017-04, <i>Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill </i>&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Impairment </i>(&#8220;ASU 2017-04&#8221;). The FASB issued the update to simplify the measurement of goodwill by eliminating step 2 from the goodwill impairment test. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit&#8217;s fair value. ASU 2017-04 will be effective for the Company so long as it remains a smaller reporting company in the first quarter of 2024. Early adoption is permitted. The Company will apply this update upon adoption.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In 2016, the FASB issued ASU 2016-13, <i>Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments </i>(&#8220;ASU 2016-13&#8221;). The guidance changes the impairment model used to measure credit losses for most financial assets. A new forward-looking expected credit loss model will replace the existing incurred credit loss model and will impact the Company&#8217;s accounts and other receivables. This is expected to generally result in earlier recognition of allowances for credit losses. ASU 2016-13 will be effective for the Company in December 2023 as long as it remains a smaller reporting company. Early adoption is permitted. The Company is currently evaluating the impact of adopting this update on the consolidated financial statements.</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px"><font style="font: 10pt Times New Roman, Times, Serif"><b>7.</b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>REVERSE STOCK SPLIT</b></font></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On April 27, 2021, the Company effected a 1-for-10 reverse stock split. All owners of record as of April 27, 2021 received one issued and outstanding share of the Company&#8217;s common stock in exchange for 10 outstanding shares of the Company&#8217;s common stock. No fractional shares were issued in connection with the reverse stock split. All fractional shares created by the one-for-ten exchange were rounded down to the next whole share, with cash paid in lieu of fractional shares. The reverse stock split had no impact on the par value per share of the Company&#8217;s common stock, which remains at $0.001. All share and per share information has been retroactively adjusted to reflect the impact of the Reverse Stock Split.</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px"><font style="font: 10pt Times New Roman, Times, Serif"><b>8.</b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>RESTRICTED CASH</b></font></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company&#8217;s restricted cash - current was $0.8 million and $6.4 million at May 31, 2021 and November 30, 2020, respectively. This amount is due to holds placed on its use by the Company&#8217;s merchant services vendor pending fulfillment of backorders prepaid by credit cards. The Company&#8217;s long-term restricted cash of $0.1 million at May 31, 2021 and November 30, 2020, consists of cash that the Company is contractually obligated to maintain in accordance with the terms of its lease agreement.</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px"><font style="font: 10pt Times New Roman, Times, Serif"><b>9.</b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>REVENUE, DEFERRED REVENUE AND ACCOUNTS RECEIVABLE</b></font></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company generates revenue through the wholesale distribution of its products and accessories to dealers/distributors, large end-users such as security companies and law enforcement agencies, and through an e-commerce portal to consumers. Revenue is recognized upon transfer of control of goods to the customer, which generally occurs when title to goods is passed and risk of loss transfers to the customer. Depending on the contract terms, transfer of control is upon shipment of goods to or upon the customer&#8217;s pick-up of the goods. Payment terms to customers other than e-commerce customers are generally 30-60 days for established customers, whereas new wholesale and large end-user customers have prepaid terms for their first order. The amount of revenue recognized is net of returns and discounts that the Company offers to its customers. Products purchased include a standard warranty that cannot be purchased separately. This allows customers to return defective products for repair or replacement within one year of sale. The Company also sells an extended warranty for the same terms over three years. The extended 3-year warranty can be purchased separately from the product and therefore, must be classified as a service warranty. Since a warranty for the first year after sale is included and non-separable from all launcher purchases, the Company considers this extended warranty to represent a service obligation during the second and third years after sale. Therefore, the Company accumulates billings of these transactions on the balance sheet as deferred revenue, to be recognized on a straight-line basis during the second and third year after sale. The Company recognizes an estimated reserve based on its analysis of historical experience, and an evaluation of current market conditions. The Company&#8217;s returns under warranties have been immaterial. In February 2021, the Company identified certain Byrna&#174; HD launchers that may contain a wire that is not to specification and offered customers a free factory service update for their launchers. The Company established a reserve of $0.2 million as an estimate of future related costs. As of May 31, 2021, approximately $0.06 million of these estimated costs have been incurred or resolved.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company also has a 60-day money back guarantee, which allows for a full refund of the purchase price, excluding shipping charges, within 60 days from the date of delivery. The right of return creates a variable component to the transaction price and needs to be considered for any possible constraints. The Company estimates returns using the expected value method, as there will likely be a range of potential return amounts. The Company&#8217;s returns under the 60-day money back guarantee have been immaterial.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Revenue excludes taxes collected from customers and remitted to government authorities related to sales of the Company&#8217;s products. Costs to obtain a contract consist of commissions paid to employees and are included in operating expenses in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). Commissions were $0 and $0.01 million for the three months ended May 31, 2021 and 2020, respectively. Commissions were $0.3 million and $0.01 million for the six months ended May 31, 2021 and 2020, respectively.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Included as cost of goods sold are costs associated with the production and procurement of products, such as labor and overhead, inbound freight costs, manufacturing depreciation, purchasing and receiving costs, and inspection costs.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company charges certain customers shipping and handling fees. Shipping and handling costs, which includes outbound freight associated with the distribution of finished products to customers, are recognized when the product is shipped to the customer and are included in Operating expenses in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). Shipping and handling costs were $0.6 million and approximately $0.003 million for the three months ended May 31, 2021 and 2020, respectively. Shipping and handling costs were $1.3 million and approximately $0.01 million for the six months ended May 31, 2021 and 2020, respectively.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b><u>Allowance for Doubtful Accounts</u></b>&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company provides an allowance for its accounts receivable for estimated losses that may result from its customers&#8217; inability to pay. The Company determines the amount of the allowance by analyzing known uncollectible accounts, aged receivables, economic conditions, historical losses, and changes in customer payment cycles and its customers&#8217; creditworthiness. Amounts later determined and specifically identified to be uncollectible are charged or written off against this allowance. A significant proportion of the Company&#8217;s sales are made via e-commerce. These orders are prepaid by credit card and involve no credit risk. To minimize the likelihood of uncollectible debt, the Company reviews its customers&#8217; creditworthiness periodically. Material differences may result in the amount and timing of expense for any period if the Company were to make different judgments or utilize different estimates. The allowance for doubtful accounts was approximately $0.01 million for May 31, 2021 and November 30, 2020.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b><u>Deferred Revenue</u></b>&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">Changes in deferred revenue, which relate to unfulfilled e-commerce orders and amounts to be recognized under extended 3-year service warranties, for the six months ended May 31, 2021 and the year ended November 30, 2020, are summarized below (in thousands).</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="width: 95%; border-collapse: collapse; margin-left: 0.5in; font-size: 10pt"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>May 31, 2021</b></font></td> <td style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>November 30, 2020</b></font></td> <td style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; width: 70%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Deferred revenue balance, beginning of period</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,902</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">11</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="white-space: nowrap; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Net additions to deferred revenue during the period</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">18,100</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">18,826</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Reductions in deferred revenue for revenue recognized during the period</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(21,327</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(13,935</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Deferred revenue balance, end of period</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,675</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,902</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%; border-collapse: collapse"> <tr> <td style="width: 48px"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif"><b><u>Revenue Disaggregation</u></b>&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The following table presents disaggregation of the Company&#8217;s revenue by product type and distribution channel (in thousands):&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 95%; border-collapse: collapse; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Three Months Ended <br />May 31,</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Six Months Ended <br />May 31,</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Product type</i></b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2021</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2020</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2021</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2020</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td style="width: 48%; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Byrna^&#174;HD</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">13,356</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,100</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">22,249</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,227</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">40mm</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">45</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">90</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">45</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">112</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">13,401</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">$&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,190</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">22,294</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,339</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Three Months Ended<br />May 31,</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Six Months Ended<br />May 31,</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-bottom: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Distribution channel</i></b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2021</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2020</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2021</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2020</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td><font style="font: 10pt Times New Roman, Times, Serif">Wholesale (dealer/distributors and large end-users)</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,107</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">356</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,776</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">290</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">E-commerce</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">11,294</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">834</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">18,518</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,049</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">13,401</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,190</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">22,294</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,339</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td><font style="font: 10pt Times New Roman, Times, Serif">6.</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">REVENUE, DEFERRED REVENUE AND ACCOUNTS RECEIVABLE</font></td></tr> <tr> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Deferred Revenue</u></font></td></tr> <tr> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Changes in deferred revenue, which relate to unfulfilled e-commerce orders and amounts to be recognized under extended 3-year service warranties, for the year ended November 30, 2020 and 2019 are summarized below. The associated performance obligations are expected to be satisfied during the year ended November 30, 2021.</font></td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 0.4in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Deferred Revenue</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Deferred revenue balance, November 30, 2018</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 85%; padding-bottom: 1pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Net additions to deferred revenue</font></td> <td style="width: 1%; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10,842</font></td> <td style="width: 1%; padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Deferred revenue balance, November 30, 2019</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10,842</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Net additions to deferred revenue</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">18,825,995</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Reductions in deferred revenue for revenue recognized during the fiscal year</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(13,934,750</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Deferred revenue balance, November 30, 2020</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,902,087</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.4in"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">Accounts receivable at November 30, 2020 primarily relates to sales of the new Byrna^&#174; HD to several large distributors.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.4in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.4in"><font style="font: 10pt Times New Roman, Times, Serif"><u>Revenue Disaggregation</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.4in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.4in"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">The following table presents disaggregation of the Company&#8217;s revenue by product type and distribution channel:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.4in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 0.4in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Years Ended<br />November 30,</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; font-style: italic"><font style="font: 10pt Times New Roman, Times, Serif">Product type</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2020</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2019</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Byrna&#174; HD</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">16,322,482</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">850,404</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">40mm</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">243,813</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">74,015</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">16,566,295</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">924,419</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 0.4in"> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Years Ended<br />November 30,</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; font-style: italic"><font style="font: 10pt Times New Roman, Times, Serif">Distribution channel</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2020</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2019</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Wholesale (dealer/distributors and large end-users)</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,952,825</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">602,838</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">E-commerce</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">13,613,470</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">321,581</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">16,566,295</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">924,419</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%; border-collapse: collapse"> <tr> <td style="width: 48px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"><b>11. </b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>INVENTORY</b></font></td></tr> <tr> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The following table summarizes inventory as of May 31, 2021 and November 30, 2020, respectively (in thousands). </font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="width: 60%; border-collapse: collapse; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>May 31,<br />2021</b></font></td> <td style="white-space: nowrap; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>November 30,<br />2020</b></font></td> <td style="white-space: nowrap; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td style="width: 62%; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font: 10pt Times New Roman, Times, Serif">Raw materials</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 16%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,999</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 16%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,901</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 8.65pt; text-indent: -8.65pt"><font style="font: 10pt Times New Roman, Times, Serif">Work in process</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">159</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">302</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td style="padding-bottom: 1pt; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font: 10pt Times New Roman, Times, Serif">Finished goods</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,449</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,614</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2pt; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="padding-bottom: 2pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6,607</font></td> <td style="padding-bottom: 2pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,817</font></td> <td style="padding-bottom: 2pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%; border-collapse: collapse"> <tr> <td style="width: 48px"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Inventory at May 31, 2021 and November 30, 2020, primarily relates to the Byrna^&#174; HD Personal Security Device.</font></td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 0.4in"><font style="font: 10pt Times New Roman, Times, Serif">8. </font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">INVENTORY</font></td></tr> <tr> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">The following table summarizes inventory as of November 30, 2020 and 2019, respectively.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p></td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 0.4in"> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">November 30,<br />2020</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">November 30,<br />2019</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 72%; text-align: left; padding-left: 27.35pt; text-indent: -1.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Raw materials</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 11%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,900,550</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 11%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">449,767</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; padding-left: 27.35pt; text-indent: -1.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Work in process</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">302,239</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">32,098</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left; padding-left: 27.35pt; text-indent: -1.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Finished goods</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,613,826</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">477,883</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 27.35pt; text-indent: -1.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,816,615</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">959,748</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.4in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.4in"><font style="font: 10pt Times New Roman, Times, Serif">Inventory at November 30, 2020 and 2019, primarily relates to the Byrna^&#174;HD Personal Security Device. </font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 48px"><font style="font-size: 10pt"><b>12.</b></font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt"><b>PREPAID EXPENSES AND OTHER CURRENT ASSETS</b></font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The following table summarizes prepaid expenses and other current assets as of May 31, 2021 and November 30, 2020, (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse; margin-left: 0.5in"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><font style="font-size: 10pt"><b>May 31,<br />2021</b></font></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><font style="font-size: 10pt"><b>November 30,<br />2020</b></font></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #cceeff"> <td style="font: 10pt Times New Roman, Times, Serif; width: 62%; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font-size: 10pt">VAT receivables</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">$</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><font style="font-size: 10pt">562</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">$</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><font style="font-size: 10pt">572</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">&#160;</font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font-size: 10pt">Advance payment for inventory</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">232</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">677</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #ccecff"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font-size: 10pt">Prepaid insurance</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">245</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">16</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font-size: 10pt">Other</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">243</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">126</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #cceeff"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2pt; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font-size: 10pt">Total</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2pt"><font style="font-size: 10pt">&#160;</font></td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">1,282</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2pt"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2pt"><font style="font-size: 10pt">&#160;</font></td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">1,391</font></td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; width: 100%; margin-top: 0px"> <tr style="vertical-align: top"> <td style="width: 0.4in; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">7.</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">PREPAID EXPENSES AND OTHER CURRENT ASSETS</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The following table summarizes prepaid expenses and other current assets:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 0.4in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">November 30,</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2020</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2019</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 72%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">VAT receivables</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 11%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">572,086</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 11%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">147,457</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Advance payment for inventory</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">676,744</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">7,470</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Prepaid legal fees</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">55,862</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Prepaid insurance</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">16,114</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Security deposit &#8211; MA lease</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">92,000</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Other</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">126,340</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">74,516</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,391,284</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">377,305</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px"><font style="font: 10pt Times New Roman, Times, Serif"><b>13.</b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>PATENT RIGHTS</b></font></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On May 12, 2021, the Company entered into an asset purchase agreement with Kore, pursuant to which the Company acquired the exclusive right to use the key patents and intellectual property underpinning the acquired suite of products. As consideration for the tangible and intangible assets included in the Kore Portfolio, the Company paid Kore $3.5 million, and incurred $0.2 in legal costs to transfer these patent rights. Of the $3.7 million consideration, $2.8 million was capitalized relating to the key patents and intellectual property acquired.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">No amortization has been recorded for the patent rights during the three or six months ended May 31, 2021 but will begin in June 2021. These patent rights have a maximum life of 20 years, expiring on various dates beginning from January 2037 to 2038, and will be amortized on a straight-line basis over a period of 15 years. </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On April 13, 2018, the Company entered into a purchase and sale agreement with Andre Buys (&#8220;Buys&#8221;), the Company&#8217;s Chief Technology Officer (&#8220;CTO&#8221;), pursuant to which the Company agreed to purchase the Buys Portfolio, provisional patent rights, and other intellectual property relating to air and/or gas fired long guns or pistols, including pump action launchers and munitions used with such pistols and long guns, including self-stabilizing shaped or &#8220;finned&#8221; rounds. As consideration for the Buys Portfolio, the Company paid Buys $0.1 million, and incurred $0.01 in legal costs to transfer these patent rights. This consideration of $0.1 million was capitalized and represents the minimum rights to a license arrangement as patent rights as the Agreement included an option for full acquisition of the rights, conditional upon certain future events taking place. The Company also agreed to pay Buys either $0.5 million in cash or $0.8 million worth of Company stock within two years at Buys&#8217; discretion, if the Company elected to retain certain patents within the Buys Portfolio, which terms were changed by subsequent amendment. Pursuant to an amendment of the Agreement effective December 18, 2019, the Company made two additional payments to Buys totaling of $0.8 million, consisting of the Second Payment of $0.7 million through the issuance of 386,681 shares of common stock and Final Payment of $0.1 million in cash. The Final Payment was paid during the quarter ended May 31, 2020. Buys no longer retains any reversion rights or security interests in the Buys Portfolio. These patent rights have a maximum life of 20 years, expiring on various dates beginning from November 2033 to 2038, and are amortized on a straight-line basis over a period of 15 years.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company amortized $0.03 million and $ 0.03 million of patent rights during six months ended May 31, 2021 and 2020. The Company recognized $0.01 million and $0.02 million in amortization expense during the three months ended May 31, 2021 and 2020, respectively. The Company did not recognize any impairment losses during the three and six months ended May 31, 2021 and 2020, respectively.</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.4in"><font style="font: 10pt Times New Roman, Times, Serif">10.</font></td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PATENT RIGHTS</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 13, 2018, the Company entered into a purchase and sale agreement with Buys, its CTO, pursuant to which the Company purchased certain intellectual property relating to air and/or gas fired long guns or pistols, including pump action launchers and munitions used with such pistols and long guns, including self-stabilizing shaped or &#8220;finned&#8221; rounds. As consideration for the Buys Portfolio, the Company paid Buys $100,000, and incurred $10,000 in legal costs to transfer these patent rights. This consideration of $110,000 was capitalized and represents the minimum rights to a license arrangement as patent rights as the Agreement included an option for full acquisition of the rights, conditional upon certain future events taking place. The Company also agreed to pay Buys either $500,000 in cash or $750,000 worth of Company stock within two years at Buys&#8217; discretion, if the Company elected to retain certain patents within the Buys Portfolio, which terms were changed by subsequent amendment. Pursuant to an amendment of the Agreement effective December 18, 2019, the Company made two additional payments to Buys totaling of $776,799, consisting of the Second Payment of $696,799 through the issuance of 3,866,810 shares of common stock and Final Payment of $80,000 in cash. The Final Payment was paid during the quarter ended May 31, 2020. Buys no longer retains any reversion rights or security interests in the Buys Portfolio.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0px">Pursuant to the amended agreement related to the Final Payment to Buys for the Buys Portfolio, the Company is committed to a minimum royalty payment of $25,000 per year. Royalties on CO2 pistols are to be paid for so long as patents remain effective beginning at 2 &#189;% of the agreed upon a net price of $167.60 (&#8220;Stipulated Net Price&#8221;) for the first year and reduced by .1% each year thereafter until it reaches 1%. For each substantially new product in this category, the rate will begin again at 2 &#189;%. Royalties on the fintail projectiles (and any improved versions thereof) will be paid so long as patents remain effective at a rate of 4% of the agreed upon Stipulated Net Price for fintail projectile products.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0px">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0px">The patent rights have a maximum life of 20 years, expiring on various dates beginning from November 2033 to 2038, and are amortized on a straight-line basis over a period of 15 years. The Company amortized $64,873 and $7,332 during the years ended November 30, 2020 and 2019, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0px">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-indent: 0px">The below table summarizes amortization of the Company&#8217;s patents as of November 30, 2020 for the next five years and thereafter:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-indent: 0px">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 40%; border-collapse: collapse; margin-left: 0.4in"> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 0.25in">Fiscal Year</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: justify">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 62%; text-align: left; padding-left: 0.25in">2021</td> <td style="width: 2%; text-align: left">&#160;</td> <td style="width: 2%">&#160;</td> <td style="width: 2%; text-align: left">$</td> <td style="width: 30%; text-align: right">64,874</td> <td style="width: 2%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; padding-left: 0.25in">2022</td> <td style="text-align: left">&#160;</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">64,874</td> <td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.25in">2023</td> <td style="text-align: left">&#160;</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">64,874</td> <td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; padding-left: 0.25in">2024</td> <td style="text-align: left">&#160;</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">64,874</td> <td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.25in">2025</td> <td style="text-align: left">&#160;</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">64,874</td> <td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; padding-left: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">Thereafter</font></td> <td style="padding-bottom: 1pt; text-align: left">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right">486,558</td> <td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; text-align: right">810,928</td> <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> </table> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 48px"><font style="font: 10pt Times New Roman, Times, Serif"><b>14.</b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>ACCOUNTS PAYABLE AND ACCRUED LIABILITIES</b></font></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">The Company&#8217;s accounts payable and accrued liabilities consist of the following (in thousands):</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="width: 60%; border-collapse: collapse; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>May 31, 2021</b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>November 30, 2020</b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td style="white-space: nowrap; width: 62%; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font: 10pt Times New Roman, Times, Serif">Trade payables</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 16%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,925</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 16%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,475</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="white-space: nowrap; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font: 10pt Times New Roman, Times, Serif">Accrued sales and use tax</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">853</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,050</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td style="white-space: nowrap; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font: 10pt Times New Roman, Times, Serif">Payroll accrual</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">658</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">904</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="white-space: nowrap; padding-bottom: 1pt; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font: 10pt Times New Roman, Times, Serif">Accrued commissions</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">375</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td style="white-space: nowrap; padding-bottom: 1pt; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font: 10pt Times New Roman, Times, Serif">Accrued professional fees</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">227</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">217</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="white-space: nowrap; padding-bottom: 1pt; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font: 10pt Times New Roman, Times, Serif">Accrued royalties</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">122</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">180</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td style="white-space: nowrap; padding-bottom: 1pt; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font: 10pt Times New Roman, Times, Serif">Warranty</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">213</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">268</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 1pt; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font: 10pt Times New Roman, Times, Serif">Income taxes payable</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">350</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td style="white-space: nowrap; padding-bottom: 1pt; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font: 10pt Times New Roman, Times, Serif">Other accrued liabilities</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">217</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">160</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="white-space: nowrap; padding-bottom: 2pt; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,571</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6,629</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 0.4in"><font style="font: 10pt Times New Roman, Times, Serif">11.</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">ACCOUNTS PAYABLE AND ACCRUED LIABILITIES</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt"><font style="font: 10pt Times New Roman, Times, Serif">Accounts payable and accrued liabilities consist of the following:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 0.4in"> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">November 30,</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2020</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2019</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 72%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Trade payables</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 11%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,475,238</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 11%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">600,878</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Accrued sales and use tax</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,050,051</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Payroll accrual</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">903,576</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Commissions</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">375,123</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Accrued professional fees</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">216,660</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Warranty</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">268,453</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Other accrued liabilities</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">339,974</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">38,999</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6,629,075</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">639,877</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px"><font style="font: 10pt Times New Roman, Times, Serif"><b>15.</b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>NOTES PAYABLE</b></font></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company received $0.2 million of funding under the&#160;Paycheck&#160;Protection&#160;Program&#160;(&#8220;PPP&#8221;) on May 4, 2020. The PPP loan was disbursed by the Coronavirus Aid Relief and Economic Security (&#8220;CARES&#8221;) Act as administered by the U.S. Small Business Administration.&#160;The loan was made pursuant to a PPP Promissory Note and Agreement. Loans obtained through the&#160;PPP&#160;are eligible to be forgiven as long as the proceeds are used for qualifying purposes and certain other conditions are met. The receipt of these funds, and the forgiveness of the loan was dependent on the Company having initially qualified for the loan and qualifying for the forgiveness of such loan based on its adherence to the forgiveness criteria. In June 2020, Congress passed the Payroll Protection Program Flexibility Act that made several significant changes to PPP loan provisions, including providing greater flexibility for loan forgiveness. On February 10, 2021, the Company received approval from the Small Business Administration (&#8220;SBA&#8221;) for $0.2 million of PPP loan forgiveness. This amount was recorded as Forgiveness of Paycheck Protection Program loan in the accompanying Condensed Consolidated Statements of Operations and Comprehensive (Income) Loss during the six months ended May 31, 2021.</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 0.4in; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif">12.</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">NOTES PAYABLE</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt"><font style="font: 10pt Times New Roman, Times, Serif"><u></u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt"><font style="font: 10pt Times New Roman, Times, Serif"><u>Paycheck Protection Program (&#8220;PPP&#8221;) Loan</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On May 4, 2020, the Company received loan proceeds of $190,300 under the PPP. The PPP, which was established as part of the CARES Act, provides for loans to qualifying businesses for amounts up to 2.5 times certain average monthly payroll expenses of the qualifying business. The loan and accrued interest, or a portion thereof, may be forgiven after 24 weeks so long as the borrower uses the loan proceeds for eligible purposes including payroll, benefits, rent, mortgage interest and utilities, and maintains its payroll levels, as defined by the PPP. At least 60% of the amount forgiven must be attributable to payroll costs, as defined by the PPP.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The PPP loan matures in two years from the date of first disbursement of proceeds to the Company (the &#8220;PPP Loan Date&#8221;) and accrues interest at a fixed rate of 1%. Payments are deferred for at least the first six months and payable in 18 equal consecutive monthly installments of principal and interest commencing upon expiration of the deferral period of the PPP Loan Date.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt"><font style="font: 10pt Times New Roman, Times, Serif">As of November 30, 2020, the current and long-term portion of the loan were $75,480 and $114,820, respectively. See Note 24, &#8220;Subsequent Events,&#8221; for additional information.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt"><font style="font: 10pt Times New Roman, Times, Serif"><u>Roboro Acquisition Note</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt"><font style="font: 10pt Times New Roman, Times, Serif">As part of the Roboro acquisition, the Company assumed a loan payable to a former director of Roboro which is payable within four months of the May 5, 2020 acquisition date and accrued interest at a rate of 7.00%. The loan had a fair value of $122,548 (2,261,564 South African rand) at the acquisition date. This note was repaid during the year ended November 30, 2020. Interest expense for year ended November 30, 2020 was approximately $600.</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px"><font style="font: 10pt Times New Roman, Times, Serif"><b>16.</b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>LINES OF CREDIT</b></font></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On January 19, 2021, the Company entered into a $5.0 million revolving line of credit with a bank. The revolving line of credit bears interest at a rate equal to the Wall Street Journal Prime Rate plus 0.50%, subject to a floor of 4.00%. The revolving line of credit is secured by the Company&#8217;s accounts receivable and inventory. The line of credit is subject to an unused fee of 0.25% paid once annually. The line of credit expires on January 19, 2024. The outstanding balance on the revolving line of credit is $1.5 million as of May 31, 2021.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On January 19, 2021, the Company entered into a $1.5 million equipment financing line of credit with a bank. The line of credit bears interest at a rate equal to the Wall Street Journal Prime Rate plus 0.50%, subject to a floor of 4.00%. The line of credit is secured by the Company&#8217;s equipment. The line of credit is subject to an unused fee of 0.25% paid once annually. The line of credit expires on January 19, 2024. As of May 31, 2021, the Company had not drawn on the equipment financing line of credit.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Debt issuance costs related to the lines of credit were approximately $0.1 million. Debt issuance costs are being amortized over the term of the debt and are presented as part of Other Assets in the Condensed Consolidated Balance Sheets. Amortization of approximately $0.01 million for the three months ended May 31, 2021 is included in Interest expense in the Condensed Consolidated Statements of Operations and Comprehensive (Income) Loss. Amortization of approximately $0.01 million for the six months ended May 31, 2021 is included in Other financing costs in the Condensed Consolidated Statements of Operations and Comprehensive (Income) Loss.</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 48px"><font style="font: 10pt Times New Roman, Times, Serif"><b>20.</b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>RELATED PARTY TRANSACTIONS </b></font></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The following transactions are in the normal course of operations and are measured at the amount of consideration established and agreed to by related parties. Amounts due to related parties are unsecured, non-interest bearing with the exception of notes payable, and due on demand.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company expensed $0.2 million and approximately $0.001 million for royalties due to Buys, the Company&#8217;s CTO, during the six months ended May 31, 2021 and 2020, respectively and had accrued royalties of $0.1 million and $0.3 million as of May 31, 2021 and November 30, 2020, respectively. The Company also recorded stock-based compensation expense of approximately $0.006 million and $0.008 million during the six months ended May 31, 2021 and 2020, related to stock options granted to Buys in 2018 to acquire 150,000 shares of common stock. Stock-based compensation expense was $0.002 million and $0.004 million during the three months ended May 31, 2021 and 2020, respectively.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company issued 386,681 shares of common stock with a value of $0.7 million in connection with the Second Payment to Buys for the portfolio of registered patent rights (the &#8220;Buys Portfolio&#8221;) during the six months ended May 31, 2021. See Note 13, &#8220;Patent Rights,&#8221; for additional information.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company leased office premises at Wakefield, Massachusetts for rent, utilities and maintenance charge of approximately $0.002 million per month from a corporation owned and controlled by Bryan Ganz (&#8220;Ganz&#8221;), President and, effective April 1, 2019, Chief Executive Officer (&#8220;CEO&#8221;) of the Company. This lease was terminated June 30, 2020. The Company expensed $0.02 for these items during the six months ended May 31, 2020. The Company expensed $0.01 million for these items during the three months ended May 31, 2020.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">17. RELATED PARTY TRANSACTIONS</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following transactions are in the normal course of operations and are measured at the amount of consideration established and agreed to by related parties. Amounts due to related parties are unsecured, non-interest bearing with the exception of notes payable, and due on demand.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company expensed $204,813 and $8,333 for royalties due to Andre Buys (&#8220;Buys&#8221;), the Company&#8217;s Chief Technology Officer (&#8220;CTO&#8221;) during the years ended November 30, 2020 and 2019, respectively. The Company also recorded stock-based compensation expense of $16,909 during the years ended November 30, 2020 and 2019, respectively, related to stock options granted to Buys in 2018 to acquire 1,500,000 shares of common stock. See Note 15, &#8220;Stock-Based Compensation,&#8221; for additional information.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company issued 805,883 and 1,744,937 shares of common stock for $386,382 and $272,339 for services to its directors and management during the year ended November 31, 2020 and 2019, respectively. During the year ended November 30, 2019, the Company expensed a total of $51,876 related to 360,000 shares of common stock issued for services provided by a former director of the Company. The Company issued 3,866,810 shares of common stock with a value of $696,799 in connection with the Second Payment to Buys for the portfolio of registered patent rights (the &#8220;Buys Portfolio&#8221;) during the year ended November 30, 2020. See Note 10, &#8220;Patent Rights,&#8221; for additional information.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company leased office premises at Wakefield, Massachusetts for rent, utilities and maintenance charge of approximately $2,000 per month from a corporation owned and controlled by Bryan Ganz (&#8220;Ganz&#8221;), President and, effective April 1, 2019, CEO of the Company. This lease was terminated June 30, 2020. The Company expensed $16,960 and $23,600 for these items during the years ended November 30, 2020 and 2019, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company subleased office premises at its Massachusetts headquarters to a corporation owned and controlled by Ganz beginning July 1, 2020. Monthly sublease payments will be equal to 15% of the Company&#8217;s operating costs. Sublease payments are scheduled to commence in December 2020.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year ended November 30, 2019, current directors and officers of the Company participated in the April 22, 2019, May 20, 2019 and July 22, 2019 financing for 316 units for total proceeds of $315,588 of which $95,000 was issued to officers for services rendered.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There were no payables due to related parties as of November 31, 2020 and 2019.</p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px"><font style="font: 10pt Times New Roman, Times, Serif"><b>22. </b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>INCOME TAXES</b></font></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">For the three months ended May 31, 2021 and 2020, the Company recorded an income tax expense of $0.2 million and $0, respectively. For the six months ended May 31, 2021 and 2020, the Company recorded an income tax expense of $0.2 million and $0, respectively. For the three months ended May 31, 2021 and 2020, the effective tax rate was 8.2% and 0%, respectively. For the six months ended May 31, 2021 and 2020, the effective tax rate was 9.4% and 0%, respectively. The Company&#8217;s tax rate differs from the statutory rate of 21.0% due to the effects of state taxes net of federal benefit, the foreign tax rate differential as a result of Byrna South Africa, effects of permanent non-deductible expenses, the recording of a valuation allowance against the deferred tax assets generated in the prior period, utilization of Net Operating Loss (&#8220;NOL&#8221;) and other effects.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company is subject to income tax in the U.S., as well as various state and international jurisdictions. The federal and state tax authorities can generally reduce a net operating loss (but not create taxable income) for a period outside the statute of limitations in order to determine the correct amount of net operating loss which may be allowed as a deduction against income for a period within the statute of limitations. Additional information regarding the statutes of limitations can be found in Note 23, &#8220;Income Taxes,&#8221; in the Notes to Consolidated Financial Statements included in Item 8 of our Annual Report on Form 10-K for the year ended November 30, 2020.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On March 27, 2020, Congress signed into law the $2 trillion bipartisan Coronavirus Aid, Relief and Economic Security (CARES) Act. The CARES Act includes a variety of economic and tax relief measures intended to stimulate the economy, including loans for small businesses, payroll tax credits/deferrals, and corporate income tax relief. Due to the Company&#8217;s history of net operating losses and full valuation allowance, the CARES Act did not have a significant effect to the income tax provision, as the corporate income tax relief was directed towards cash taxpayers.</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 0.4in; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif">19.</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">INCOME TAXES</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-indent: 0px"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-indent: 0px"><font style="font: 10pt Times New Roman, Times, Serif">Loss before income taxes consists of the following:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-indent: 0px"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse; margin-left: 0.4in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Year Ended November 30,</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2020</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2019</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 54%; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">United States</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 20%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(13,572,909</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 20%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(4,199,856</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Foreign</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,312,113</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(209,929</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(12,260,796</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(4,409,785</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in"><font style="font: 10pt Times New Roman, Times, Serif">The components of the provision for income taxes is as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse; margin-left: 0.4in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Year Ended November 30,</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2020</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2019</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; padding-left: 0.05pt"><font style="font: 10pt Times New Roman, Times, Serif">Current expense (benefit):</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 4.55pt"><font style="font: 10pt Times New Roman, Times, Serif">Federal</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; padding-left: 4.55pt"><font style="font: 10pt Times New Roman, Times, Serif">State</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 66%; padding-bottom: 1pt; text-align: justify; padding-left: 4.55pt"><font style="font: 10pt Times New Roman, Times, Serif">Foreign</font></td> <td style="width: 1%; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; width: 14%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">292,529</font></td> <td style="width: 1%; padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; width: 14%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="width: 1%; padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; padding-left: 0.05pt"><font style="font: 10pt Times New Roman, Times, Serif">Total current expense (benefit):</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">292,529</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 0.05pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; padding-left: 0.05pt"><font style="font: 10pt Times New Roman, Times, Serif">Deferred expense (benefit):</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 4.55pt"><font style="font: 10pt Times New Roman, Times, Serif">Federal</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; padding-left: 4.55pt"><font style="font: 10pt Times New Roman, Times, Serif">State</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: justify; padding-left: 4.55pt"><font style="font: 10pt Times New Roman, Times, Serif">Foreign</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Total deferred expense (benefit)</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 4.55pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Total income tax expense (benefit)</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">292,529</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in"><font style="font: 10pt Times New Roman, Times, Serif">A reconciliation of the Company&#8217;s statutory income tax rate to the Company&#8217;s effective income tax rate is as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse; margin-left: 0.4in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Year Ended November 30,</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2020</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2019</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 68%; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Income at US statutory rate</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 13%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">21.00</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 13%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">21.00<font style="color: white">.</font></font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">State taxes, net of Federal benefit</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6.58</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9.24<font style="color: white">.</font></font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Permanent differences</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(13.60</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%)</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(5.44</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Foreign rate differential</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(0.75</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%)</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.34<font style="color: white">.</font></font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Valuation allowance</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(12.30</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%)</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(24.34</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Other</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(3.32</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%)</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(0.79</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%)</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2.39</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%)</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.00</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt"><font style="font: 10pt Times New Roman, Times, Serif">The net deferred income tax asset balance related to the following:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 0.4in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">November 30,</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2020</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2019</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Depreciation and amortization</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(270,488</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(88,502</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Stock compensation</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">334,898</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">96,033</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Inventory reserve</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">28,533</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">15,611</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Bad debt reserve</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,331</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Accrued payroll</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">183,044</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Warranty reserve</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">89,578</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Net operating loss (&#8220;NOL&#8221;) carryforwards</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,951,914</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,845,058</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Total deferred tax assets</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6,320,808</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,868,199</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Valuation allowance</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(6,320,808</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(5,868,199</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Net deferred tax assets (liabilities)</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 5%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <p style="margin-top: 0; margin-bottom: 0">&#160;</p> <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">As of November 30, 2020, the Company had federal and state NOL carryforwards of approximately $24.9 million and $11.4 million, respectively, which begin to expire in 2025 for federal and state purposes. The federal NOL carryforwards include approximately $8.6 million, which do not expire. </font></p></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Future realization of the tax benefits of existing temporary differences and NOL carryforwards ultimately depends on the existence of sufficient taxable income within the carryforward period. As of November 30, 2020 and 2019, respectively, the Company performed an evaluation to determine whether a valuation allowance was needed. The Company considered all available evidence, both positive and negative, which included the results of operations for the current and preceding years. The Company determined that it was not possible to reasonably quantify future taxable income and determined that it is more likely than not that all of the deferred tax assets will not be realized. Accordingly, the Company maintained a full valuation allowance as of November 30, 2020 and 2019. At November 30, 2020 and 2019, the Company recognized valuation allowances of $6.3 million and $5.9 million, respectively, related to its deferred tax assets created in those respective years. The net increase of $0.4 million in the valuation allowance reflects the net in increase in gross deferred tax asset between those periods.</font></td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 5%; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Pursuant to Internal Revenue Code Section 382, use of NOL carryforwards may be limited if the Company experiences a cumulative change in ownership of greater than 50% in a moving three-year period. Ownership changes could impact the Company&#8217;s ability to utilize the NOL carryforwards remaining at an ownership change date. The Company has completed a Section 382 study and determined that there were multiple ownership changes of 50% or more during the period from March 5, 2020 through November 30, 2020. These ownership changes occurred around March 10, 2007, August 27, 2013, and March 27, 2020. As of the last testing date covered in the testing period, the cumulative ownership change is 11.06%. The resulting limitation of NOL carryforwards has been considered in determining the full valuation allowance against the related deferred tax assets as noted above.</font></td></tr> </table> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px"><font style="font: 10pt Times New Roman, Times, Serif"><b>23. </b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>COMMITMENTS AND CONTINGENCIES</b></font></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b><u>Royalty Payment</u></b>&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Pursuant to the amended agreement related to the Final Payment to Buys for the Buys Portfolio, the Company is committed to a minimum royalty payment of $0.025 million per year.&#160;Royalties on CO2 pistols are to be paid for so long as patents remain effective beginning at 2 &#189;% of the agreed upon a net price of $167.60 (&#8220;Stipulated Net Price&#8221;) for the first year and reduced by 0.1% each year thereafter until it reaches 1%. For each substantially new product in this category, the rate will begin again at 2 &#189;%. Royalties on the fintail projectiles (and any improved versions thereof) will be paid so long as patents remain effective at a rate of 4% of the agreed upon Stipulated Net Price for fintail projectile products.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b><u>COVID-19 Pandemic and the Coronavirus Aid, Relief, and Economic Security (&#8220;CARES&#8221;) Act</u></b>&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On January 30, 2020, the World Health Organization (&#8220;WHO&#8221;) announced a global health emergency because of a new strain of coronavirus originating in Wuhan, China (the &#8220;COVID-19 outbreak&#8221;) and the risks to the international community as the virus spreads globally beyond its point of origin. In March 2020, the WHO classified the COVID-19 outbreak as a pandemic, based on the rapid increase in exposure globally.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The full impact of the COVID-19 outbreak continues to evolve as of the date of this report. As such, it is uncertain as to the full magnitude that the pandemic may have on the Company&#8217;s financial condition, liquidity, and future results of operations. Management is actively monitoring the impact of the global situation on its financial condition, liquidity, operations, suppliers, industry, and workforce. Given the daily evolution of the COVID-19 outbreak and the global responses to curb its spread, the Company is not able to estimate the effects of the COVID-19 outbreak on its results of operations, financial condition, or liquidity for fiscal year 2021.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company faces various risks related to COVID-19 outbreak. The Company is dependent on its workforce to deliver its products. If significant portions of the Company&#8217;s workforce are unable to work effectively, or if customers&#8217; operations are curtailed due to illness, quarantines, government actions, facility closures, or other restrictions in connection with the COVID-19 pandemic, the Company&#8217;s operations will likely be impacted. The Company may be unable to perform fully on its contracts and costs may increase as a result of the COVID-19 outbreak. These cost increases may not be fully recoverable or adequately covered by insurance. Since the COVID-19 outbreak began, no facilities have been fully shut down. Certain of the Company&#8217;s vendors may be unable to deliver materials on time due to the COVID-19 outbreak. Such delays may negatively impact the Company&#8217;s production, and the Company plans to continue to monitor these and its other vendors and, if necessary, seek alternative suppliers.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On March 27, 2020, then President Trump signed into law the CARES Act. The CARES Act, among other things, includes provisions relating to refundable payroll tax credits, deferment of employer side social security payments, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations, increased limitations on qualified charitable contributions, and technical corrections to tax depreciation methods for qualified improvement property. The CARES Act also appropriated funds for the Small Business Administration (SBA) Paycheck Protection Program loans that are forgivable in certain situations to promote continued employment, as well as Economic Injury Disaster Loans to provide liquidity to small businesses harmed by COVID-19.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b><u>Product Liability</u></b>&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In February 2021, the Company identified certain Byrna&#174; HD launchers that may contain a wire that is not to specification and, as a result, the Company accrued a $0.2 million reserve for the possible costs related to updating affected launchers. As of May 31, 2021, approximately $0.06 million of these estimated costs have been incurred or resolved.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b><u>Legal Proceedings</u></b>&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In the ordinary course of our business, the Company may be subject to certain other legal actions and claims, including product liability, consumer, commercial, tax and governmental matters, which may arise from time to time. The Company does not believe it is currently a party to any pending legal proceedings. Notwithstanding, legal proceedings are subject-to inherent uncertainties, and an unfavorable outcome could include monetary damages, and excessive verdicts can result from litigation, and as such, could result in a material adverse impact on the Company&#8217;s business, financial position, results of operations, and/or cash flows. Additionally, although the Company has specific insurance for certain potential risks, the Company may in the future incur judgments or enter into settlements of claims which may have a material adverse impact on the Company&#8217;s business, financial position, results of operations, and/or cash flows.</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="font: 10pt Times New Roman, Times, Serif"><td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.4in"><font style="font: 10pt Times New Roman, Times, Serif">20.</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">COMMITMENTS AND CONTINGENCIES</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Consulting Agreement</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In 2018, the Company entered into consulting agreements with two consultants pursuant to which each was paid $7,500 per month, which increased to $10,000 per month subsequent to the month the Company commenced shipping the Byrna&#174; HD product to customers, ending on December 31, 2019. In addition, the Company issued to each consultant 750,000 incentive warrants. See Note 15, &#8220;Stock-Based Compensation.&#8221;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">Effective October 29, 2018, the Company entered into a consulting agreement with Lisa Wager (&#34;Wager&#34;) pursuant to which she serves as CLO of the Company. By the terms of the consulting agreement, Wager was paid a total of 250,000 common shares for the services calculated at 83,333 common shares per month commencing November 1, 2018 and expiring on January 31, 2019. A total of 416,666 common shares were issued during the year ended November 30, 2019. When this agreement ended, Wager was retained and paid by board resolutions from February 1 through June 30, 2019 and became an employee effective July 1, 2019. Her base salary was $15,000/month per board resolution.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 27pt">The Company executed a consulting agreement effective July 1, 2018 with a corporation owned by Thrasher, then executive chairman. The contract expired on March 31, 2019.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">Effective June 1, 2018, the Company entered into a consulting agreement with Ganz pursuant to which Ganz serves as President of the Company. By the terms of the consulting agreement, Ganz was paid $200,000 annually in shares of the Company's common stock for his service, subject to stock exchange approval. The common shares were issued quarterly, ending March 31, 2019. For the Company's 2018 fiscal third and fourth quarters, Ganz was paid 500,000 common shares for each quarter. Based on the consulting agreement, Ganz received 833,333 shares during the year ended November 30, 2019 for services through March 31, 2019. Ganz was paid pursuant to board resolution for April-June 2019 and became an employee effective July 1, 2019 with a base salary of $20,000/month set by board resolution.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt"><font style="font: 10pt Times New Roman, Times, Serif"><u>COVID-19 Pandemic and the Coronavirus Aid, Relief, and Economic Security (&#8220;CARES&#8221;) Act</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On January 30, 2020, the World Health Organization (&#8220;WHO&#8221;) announced a global health emergency because of a new strain of coronavirus originating in Wuhan, China (the &#8220;COVID-19 outbreak&#8221;) and the risks to the international community as the virus spreads globally beyond its point of origin. In March 2020, the WHO classified the COVID-19 outbreak as a pandemic, based on the rapid increase in exposure globally.</font></p></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 27pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The full impact of the COVID-19 outbreak continues to evolve as of the date of this report. As such, it is uncertain as to the full magnitude that the pandemic may have on the Company&#8217;s financial condition, liquidity, and future results of operations. Management is actively monitoring the impact of the global situation on its financial condition, liquidity, operations, suppliers, industry, and workforce. Given the daily evolution of the COVID-19 outbreak and the global responses to curb its spread, the Company is not able to estimate the effects of the COVID-19 outbreak on its results of operations, financial condition, or liquidity for fiscal year 2021.</font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 27pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company faces various risks related to COVID-19 outbreak. The Company is dependent on its workforce to deliver its products. If significant portions of the Company&#8217;s workforce are unable to work effectively, or if customers&#8217; operations are curtailed due to illness, quarantines, government actions, facility closures, or other restrictions in connection with the COVID-19 pandemic, the Company&#8217;s operations will likely be impacted. The Company may be unable to perform fully on its contracts and costs may increase as a result of the COVID-19 outbreak. These cost increases may not be fully recoverable or adequately covered by insurance. Since the COVID-19 outbreak began, no facilities have been fully shut down. Certain of the Company&#8217;s vendors may be unable to deliver materials on time due to the COVID-19 outbreak. Such delays may negatively impact the Company&#8217;s production, and the Company plans to continue to monitor these and its other vendors and, if necessary, seek alternative suppliers.</font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 27pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On March 27, 2020, then President Trump signed into law the CARES Act. The CARES Act, among other things, includes provisions relating to refundable payroll tax credits, deferment of employer side social security payments, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations, increased limitations on qualified charitable contributions, and technical corrections to tax depreciation methods for qualified improvement property. The CARES Act also appropriated funds for the Small Business Administration (SBA) Paycheck Protection Program loans that are forgivable in certain situations to promote continued employment, as well as Economic Injury Disaster Loans to provide liquidity to small businesses harmed by COVID-19.</font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 27pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt"><font style="font: 10pt Times New Roman, Times, Serif"><u>Product Liability</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In February 2021, the Company identified certain Byrna&#174; HD launchers that may contain a wire that is not to specification and, as a result, the Company accrued a $195,000 reserve for the possible costs related to updating affected launchers. The Company has been communicating with customers to notify them of the availability of the update.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Legal Proceedings</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In the ordinary course of our business, the Company may be subject to certain other legal actions and claims, including product liability, consumer, commercial, tax and governmental matters, which may arise from time to time. The Company does not believe it is currently a party to any pending legal proceedings. Notwithstanding, legal proceedings are subject-to inherent uncertainties, and an unfavorable outcome could include monetary damages, and excessive verdicts can result from litigation, and as such, could result in a material adverse impact on the Company&#8217;s business, financial position, results of operations, and/or cash flows. Additionally, although the Company has specific insurance for certain potential risks, the Company may in the future incur judgments or enter into settlements of claims which may have a material adverse impact on the Company&#8217;s business, financial position, results of operations, and/or cash flows.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 48px"><font style="font: 10pt Times New Roman, Times, Serif"><b>24.</b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>EXCLUSIVE SUPPLY AND PURCHASE AGREEMENTS</b></font></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company entered into a Development, Supply and Manufacturing Agreement with the manufacturer of the 40mm blunt impact projectile (&#8220;BIP&#8221;) on August 1, 2017. This agreement requires the Company to order and purchase only from the BIP manufacturer certain BIP assemblies and components for use by the Company to produce less-lethal and training projectiles as described in the agreement. The agreement is for a term of four years with an automatic extension for additional one-year terms if neither party has given written notice of termination at least 60 days prior to the end of the then-current term. The agreement does not contain any minimum purchase commitments. Purchases from the BIP manufacturer were $0 and $0.07 million for the six months ended May 31, 2021 and 2020, respectively. Purchases from the BIP manufacturer were $0 and $0.06 million for the three months ended May 31, 2021 and 2020, respectively. Notice has been provided and this Development, Supply and Manufacturing Agreement will not be extended after August 1, 2021.</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 0.4in; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif">21.</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">EXCLUSIVE SUPPLY AND PURCHASE AGREEMENTS</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company executed a manufacturing agreement with Roboro effective December 1, 2019 (binding agreement July 2019), whereby Roboro is its exclusive manufacturer in South Africa of various products including the Byrna&#174; HD. Roboro&#8217;s manufacturing activities include plastic molding component production and assembly, dispatch and other services. The contract term was through November 30, 2021 with two-year renewal terms. Roboro provided manufacturing services during the year ended November 20, 3019. Effective May 5, 2020, the Company acquired 100% of the outstanding common shares of Roboro for $500,000. See Note 5, &#8220;Business Combination,&#8221; for additional information. Purchases from Roboro were approximately $102,000 from December 1, 2019 up until the acquisition date. Purchases from Roboro were approximately $55,713 during the year ended November 30, 2019.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company entered into a Development, Supply and Manufacturing Agreement with the BIP manufacturer in August 1, 2017. This agreement requires the Company to order and purchase only from the BIP manufacturer certain BIP assemblies and components for use by the Company to produce less-lethal and training projectiles as described in the agreement. The agreement is for a term of four years with an automatic extension for additional one-year terms if neither party has given written notice of termination at least 60 days prior to the end of the then- current term. The agreement does not contain any minimum purchase commitments. Purchases from the BIP manufacturer were $205,132 and $195,733 for the years ended November 30, 2020 and 2019, respectively.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company entered a License and Supply Agreement with Safariland, LLC (&#8220;Safariland&#8221;) on May 1, 2017. This agreement provides the Company to license and sell only to Safariland certain BIP standard payloads for integration with and production of Safariland&#8217;s Defense Technology brand less-lethal impact munitions to be sold in North America. This agreement is for a term of four years with an automatic extension for an additional one-year term if neither party has given written notice of termination at least 90 days prior to the end of the then-current term. The Company recognized revenues from sales to Safariland of $24,850 and $0 for the years ended November 30, 2020 and 2019, respectively.&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><td style="font: 10pt Times New Roman, Times, Serif; width: 48px"><font style="font-size: 10pt"><b>25.</b></font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt"><b>SEGMENT AND GEOGRAPHICAL DISCLOSURES</b></font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The CEO, who is also the Chief Operating Decision Maker, evaluates the business as a single entity, which includes reviewing financial information and making business decisions based on the overall results of the business. As such, the Company&#8217;s operations constitute a single operating segment and one reportable segment.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The tables below summarize the Company&#8217;s revenue for the three and six months ended May 31, 2021 and 2020, respectively, by geographic region (in thousands).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 65%; border-collapse: collapse; margin-left: 0.5in"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt"><i>Revenue:</i></font></td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt"><b>Three Months Ended</b></font></td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt"><b>U.S.</b></font></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt"><b>South Africa</b></font></td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt"><b>Total</b></font></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; width: 53%; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font-size: 10pt">May 31, 2021</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">$</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><font style="font-size: 10pt">12,868</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">$</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><font style="font-size: 10pt">533</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">$</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><font style="font-size: 10pt">13,401</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font-size: 10pt">May 31, 2020</font></td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">1,077</font></td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">113</font></td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">1,190</font></td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 8.65pt; text-indent: -8.65pt">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font-size: 10pt"><b>Six Months Ended</b></font></td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt"><b>U.S.</b></font></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt"><b>South Africa</b></font></td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt"><b>Total</b></font></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font-size: 10pt">May 31, 2021</font></td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">$</font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">21,325</font></td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">$</font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">969</font></td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">$</font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">22,294</font></td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font-size: 10pt">May 31, 2020</font></td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">1,321</font></td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">18</font></td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">1,339</font></td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr></table> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif">22.</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">SEGMENT AND GEOGRAPHICAL DISCLOSURES</font></td></tr> <tr> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">The Chief Executive Officer, who is also the Chief Operating Decision Maker, evaluates the business as a single entity, which includes reviewing financial information and making business decisions based on the overall results of the business. As such, the Company&#8217;s operations constitute a single operating segment and one reportable segment.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">The tables below summarize the Company&#8217;s revenue, long-lived assets and total assets as of November 30, 2020 and 2019, respectively by geographic region. The Company&#8217;s long-lived assets consist of patent rights, property and equipment, and deposits for equipment:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 0.4in"> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;<i>Revenue</i></font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">US</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Canada</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">South Africa</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 47%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2020</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">15,497,606</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,068,689</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">16,566,295</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2019</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">536,471</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">387,948</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">924,419</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 0.4in"> <tr style="vertical-align: bottom"> <td style="font-style: italic"><font style="font: 10pt Times New Roman, Times, Serif">Long-lived assets</font></td> <td style="padding-bottom: 1pt; font-style: italic"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">US</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Canada</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">South Africa</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 47%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2020</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,850,727</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">274,893</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,850,727</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2019</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">614,027</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,184</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">617,211</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 0.4in"> <tr style="vertical-align: bottom"> <td style="font-style: italic"><font style="font: 10pt Times New Roman, Times, Serif">Total Assets</font></td> <td style="padding-bottom: 1pt; font-style: italic"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">US</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Canada</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">South Africa</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 47%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2020</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">18,524,699</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,691,421</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">21,216,120</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2019</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,307,257</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">50,415</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,208,747</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,566,419</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px"><font style="font: 10pt Times New Roman, Times, Serif"><b>26.</b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>FINANCIAL INSTRUMENTS</b></font></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company is exposed to risks that arise from its use of financial instruments. This note describes the Company&#8217;s objectives, policies and processes for managing those risks and the methods used to measure them.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">i)</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">Currency Risk</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company held its cash balances within banks in Canada in both U.S. dollars and Canadian dollars, with banks in the U.S. in U.S. dollars, and with banks in South Africa in U.S. dollars and South African rand. The Company&#8217;s operations are conducted in the U.S. and South Africa. The value of the South African rand against the U.S. dollar may fluctuate with the changes in economic conditions.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">During the six months ended May 31, 2021, in comparison to the prior year period, the U.S. dollar strengthened in relation to the South African rand, and upon the translation of the Company&#8217;s subsidiaries&#8217; revenues, expenses, assets and liabilities held in South African rand, respectively. As a result, the Company recorded a translation adjustment gain of $0.2 million and $0.1 million primarily related to the South African rand during the six months ended May 31, 2021 and 2020, respectively. The Company recorded a translation adjustment gain/(loss) of $0.1 and $0.1 million primarily related to the South African rand during the three months ended May 31, 2021 and 2020, respectively.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company&#8217;s South African subsidiary revenues, cost of goods sold, operating costs and capital expenditures are denominated in South African rand. Consequently, fluctuations in the U.S. dollar exchange rate against the South African rand increases the volatility of sales, cost of goods sold and operating costs and overall net earnings when translated into U.S. dollars. The Company is not using any forward or option contracts to fix the foreign exchange rates. Using a 10% fluctuation in the U.S. exchange rate, the impact on the loss and stockholders&#8217; equity is not material.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">ii)</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">Credit Risk</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The financial instruments that potentially subject the Company to credit risk consist of cash and accounts receivable. The Company maintains cash with high credit quality financial institutions located in the U.S. and South Africa. The Company maintains cash and cash equivalent balances with financial institutions in the U.S. in excess of amounts insured by the Federal Deposit Insurance Corporation.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company provides credit to its customers in the normal course of its operations. It carries out, on a continuing basis, credit checks on its customers.</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 0.4in; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif">23.</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">FINANCIAL INSTRUMENTS</font></td></tr> <tr> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company is exposed to risks that arise from its use of financial instruments. This note describes the Company&#8217;s objectives, policies and processes for managing those risks and the methods used to measure them.</font></td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.4in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 0.4in"><font style="font: 10pt Times New Roman, Times, Serif">i)</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">Currency Risk</font></td></tr> <tr> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">The Company held its cash balances within banks in Canada in both U.S. dollars and Canadian dollars, with banks in the U.S. in U.S. dollars, and with banks in South Africa in U.S. dollars and South African rand. The Company&#8217;s operations are conducted in the U.S. and South Africa. The value of the South African rand against the U.S. dollar may fluctuate with the changes in economic conditions.</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.4in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 0.4in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">During the year ended November 30, 2020, in comparison to the prior year period, the U.S. dollar strengthened in relation to the South African rand, and upon the translation of the Company&#8217;s subsidiaries&#8217; revenues, expenses, assets and liabilities held in South African rand, respectively. As a result, the Company recorded a translation adjustment gain of $66,545 and a loss $4,115 primarily related to the South African rand during the years ended November 30, 2020 and 2019, respectively.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company&#8217;s South African subsidiary revenues, cost of goods sold, operating costs and capital expenditures are denominated in South African rand. Consequently, fluctuations in the U.S. dollar exchange rate against the South African rand increases the volatility of sales, cost of goods sold and operating costs and overall net earnings when translated into U.S. dollars. The Company is not using any forward or option contracts to fix the foreign exchange rates. Using a 10% fluctuation in the U.S. exchange rate, the impact on the loss and stockholders&#8217; equity (deficit) is not material.&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p></td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.4in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 0.4in"><font style="font: 10pt Times New Roman, Times, Serif">ii)</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">Credit Risk</font></td></tr> <tr> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: top"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The financial instruments that potentially subject the Company to credit risk consist of cash and accounts receivable. The Company maintains cash with high credit quality financial institutions located in the U.S. and South Africa. The Company maintains cash and cash equivalent balances with financial institutions in the U.S. in excess of amounts insured by the Federal Deposit Insurance Corporation.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company provides credit to its customers in the normal course of its operations. It carries out, on a continuing basis, credit checks on its customers.&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"></font></p></td></tr> <tr> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: top"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">iii)</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">Revenue Concentration</font></td></tr> <tr> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: top"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">No customer accounted for more than 10% of total revenues for the year ended November 30, 2020. During the year ended November 30, 2019, two customers represented approximately 37% of total revenues.</font></td></tr> <tr> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: top"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">No customer accounted for more than 10% of total accounts receivable for the year ended November 30, 2020. The accounts receivable from two customers represent approximately 77% of accounts receivable as of November 30, 2019.</font></td></tr> <tr> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif">iv)</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">Vendor Concentration</font></td></tr> <tr> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">There was no vendor concentration for the year ended November 30, 2020. During 2019, the Company purchased 100% of its BIP inventory from one supplier and Roboro, its then exclusive manufacturer/assembler in South Africa of the Byrna^&#174; HD and magazines. The Company&#8217;s operations rely significantly on these two suppliers in 2019. </font></td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 3%; text-indent: 0.75pt"><font style="font: 10pt Times New Roman, Times, Serif">24.</font></td> <td style="width: 97%; padding-left: 0.75pt; text-indent: -0.75pt"><font style="font: 10pt Times New Roman, Times, Serif">SUBSEQUENT EVENTS</font></td></tr> <tr style="vertical-align: top; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify; padding-left: 0.75pt; text-indent: -0.75pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On January 19, 2021, the Company entered into a $5,000,000 revolving line of credit with a bank. The revolving line of credit bears interest at a rate equal to the Wall Street Journal Prime Rate plus 0.50%, subject to a floor of 4.00%. The revolving line of credit is secured by the Company&#8217;s accounts receivable and inventory. The line of credit is subject to an unused fee of 0.25% paid once annually.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On January 19, 2021, the Company entered into a $1,500,000 line of credit with a bank. The line of credit bears interest at a rate equal to the Wall Street Journal Prime Rate plus 0.50%, subject to a floor of 4.00%. The line of credit is secured by the Company&#8217;s equipment. The line of credit is subject to an unused fee of 0.25% paid once annually.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On February 10, 2021, the Company received approval from the Small Business Administration (&#8220;SBA&#8221;) for $190,300 of PPP loan forgiveness.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The estimated fair value of assets acquired and liabilities assumed on May 5, 2020 is as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 90%; border-collapse: collapse; margin-left: 0.5in"> <tr style="vertical-align: bottom; background-color: #cceeff"> <td style="white-space: nowrap; width: 87%"><font style="font: 10pt Times New Roman, Times, Serif">Property and equipment</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="white-space: nowrap; width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">67</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">Goodwill</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">651</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">Right-of-use asset, net</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">54</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">Loan payable</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(123</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">Operating lease liability, current</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(35</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">Operating lease liability, noncurrent</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(19</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td style="white-space: nowrap; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">Other net asset (liabilities)</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(38</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="white-space: nowrap; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Net Assets</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">557</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr></table> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr><td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The estimated fair value of assets acquired and liabilities assumed on May 5, 2020 is as follows:&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p></td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 0.4in"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 86%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Property and equipment</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 11%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">67,017</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Goodwill</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">650,787</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Right-of-use asset, net</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">54,425</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Loan payable</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(122,548</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Operating lease liability, current</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(35,191</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Operating lease liability, noncurrent</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(19,234</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Other net assets (liabilities)</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(37,690</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Net Assets</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">557,566</font></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">Changes in deferred revenue, which relate to unfulfilled e-commerce orders and amounts to be recognized under extended 3-year service warranties, for the six months ended May 31, 2021 and the year ended November 30, 2020, are summarized below (in thousands).</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="width: 95%; border-collapse: collapse; margin-left: 0.5in; font-size: 10pt"> <tr style="vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>May 31, 2021</b></font></td> <td style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" style="border-bottom: black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>November 30, 2020</b></font></td> <td style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Deferred revenue balance, beginning of period</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="white-space: nowrap; width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,902</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="white-space: nowrap; width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">11</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Net additions to deferred revenue during the period</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">18,100</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">18,826</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Reductions in deferred revenue for revenue recognized during the period</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; white-space: nowrap; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(21,327</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; white-space: nowrap; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(13,935</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Deferred revenue balance, end of period</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; white-space: nowrap; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,675</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; white-space: nowrap; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,902</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr></table> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> The associated performance obligations are expected to be satisfied during the year ended November 30, 2021.</font></td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 0.4in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Deferred Revenue</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Deferred revenue balance, November 30, 2018</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 85%; padding-bottom: 1pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Net additions to deferred revenue</font></td> <td style="width: 1%; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10,842</font></td> <td style="width: 1%; padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Deferred revenue balance, November 30, 2019</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10,842</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Net additions to deferred revenue</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">18,825,995</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Reductions in deferred revenue for revenue recognized during the fiscal year</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(13,934,750</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Deferred revenue balance, November 30, 2020</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,902,087</font></td></tr></table> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%; border-collapse: collapse"><tr><td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The following table presents disaggregation of the Company&#8217;s revenue by product type and distribution channel (in thousands):&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 95%; border-collapse: collapse; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Three Months Ended <br />May 31,</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Six Months Ended <br />May 31,</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Product type</i></b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2021</b></font></td> <td style="white-space: nowrap; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2020</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2021</b></font></td> <td style="white-space: nowrap; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2020</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td style="white-space: nowrap; width: 48%; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Byrna^&#174;HD</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="white-space: nowrap; width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">13,356</font></td> <td style="white-space: nowrap; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="white-space: nowrap; width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,100</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="white-space: nowrap; width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">22,249</font></td> <td style="white-space: nowrap; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="white-space: nowrap; width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,227</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="white-space: nowrap; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">40mm</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">45</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">90</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">45</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">112</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td style="white-space: nowrap; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 1pt solid; white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">13,401</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">$&#160;</font></td> <td style="border-bottom: black 1pt solid; white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,190</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 1pt solid; white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">22,294</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 1pt solid; white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,339</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="white-space: nowrap; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Three Months Ended<br />May 31,</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Six Months Ended<br />May 31,</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-bottom: black 1pt solid; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Distribution channel</i></b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2021</b></font></td> <td style="white-space: nowrap; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2020</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2021</b></font></td> <td style="white-space: nowrap; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2020</b></font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">Wholesale (dealer/distributors and large end-users)</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,107</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">356</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,776</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">290</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="white-space: nowrap; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">E-commerce</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">11,294</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">834</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">18,518</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,049</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td style="white-space: nowrap; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.25pt double; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">13,401</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.25pt double; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,190</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.25pt double; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">22,294</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.25pt double; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,339</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.4in"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">The following table presents disaggregation of the Company&#8217;s revenue by product type and distribution channel:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.4in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 0.4in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Years Ended<br />November 30,</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; font-style: italic"><font style="font: 10pt Times New Roman, Times, Serif">Product type</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2020</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2019</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Byrna&#174; HD</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">16,322,482</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">850,404</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">40mm</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">243,813</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">74,015</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">16,566,295</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">924,419</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 0.4in"> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Years Ended<br />November 30,</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; font-style: italic"><font style="font: 10pt Times New Roman, Times, Serif">Distribution channel</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2020</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2019</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Wholesale (dealer/distributors and large end-users)</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,952,825</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">602,838</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">E-commerce</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">13,613,470</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">321,581</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">16,566,295</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">924,419</font></td></tr></table> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%; border-collapse: collapse"><tr><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The following table summarizes inventory as of May 31, 2021 and November 30, 2020, respectively (in thousands). </font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="width: 60%; border-collapse: collapse; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>May 31,<br />2021</b></font></td> <td style="white-space: nowrap; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>November 30,<br />2020</b></font></td> <td style="white-space: nowrap; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td style="width: 62%; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font: 10pt Times New Roman, Times, Serif">Raw materials</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="white-space: nowrap; width: 16%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,999</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 16%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,901</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 8.65pt; text-indent: -8.65pt"><font style="font: 10pt Times New Roman, Times, Serif">Work in process</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">159</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">302</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td style="padding-bottom: 1pt; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font: 10pt Times New Roman, Times, Serif">Finished goods</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,449</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,614</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2pt; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="padding-bottom: 2pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.25pt double; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6,607</font></td> <td style="padding-bottom: 2pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,817</font></td> <td style="padding-bottom: 2pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr></table> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr><td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">The following table summarizes inventory as of November 30, 2020 and 2019, respectively.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p></td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 0.4in"> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">November 30,<br />2020</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">November 30,<br />2019</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 72%; text-align: left; padding-left: 27.35pt; text-indent: -1.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Raw materials</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 11%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,900,550</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 11%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">449,767</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; padding-left: 27.35pt; text-indent: -1.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Work in process</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">302,239</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">32,098</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left; padding-left: 27.35pt; text-indent: -1.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Finished goods</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,613,826</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">477,883</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 27.35pt; text-indent: -1.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,816,615</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">959,748</font></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">The Company&#8217;s accounts payable and accrued liabilities consist of the following (in thousands):</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="width: 60%; border-collapse: collapse; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>May 31, 2021</b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>November 30, 2020</b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td style="white-space: nowrap; width: 62%; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font: 10pt Times New Roman, Times, Serif">Trade payables</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 16%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,925</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 16%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,475</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="white-space: nowrap; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font: 10pt Times New Roman, Times, Serif">Accrued sales and use tax</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">853</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,050</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td style="white-space: nowrap; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font: 10pt Times New Roman, Times, Serif">Payroll accrual</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">658</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">904</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="white-space: nowrap; padding-bottom: 1pt; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font: 10pt Times New Roman, Times, Serif">Accrued commissions</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">375</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td style="white-space: nowrap; padding-bottom: 1pt; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font: 10pt Times New Roman, Times, Serif">Accrued professional fees</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">227</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">217</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="white-space: nowrap; padding-bottom: 1pt; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font: 10pt Times New Roman, Times, Serif">Accrued royalties</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">122</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">180</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td style="white-space: nowrap; padding-bottom: 1pt; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font: 10pt Times New Roman, Times, Serif">Warranty</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">213</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">268</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 1pt; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font: 10pt Times New Roman, Times, Serif">Income taxes payable</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">350</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td style="white-space: nowrap; padding-bottom: 1pt; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font: 10pt Times New Roman, Times, Serif">Other accrued liabilities</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">217</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">160</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="white-space: nowrap; padding-bottom: 2pt; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,571</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6,629</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt"><font style="font: 10pt Times New Roman, Times, Serif">Accounts payable and accrued liabilities consist of the following:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 0.4in"> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">November 30,</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2020</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2019</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 72%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Trade payables</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 11%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,475,238</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 11%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">600,878</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Accrued sales and use tax</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,050,051</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Payroll accrual</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">903,576</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Commissions</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">375,123</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Accrued professional fees</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">216,660</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Warranty</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">268,453</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Other accrued liabilities</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">339,974</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">38,999</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6,629,075</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">639,877</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The elements of lease expense were as follows (in thousands):</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 90%; border-collapse: collapse; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="white-space: nowrap; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Three Months Ended</b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="white-space: nowrap; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Six Months Ended</b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>May 31, 2021</b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>May 31, 2021</b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-indent: -8.65pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Lease Cost:</b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td style="width: 72%; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font: 10pt Times New Roman, Times, Serif">Operating lease cost</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="white-space: nowrap; width: 11%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">87</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="white-space: nowrap; width: 11%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">179</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 8.65pt; text-indent: -8.65pt"><font style="font: 10pt Times New Roman, Times, Serif">Short-term lease cost</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td style="padding-bottom: 1pt; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font: 10pt Times New Roman, Times, Serif">Variable lease cost</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2pt; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font: 10pt Times New Roman, Times, Serif">Total lease cost</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.25pt double; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">92</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.25pt double; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">184</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td style="padding-left: 8.65pt; text-indent: -8.65pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 8.65pt; text-indent: -8.65pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Other Information:</b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td style="padding-left: 8.65pt; text-indent: -8.65pt"><font style="font: 10pt Times New Roman, Times, Serif">Cash paid for amounts included in the measurement of operating lease liabilities</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">156</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 8.65pt; text-indent: -8.65pt"><font style="font: 10pt Times New Roman, Times, Serif">Operating lease liabilities arising from obtaining right-of-use assets</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">182</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td style="padding-left: 8.65pt; text-indent: -8.65pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 8.65pt; text-indent: -8.65pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Operating Leases:</b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td style="padding-left: 8.65pt; text-indent: -8.65pt"><font style="font: 10pt Times New Roman, Times, Serif">Weighted-average remaining lease term (in years)</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4.7 years</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 8.65pt; text-indent: -8.65pt"><font style="font: 10pt Times New Roman, Times, Serif">Weighted-average discount rate</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9.3</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">As of November 30, 2020, right-of-use assets of $1,200,447, current lease liabilities of $257,608, and non-current lease liabilities of $828,005 are reflected in the accompanying Consolidated Balance Sheets. The elements of lease expense were as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 0.4in"> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-indent: -0.125in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">November 30,2020</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; font-weight: bold; padding-left: 0.125in; text-indent: -0.125in"><b>Lease Cost:</b></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 85%; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><font style="font: 10pt Times New Roman, Times, Serif">Operating lease cost</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">198,402</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><font style="font: 10pt Times New Roman, Times, Serif">Short-term lease cost</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">24,560</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><font style="font: 10pt Times New Roman, Times, Serif">Variable lease cost</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8.696</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><font style="font: 10pt Times New Roman, Times, Serif">Total lease cost</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">231,658</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: right; padding-left: 0.125in; text-indent: -0.125in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; font-weight: bold; padding-left: 0.125in; text-indent: -0.125in"><b>Other Information:</b></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><font style="font: 10pt Times New Roman, Times, Serif">Cash paid for amounts included in the measurement of operating lease liabilities</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">309,642</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><font style="font: 10pt Times New Roman, Times, Serif">Operating lease liabilities arising from obtaining right-of-use assets</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,336,153</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; font-weight: bold; padding-left: 0.125in; text-indent: -0.125in"><b>Operating Leases:</b></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><font style="font: 10pt Times New Roman, Times, Serif">Weighted-average remaining lease term (in years)</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4.9 years</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><font style="font: 10pt Times New Roman, Times, Serif">Weighted-average discount rate</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8.4</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr></table> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%; border-collapse: collapse"><tr><td style="width: 48px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif"></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">Future lease payments under non-cancelable operating leases as of May 31, 2021 are as follows (in thousands):</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 45%; border-collapse: collapse; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td colspan="5" style="text-decoration: underline"><font style="font: 10pt Times New Roman, Times, Serif"><b><u>Fiscal Year Ending November 30</u>,</b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td style="width: 76%"><font style="font: 10pt Times New Roman, Times, Serif">2021 (six months) </font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 20%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">161</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">2022 </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">315</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td><font style="font: 10pt Times New Roman, Times, Serif">2023</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">282</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">2024</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">290</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #ccecff"> <td><font style="font: 10pt Times New Roman, Times, Serif">2025</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">187</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">Thereafter</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">157</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #ccecff"> <td><font style="font: 10pt Times New Roman, Times, Serif">Total lease payments</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,392</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">Less: imputed interest</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">255</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #ccecff"> <td><font style="font: 10pt Times New Roman, Times, Serif">Total lease liabilities</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,137</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Future lease payments under non-cancelable operating leases as of November 30, 2020 are as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 0.4in"> <tr style="vertical-align: bottom"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;<b><u>Fiscal Year Ended November 30,</u></b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 84%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">2021</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">335,317</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">2022</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">259,261</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">2023</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">213,859</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">2024</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">216,866</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">2025</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">188,913</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Thereafter</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">97,086</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Total lease payments</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,311,302</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Less: imputed interest</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">225,689</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Total lease liabilities</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,085,613</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">The receivable recorded as a result of the lease is collateralized by the underlying equipment and consist of the following components at May 31, 2021 (in thousands):</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="width: 85%; border-collapse: collapse; margin-left: 0.5in"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; width: 86%; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Net minimum lease payments to be received</font></td> <td style="font-size: 10pt; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font-size: 10pt; width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="white-space: nowrap; font-size: 10pt; width: 11%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">121</font></td> <td style="font-size: 10pt; width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="font-size: 10pt; padding-bottom: 1pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Less: unearned interest income portion</font></td> <td style="font-size: 10pt; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; font-size: 10pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">14</font></td> <td style="font-size: 10pt; padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Net investment in sales-type leases</font></td> <td style="font-size: 10pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font-size: 10pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">107</font></td> <td style="font-size: 10pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="font-size: 10pt; padding-bottom: 1pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Less: current portion</font></td> <td style="font-size: 10pt; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; font-size: 10pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">44</font></td> <td style="font-size: 10pt; padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.5pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Net investment in sales-type leases, non-current</font></td> <td style="font-size: 10pt; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; font-size: 10pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; white-space: nowrap; font-size: 10pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">63</font></td> <td style="font-size: 10pt; padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">The maturity schedule of future minimum lease payments under sales-type leases and the reconciliation to the net investment in sales-type leases reported at May 31, 2021 was as follows (in thousands):</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="width: 45%; border-collapse: collapse; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td colspan="5" style="white-space: nowrap; font-size: 10pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b><u>Fiscal Year Ending November 30,</u></b></font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; font-size: 10pt; width: 72%"><font style="font: 10pt Times New Roman, Times, Serif">2021 (six months)</font></td> <td style="white-space: nowrap; font-size: 10pt; width: 2%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; font-size: 10pt; width: 2%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="white-space: nowrap; font-size: 10pt; width: 22%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">27</font></td> <td style="white-space: nowrap; font-size: 10pt; width: 2%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">2022</font></td> <td style="white-space: nowrap; font-size: 10pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">54</font></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; font-size: 10pt; padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">2023</font></td> <td style="white-space: nowrap; font-size: 10pt; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">40</font></td> <td style="white-space: nowrap; font-size: 10pt; padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Total future minimum sales-type lease payments</font></td> <td style="white-space: nowrap; font-size: 10pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">121</font></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; font-size: 10pt; padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Less: unearned income</font></td> <td style="white-space: nowrap; font-size: 10pt; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">14</font></td> <td style="white-space: nowrap; font-size: 10pt; padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="white-space: nowrap; font-size: 10pt; padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Total net investment in sales-type leases</font></td> <td style="white-space: nowrap; font-size: 10pt; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; white-space: nowrap; font-size: 10pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; white-space: nowrap; font-size: 10pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">107</font></td> <td style="white-space: nowrap; font-size: 10pt; padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The tables below summarize the Company&#8217;s revenue for the three and six months ended May 31, 2021 and 2020, respectively, by geographic region (in thousands).</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 65%; border-collapse: collapse; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><i>Revenue:</i></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="white-space: nowrap; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="white-space: nowrap; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="white-space: nowrap; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>Three Months Ended</b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>U.S.</b></font></td> <td style="border-bottom: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>South Africa</b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total</b></font></td> <td style="border-bottom: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td style="white-space: nowrap; width: 53%; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font: 10pt Times New Roman, Times, Serif">May 31, 2021</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="white-space: nowrap; width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12,868</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="white-space: nowrap; width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">533</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="white-space: nowrap; width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">13,401</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="white-space: nowrap; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font: 10pt Times New Roman, Times, Serif">May 31, 2020</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,077</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">113</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,190</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="white-space: nowrap; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="padding-left: 8.65pt; text-indent: -8.65pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Six Months Ended</b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>U.S.</b></font></td> <td style="border-bottom: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>South Africa</b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total</b></font></td> <td style="border-bottom: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td colspan="2" style="padding-left: 8.65pt; text-indent: -8.65pt"><font style="font: 10pt Times New Roman, Times, Serif">May 31, 2021</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">21,325</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">969</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">22,294</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td colspan="2" style="padding-left: 8.65pt; text-indent: -8.65pt"><font style="font: 10pt Times New Roman, Times, Serif">May 31, 2020</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,321</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">18</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,339</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">The tables below summarize the Company&#8217;s revenue, long-lived assets and total assets as of November 30, 2020 and 2019, respectively by geographic region. The Company&#8217;s long-lived assets consist of patent rights, property and equipment, and deposits for equipment:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 0.4in"> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;<i>Revenue</i></font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">US</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Canada</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">South Africa</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 47%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2020</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">15,497,606</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,068,689</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">16,566,295</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2019</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">536,471</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">387,948</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">924,419</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 0.4in"> <tr style="vertical-align: bottom"> <td style="font-style: italic"><font style="font: 10pt Times New Roman, Times, Serif">Long-lived assets</font></td> <td style="padding-bottom: 1pt; font-style: italic"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">US</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Canada</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">South Africa</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 47%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2020</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,850,727</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">274,893</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,850,727</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2019</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">614,027</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,184</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">617,211</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 0.4in"> <tr style="vertical-align: bottom"> <td style="font-style: italic"><font style="font: 10pt Times New Roman, Times, Serif">Total Assets</font></td> <td style="padding-bottom: 1pt; font-style: italic"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">US</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Canada</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">South Africa</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 47%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2020</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">18,524,699</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,691,421</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">21,216,120</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2019</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,307,257</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">50,415</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,208,747</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,566,419</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The following table summarizes prepaid expenses and other current assets as of May 31, 2021 and November 30, 2020, (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse; margin-left: 0.5in"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><font style="font-size: 10pt"><b>May 31,<br />2021</b></font></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><font style="font-size: 10pt"><b>November 30,<br />2020</b></font></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #cceeff"> <td style="font: 10pt Times New Roman, Times, Serif; width: 62%; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font-size: 10pt">VAT receivables</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">$</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><font style="font-size: 10pt">562</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">$</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><font style="font-size: 10pt">572</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">&#160;</font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font-size: 10pt">Advance payment for inventory</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">232</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">677</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #ccecff"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font-size: 10pt">Prepaid insurance</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">245</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">16</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font-size: 10pt">Other</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">243</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">126</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #cceeff"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2pt; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font-size: 10pt">Total</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2pt"><font style="font-size: 10pt">&#160;</font></td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">1,282</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2pt"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2pt"><font style="font-size: 10pt">&#160;</font></td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">1,391</font></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The following table summarizes prepaid expenses and other current assets:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 0.4in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">November 30,</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2020</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2019</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 72%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">VAT receivables</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 11%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">572,086</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 11%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">147,457</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Advance payment for inventory</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">676,744</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">7,470</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Prepaid legal fees</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">55,862</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Prepaid insurance</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">16,114</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Security deposit &#8211; MA lease</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">92,000</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Other</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">126,340</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">74,516</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,391,284</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">377,305</font></td> </tr></table> 1200000 -5500000 3500000 2800000 1500000 (1) one-third of the RSUs are not subject to any market trigger, the second one-third of the RSUs will be triggered when the Company’s stock trades above $30.00 on a 20-day VWAP, and the final one-third of the RSUs will be triggered when the stock trades above $40.00 on a 20-day VWAP and (2) the employee must remain employed by the Company for three years from the effective date for the RSUs to vest. P1Y -60000 3333 853000 1050000 658000 904000 350000 6000 375000 227000 217000 0.025 0.001 0.01 0.025 0.04 2021-04-12 167.60 <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><td style="font: 10pt Times New Roman, Times, Serif; width: 48px"><font style="font-size: 10pt"><b>10.</b></font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt"><b>PROPERTY AND EQUIPMENT</b></font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Property and equipment are recorded at cost and reflected net of accumulated depreciation and amortization. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets, primarily three to seven years for computer equipment and software, furniture and fixtures, and machinery and equipment. Leasehold improvements are amortized over the lesser of the useful lives of three to seven years or lease terms. The following table summarizes cost and accumulated depreciation as of May 31, 2021 and November 30, 2020, respectively (in thousands).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 60%; margin-left: 0.5in"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">May 31,<br /> 2021</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">November 30,<br /> 2020</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 34%; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Computer equipment and software</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">259</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">204</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Furniture and fixtures</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">189</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">105</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Leasehold improvements</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">229</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">144</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 8.65pt">Machinery and equipment</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,252</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,324</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -8.65pt; padding-left: 8.65pt">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,929</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,777</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 8.65pt">Less: accumulated depreciation</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">742</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">557</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-indent: -8.65pt; padding-left: 8.65pt">&#160;Total</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,187</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,220</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company recognized approximately $0.2 million and $0.01 million in depreciation expense during the six months ended May 31, 2021 and 2020, respectively. The Company recognized approximately $0.1 million and $0.01 million in depreciation expense during the three months ended May 31, 2021 and 2020, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">At May 31, 2021 and November 30, 2020, the Company had deposits of $0.7 million and $0.6 million, respectively, with vendors primarily for supply of machinery (molds) and equipment where the vendors have not completed the supply of these assets and is presented as Deposits for equipment in the Condensed Consolidated Balance Sheets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">During the six months ended May 31, 2021, the Company transferred equipment with a net book value of $0.1 million to a lessee under a sales-type lease. See Note 21, &#8220;Leases&#8221; for additional information.</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; width: 100%; margin-top: 0px"> <tr style="vertical-align: top"> <td style="width: 0.4in; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">9.</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">PROPERTY AND EQUIPMENT</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.4in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.4in"><font style="font: 10pt Times New Roman, Times, Serif">The following table summarizes cost and accumulated depreciation as of November 30, 2020 and 2019, respectively.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.4in"><font style="font: 10pt Times New Roman, Times, Serif">&#160; &#160; &#160; &#160; &#160; &#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse; margin-left: 0.4in"> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">November 30,</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2020</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2019</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 66%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Computer equipment and software</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 14%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">203,829</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 14%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">116,348</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Furniture and fixtures</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">105,371</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">20,998</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Leasehold improvements</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">143,503</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">26,471</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">Molds</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,324,167</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">507,347</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,776,870</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">671,164</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Less: accumulated depreciation</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">556,662</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">349,876</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,220,208</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">321,288</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company recognized $177,181 and $46,844 in depreciation expense during the years ended November 30, 2020 and 2019, respectively.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt"><font style="font: 10pt Times New Roman, Times, Serif">At November 31, 2020 and 2019, the Company deposited $619,144 and $196,921, respectively, with vendors primarily for supply of molds and equipment where the vendors have not completed supply of these assets.</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><td style="font: 10pt Times New Roman, Times, Serif; width: 48px"><font style="font-size: 10pt"><b>6.</b></font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt"><b>ACQUISITIONS</b></font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b><u>Asset Acquisition</u></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On May 12, 2021, the Company entered into an asset purchase agreement to purchase certain assets used in the business of designing, developing, manufacturing, licensing, and selling of products and services for the Mission Less Lethal brand from Kore Outdoor (U.S.) Inc., (&#8220;Kore&#8221;) a wholly owned subsidiary of Kore Outdoor, Inc.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The transaction was accounted for as an asset acquisition, with estimated $3.7 million total cost of which $0.2 million were acquisition-related expenses. The estimated total cost of the acquisition has been allocated as follows (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 45%; border-collapse: collapse; margin-left: 0.5in"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><font style="font-size: 10pt"><b>Assets<br /> acquired</b></font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; width: 31%; text-indent: 10pt"><font style="font-size: 10pt">Accounts receivable</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">$</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right"><font style="font-size: 10pt">465</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; text-indent: 10pt"><font style="font-size: 10pt">Prepaid expenses</font></td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">165</font></td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; text-indent: 10pt"><font style="font-size: 10pt">Inventory</font></td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">82</font></td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; text-indent: 10.1pt"><font style="font-size: 10pt">Property and equipment</font></td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">180</font></td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-indent: 10.1pt"><font style="font-size: 10pt">Intangible assets</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">&#160;2,810</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><font style="font-size: 10pt"><b>Total acquired assets</b></font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">3,702</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company accounted for the transaction as an asset acquisition where the assets acquired were measured based on the amount of cash paid to Kore as well as transaction costs incurred as the fair value of the assets given was more readily determinable than the fair value of the assets received. The Company classified and designated identifiable assets acquired and assessed and determined the useful lives of the acquired intangible assets subject to amortization.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company is still in the process of finalizing the working capital adjustments and tax impacts, and therefore, the allocation of the asset acquisition consideration is subject to change.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b><u>Business Combination</u></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">On May 5, 2020, the Company acquired 100% of the equity interests in Roboro, its exclusive manufacturer in South Africa, in order to reduce its dependence on third parties for production. As a result of this acquisition, operations were assumed by Byrna South Africa.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The acquisition date fair value of the consideration was $0.6 million, including $0.5 million paid in cash. In addition, Roboro&#8217;s sellers purchased 138,889 shares of the Company&#8217;s common stock for $0.5 million at a contractual price of $3.60 per share. These shares, which were issued on May 27, 2020, are restricted and subject to a 15-month vesting schedule. The fair market value of the common stock of $0.6 million was based on the stock&#8217;s closing price of $4.00 on May 5, 2020. The difference between the fair market value plus approximately $0.002 million of transaction costs and the amount paid, was treated as an additional consideration for the acquisition.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The estimated fair value of assets acquired and liabilities assumed on May 5, 2020 is as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 0.5in"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; width: 82%"><font style="font-size: 10pt">Property and equipment</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">$</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><font style="font-size: 10pt">67</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">Goodwill</font></td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">651</font></td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">Right-of-use asset, net</font></td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">54</font></td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">Loan payable</font></td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(123</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">)</font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">Operating lease liability, current</font></td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(35</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">)</font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">Operating lease liability, noncurrent</font></td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(19</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">)</font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">Other net asset (liabilities)</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(38</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><font style="font-size: 10pt">Net Assets</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">557</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td></tr></table> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif">5.</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">BUSINESS COMBINATION</font></td></tr> <tr> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On May 5, 2020, the Company acquired 100% of the equity interests in Roboro, its exclusive manufacturer in South Africa, in order to reduce its dependence on third parties for production. As a result of this acquisition, the Company now directly operates its sole manufacturer in South Africa.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The acquisition date fair value of the consideration was $557,566, including $500,000 paid in cash. In addition, Roboro&#8217;s sellers purchased 1,388,889 shares of the Company&#8217;s common stock for $500,000 at a contractual price of $0.36 per share. These shares, which were issued on May 27, 2020, are restricted and subject to a 15-month vesting schedule. The fair market value of the common stock of $555,556 was based on the stock&#8217;s closing price of $0.40 on May 5, 2020. The difference between the fair market value plus $2,010 of transaction costs and the amount paid, was treated as an additional consideration for the acquisition.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The estimated fair value of assets acquired and liabilities assumed on May 5, 2020 is as follows:&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p></td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 0.4in"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 86%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Property and equipment</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 11%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">67,017</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Goodwill</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">650,787</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Right-of-use asset, net</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">54,425</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Loan payable</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(122,548</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Operating lease liability, current</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(35,191</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Operating lease liability, noncurrent</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(19,234</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Other net assets (liabilities</font>)</td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(37,690</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Net Assets</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">557,566</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 0.4in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">The Company was required to allocate the purchase price to tangible and identifiable intangible assets acquired and liabilities assumed based on their fair values. The excess of the purchase price over those fair values was recorded as goodwill. The goodwill recognized was attributable primarily to expected synergies and the assembled workforce of Roboro. The determination of the fair values of the acquired assets and assumed liabilities requires significant judgment. Management finalized its valuation analysis during the fourth quarter of 2020.</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The following table summarizes cost and accumulated depreciation as of May 31, 2021 and November 30, 2020, respectively (in thousands).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 60%; margin-left: 0.5in"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">May 31,<br /> 2021</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">November 30,<br /> 2020</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 34%; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Computer equipment and software</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">259</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">204</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Furniture and fixtures</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">189</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">105</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Leasehold improvements</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">229</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">144</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 8.65pt">Machinery and equipment</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,252</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,324</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -8.65pt; padding-left: 8.65pt">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,929</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,777</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 8.65pt">Less: accumulated depreciation</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">742</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">557</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-indent: -8.65pt; padding-left: 8.65pt">&#160;Total</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,187</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,220</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.4in"><font style="font: 10pt Times New Roman, Times, Serif">The following table summarizes cost and accumulated depreciation as of November 30, 2020 and 2019, respectively.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.4in"><font style="font: 10pt Times New Roman, Times, Serif">&#160; &#160; &#160; &#160; &#160; &#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse; margin-left: 0.4in"> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">November 30,</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2020</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2019</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 66%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Computer equipment and software</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 14%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">203,829</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 14%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">116,348</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Furniture and fixtures</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">105,371</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">20,998</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Leasehold improvements</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">143,503</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">26,471</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">Molds</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,324,167</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">507,347</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,776,870</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">671,164</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Less: accumulated depreciation</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">556,662</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">349,876</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,220,208</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">321,288</font></td></tr></table> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><td style="font: 10pt Times New Roman, Times, Serif; width: 48px"><font style="font-size: 10pt"><b>17.</b></font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt"><b>STOCKHOLDERS&#8217; EQUITY</b></font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><b><u>Series A Preferred Stock</u></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Effective April 8, 2020, the Company exchanged an aggregate of approximately $7.0 million of all its then-outstanding notes, representing principal and accrued interest through April 7, 2020, for 1,391 shares Series A Preferred Stock. The shares of Series A Preferred Stock were recorded at fair value of $11.6 million (before reduction of $0.029 million related to issue costs) based on a per share fair value of $0.008 million. The per share fair value was determined using the number of common stock shares in a conversion (3,333 = $0.005 million original issue price divided by $1.50 conversion price) multiplied by the $2.50 market price of a share of common stock.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Each share of Series A Preferred Stock had a $0.005 million issue price. Dividends accrued on the issue price at a rate of 10.0% per annum and were payable to holders of Series A Preferred Stock as if declared by the Board. As the Company did not pay the dividends in cash, the unpaid accrued dividends was settled upon conversion to shares of common stock, the Company recorded dividends distributable at the contractual dividend rate. The dividends were cumulative and accrued starting from the April 8, 2020 issuance date.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Each share of Series A Preferred Stock was convertible into the number of shares of common stock equal to the issue price divided by the conversion price of $1.50. Upon conversion of the Series A Preferred Stock, all accrued and unpaid dividends were converted to common stock utilizing the same conversion formula. The conversion price was subject to proportional adjustment for certain transactions relating to the Company&#8217;s common stock, including stock splits, stock dividends and similar transactions. Holders of Series A Preferred Stock were entitled to a liquidation preference in the event of any liquidation, dissolution or winding up of the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0.5in">On April 9, 2021, the Board of Directors declared a cash dividend in the amount of $750 per share of Series A Convertible Preferred Stock, par value $0.001 per share, outstanding at the close of business on April 12, 2021 (the record date), in the aggregate amount of $1.0 million. In connection therewith, the Company and each holder of Series A Convertible Preferred Stock agreed that effective April 15, 2021, the Series A Convertible Preferred Stock, plus accrued unpaid dividends thereon be converted to 4,636,649 shares of common stock, with an additional 695,498 shares of common stock issued in exchange for all accrued and unpaid dividends.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b><u>Warrants</u></b>&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">During the six months ended May 31, 2021, the Company raised $1.2 million through warrant exercises, where 486,684 warrants were exercised at a contractual price of $2.50 per warrant for 486,684 shares of common stock. During the three months ended May 31, 2021, the Company raised $1.0 million through warrant exercises, where 433,265 warrants were exercised at a contractual price of $2.50 per warrant for 433,265 shares of common stock.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">During March 2020, the Company raised approximately $3.2 million through early warrant exercises, where 1,997,911 warrants were exercised for 1,997,911 shares of common stock. The warrant exercise price was reduced from $2.50 to $1.60 per warrant to induce warrant holders to exercise. The Company recorded warrant inducement expense of $0.8 million, which represents the difference between fair value at the reduced price of $1.60 per warrant and fair value at the contractual price of $2.50. The fair values of the warrants at $1.60 and $2.50 were determined using a Monte Carlo simulation model.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">During the six months ended May 31, 2020, a warrant holder exercised 11,792 warrants for 11,792 shares of common stock at an exercise price of $1.80 per warrant for proceeds of $0.02 million. During the six months ended May 31, 2020, the Company issued 49,842 warrants to those note holders who returned interest checks and accepted payment in kind of units consisting of then convertible notes with a face value of $0.1 million together with 400 warrants for every $1,000 of accrued interest to satisfy $0.1 million of accrued interest that was payable through October 31, 2019. The warrants are each exercisable for one share of common stock at an exercise price of $2.50 per share on or before October 22, 2023. The Company also issued 15,000 warrants as payment to a consultant for marketing services. The warrants are each exercisable for one share of common stock at an exercise price of $2.50 per share on or before February 5, 2021.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The following table summarizes warrant activity, which includes the incentive warrants, during the six months ended May 31, 2021:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 60%; margin-left: 0.5in"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><font style="font-size: 10pt"><b>Weighted-Average</b></font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt"><b>Exercise</b></font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt"><b>Number of</b></font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt"><b>Price</b></font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt"><b>Warrants</b></font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt"><b>$</b></font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; width: 34%; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font-size: 10pt">Outstanding at November 30, 2020</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><font style="font-size: 10pt">585,739</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><font style="font-size: 10pt">2.40</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">&#160;</font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font-size: 10pt">Granted </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font-size: 10pt">Exercised </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(486,684</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">)</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">2.50</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font-size: 10pt">Outstanding at May 31, 2021 </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">99,055</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">1.91</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font-size: 10pt">Exercisable at May 31, 2021</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">99,055</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">1.91</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td></tr></table> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="font: 10pt Times New Roman, Times, Serif"><td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 5%"><font style="font: 10pt Times New Roman, Times, Serif">14.</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 95%"><font style="font: 10pt Times New Roman, Times, Serif">STOCKHOLDERS&#8217; EQUITY (DEFICIT)</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Series A Preferred Stock</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Effective April 8, 2020, the Company exchanged an aggregate of approximately $6,950,000 of all its then-outstanding convertible notes, representing principal and accrued interest through April 7, 2020, for 1,391 shares Series A Preferred Stock (the &#8220;Exchange&#8221;). As the Exchange was accounted for as a debt extinguishment, the shares of Series A Preferred Stock were recorded at fair value of $11,591,623 (before reduction of $29,150 related to issue costs) based on a per share fair value of $8,333. The per share fair value was determined using the number of common stock shares in a conversion (33,333 = $5,000 original issue price divided by $0.15 conversion price) multiplied by the $0.25 market price of a share of common stock. See the &#8220;Warrants&#8221; section below and Note 13, &#8220;Convertible Notes Payable and Derivative Liabilities,&#8221; for additional information.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Each share of Series A Preferred Stock has a $5,000 issue price. Dividends accrue on the issue price at a rate of 10.0% per annum and are payable to holders of Series A Preferred Stock as, when and if declared by the Board. As the Company will likely not pay the dividends in cash, and instead, the unpaid accrued dividends will be settled upon conversion to shares of common stock, the Company will record dividends distributable at the contractual dividend rate upon declaration. The dividends are cumulative and shall accrue starting from the April 8, 2020 issuance date. Dividends distributable of $0.4 million at November 30, 2020, have not yet been declared by the Board.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Each share of Series A Preferred Stock is convertible into the number of shares of common stock equal to the issue price divided by the conversion price of $0.15. Upon conversion of the Series A Preferred Stock, all accrued and unpaid dividends will be converted to common stock utilizing the same conversion formula. The conversion price is subject to proportional adjustment for certain transactions relating to the Company&#8217;s common stock, including stock splits, stock dividends and similar transactions. Holders of Series A Preferred Stock are entitled to a liquidation preference in the event of any liquidation, dissolution or winding up of the Company. Holders may convert their shares of Series A Preferred Stock into common stock at any time and the Company has the right to cause each holder to convert their shares of Series A Preferred Stock at any time after the eighteen (18) month anniversary of the original issue date if the common stock has traded for more than twenty (20) consecutive trading days above $0.50 (as adjusted for stock splits, stock dividends and similar transactions). Holders of shares of Series A Preferred Stock are not entitled to vote with the holders of common stock, however, for so long as there are 423 shares of Series A Preferred Stock outstanding, the Company is required to obtain the consent of the holders of the Series A Preferred Stock to take certain corporate actions, including to incur indebtedness in excess of $250,000 in the aggregate. In addition, the Company agreed to use its reasonable best efforts to register the shares of common stock issuable upon conversion of the Series A Preferred Stock in due course following the Exchange.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Warrants</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Upon the April 2020 closing of the Exchange, in accordance with the security purchase agreements, as amended, pursuant to which the convertible notes were issued, the Company issued 1,498,418 warrants to the holders reflecting 4,000 warrants for each $1,000 of unpaid interest accrued on the Notes. The Warrants are exercisable for one share of common stock at an exercise price of $0.25 per share on or before either October 22, 2023 (for Warrants issued for interest accrued on convertible notes issued in October 2019, April 2019 and May 2019) or January 22, 2024 (for warrants issued for interest accrued on convertible notes issued in July 2019 and September 2019 and related January 2020 Notes). As the transaction was accounted for as a debt extinguishment (See Note 13, &#8220;Convertible Notes Payable and Derivative Liabilities,&#8221; for additional information), the warrants were recorded at fair value of $239,747 using a Monte Carlo simulation model.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">During January 2020, the Company issued 498,418 warrants to those note holders who returned interest checks and accepted payment in kind of units consisting of convertible notes with a face value of $124,603 together with 4,000 warrants for every $1,000 of accrued interest to satisfy $124,603 of accrued interest that was payable through October 31, 2019. The warrants are each exercisable for one share of common stock at an exercise price of $0.25 per share on or before October 22, 2023.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">During February 2020, the Company also issued 150,000 warrants as payment to a consultant for marketing services. The warrants are each exercisable for one share of common stock at an exercise price of $0.25 per share on or before February 5, 2021. See Note 15, &#8220;Stock-Based Compensation,&#8221; for additional information.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On September 16, 2019, the Company entered into a securities purchase agreement with two investors to sell a total of 818.0 units, for aggregate principal of $818,000, at a price of $1,000 per unit, consisting of (i) $1,000 10% interest secured convertible promissory note, convertible into the Company&#8217;s common stock at a conversion price of $0.15 per share and (ii) four thousand warrants each exercisable for one share of common stock at an exercise price of $0.25 per share on or before January 22, 2024. The Company issued 3,272,000 warrants in connection with this transaction. The relative grant date fair value of these warrants was estimated at $363,846 using the Binomial Lattice option pricing model and is reflected in additional paid-in capital.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On July 22, 2019, the Company entered into a securities purchase agreement with several investors to sell a total of 2,282.5 units, for aggregate principal of $2,282,500, at a price of $1,000 per unit, consisting of (i) $1,000 10% interest secured convertible promissory note, convertible into the Company&#8217;s common stock at a conversion price of $0.15 per share and (ii) four thousand warrants each exercisable for one share of common stock at an exercise price of $0.25 per share on or before January 22, 2024. The Company issued 9,130,000 warrants in connection with this transaction. The relative grant date fair value of these warrants was estimated at $1,038,081 using the Binomial lattice option pricing model and is reflected in additional paid-in capital.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On April 22, 2019 and May 20, 2019, the Company entered into a securities purchase agreement with several accredited investors to sell a total of 2,080.265 units, for aggregate principal of $2,080,265, at a price of $1,000 per unit, consisting of (i) $1,000 10% interest secured convertible promissory note, convertible into the Company&#8217;s common stock at a conversion price of $0.15 per share and (ii) four thousand warrants each exercisable for one share of common stock at an exercise price of $0.25 per share on or before October 22, 2023. The Company issued 8,321,058 warrants in connection with this transaction. The relative grant date fair value of these warrants was estimated at $888,444 using the Binomial lattice option pricing model and is reflected in additional paid-in capital.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On October 22, 2018, the Company entered into a securities purchase agreement with several accredited investors to sell 1,275.0 units, for aggregate principal of $1,275,000, at a price of $1,000 per unit, consisting of (i) $1,000 10% interest convertible promissory note convertible into the Company&#8217;s common stock at a conversion price of $0.15 per share, and (ii) four thousand warrants each exercisable for one share of common stock at an exercise price of $0.25 per share on or before the five-year anniversary of the issuance. Pursuant to this private placement, the Company issued 5,100,000 warrants. The grant date fair value of these warrants was estimated at $524,089 using the Binomial lattice option pricing model and is reflected in additional paid-in capital.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">During the year ended November 30, 2019, the Company also issued 750,000 incentive warrants each to two consultants to purchase common shares. The warrants are each exercisable for one share of common stock at an exercise price of $0.155 per share on or before December 3, 2021. See Note 15, &#8220;Stock-Based Compensation,&#8221; for additional information.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 5pt 30.6pt; text-align: justify">The assumptions that the Company used to determine the grant-date fair value of warrants granted for the years ended November 30, 2020 and 2019 were as follows:</p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="background-color: White">&#160;</td> <td style="font-size: 12pt; text-align: justify">&#160;</td><td>&#160;</td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">2020</td><td>&#160;</td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">2019</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White">&#160;</td> <td style="text-align: justify">Risk free rate</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">0.35 &#8211; 1.57%</font></td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">1.69 &#8211; 3.05%</font></td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White; width: 30pt">&#160;</td> <td style="text-align: justify">Expected dividends</td><td style="width: 7%">&#160;</td> <td style="width: 1%; text-align: left">&#160;</td><td style="white-space: nowrap; width: 10%; text-align: right">0</td><td style="width: 1%; text-align: left">%</td><td style="width: 7%">&#160;</td> <td style="width: 1%; text-align: left">&#160;</td><td style="white-space: nowrap; width: 10%; text-align: right">0</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White">&#160;</td> <td style="text-align: justify">Expected volatility</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">98.28 &#8211; 109.93%</font></td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">150 &#8211; 159%</font></td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White">&#160;</td> <td style="text-align: justify">Expected life</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">3.54 &#8211; 3.77 years</font></td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">4.35 &#8211; 5 years</font></td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White">&#160;</td> <td style="text-align: justify">Market price of the Company's common stock on date of grant</td><td>&#160;</td> <td style="text-align: left">$</td><td style="white-space: nowrap; text-align: right">0.25</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">$0.14 &#8211; 0.16</font></td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White">&#160;</td> <td style="text-align: justify">Exercise price</td><td>&#160;</td> <td style="text-align: left">$</td><td style="white-space: nowrap; text-align: right">0.25</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="white-space: nowrap; text-align: right">0.25</td><td style="text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Based on the Company&#8217;s stock price, provisions allowing for early termination of outstanding warrants issued in connection with the Company&#8217;s October 2018 financing were triggered on October 23, 2020. On October 25, 2020, the Company notified holders of the October 2018 warrants exercisable at $0.25 that it was exercising its early termination right and that the respective warrants would expire November 27, 2020. Between October 25, 2020 and November 27, 2020, holders of 1,890,787 warrants issued during the October 2018 financing and outstanding as of October 25, 2020 exercised warrants for 1,890,787 shares of common stock, generating approximately $470,000.</font></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Based on the Company&#8217;s stock price, provisions allowing for early termination of two issuances of outstanding warrants issued in connection with the Company&#8217;s 2017 financing were triggered on May 29, 2020 and June 1, 2020, respectively. On June 3, 2020, the Company notified holders of 572,354 warrants exercisable at $0.15 that it is exercising its early termination right and that the respective warrants would expire July 3, 2020. On June 8, 2020, the Company notified holders of 17,773,881 warrants exercisable at $0.18 that it is exercising its early termination right and that the respective warrants would expire on August 31, 2020. Between June 1, 2020 and August 31, 2020, all holders of these 18,346,235 warrants issued during the 2017 financing and outstanding as of June 1, 2020 exercised those warrants for 18,346,235 shares of common stock, generating approximately $3,300,000. An additional 992,614 warrants that were issued in connection with the Company&#8217;s 2018 and 2019 private placements and exercisable at $0.25 were also exercised for 992,614 shares of common stock, raising approximately $200,000. In addition, in July 2020 a former consultant exercised 750,000 warrants exercisable at $0.155 pursuant to an agreement with the Company providing for cashless exercise of those warrants and resulting in the issuance of 683,190 shares of common stock.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">During May 2020, a warrant holder exercised 117,925 warrants for 117,925 shares of common stock at an exercise price of $0.18 per warrant for proceeds of approximately $21,000.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">During March 2020, the Company raised approximately $3,200,000 through early warrant exercises, where 19,979,107 warrants were exercised for 19,979,107 shares of common stock. These warrants were issued on October 22, 2018, April 22, 2019, May 20, 2019, July 22, 2019, September 16, 2019 and January 15, 2020. The warrant exercise price was reduced from $0.25 to $0.16 per warrant to induce warrant holders to exercise. The Company recorded warrant inducement expense of $845,415 during the year ended November 30, 2020, which represents the difference between fair value at the reduced price of $0.16 per warrant and fair value at the contractual price of $0.25. The fair values of the warrants at $0.16 and $0.25 were determined using a Monte Carlo simulation model.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The following table summarizes warrant activity, which includes the incentive warrants, for the year ended November 30, 2020:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 95%; margin-left: 0.4in"> <tr style="vertical-align: bottom"> <td style="text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Number of <br />Warrants</td><td style="padding-bottom: 1pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Weighted-Average <br />Exercise <br />Price <br />$</td><td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">&#160;</td><td>&#160;</td><td>&#160;</td> <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td> <td colspan="2">&#160;</td><td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Outstanding, November 30, 2018</font></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">26,041,160</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">0.19</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Granted</font></td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">22,223,058</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">0.25</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Expired</font></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(2,476,999</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(0.16</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Outstanding, November 30, 2019</font></td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">45,787,219</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">0.22</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Granted</font></td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">2,146,836</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">0.25</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Exercised</font></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(42,076,668</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(0.21</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Outstanding, November 30, 2020</font></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,857,386</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">0.24</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Exercisable, November 30, 2020</font></td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">5,857,386</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">0.24</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Exercisable. November 30, 2019</font></td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">45,037,219</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">0.22</td><td style="text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The warrants outstanding at the end of the year had weighted-average remaining contract lives as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 95%; margin-left: 0.4in"> <tr style="vertical-align: bottom"> <td>&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2020</td><td style="padding-bottom: 1pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2019</td><td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td><td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">(years)</font></td><td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td><td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">(years)</font></td><td style="text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 65%; text-align: left">Total outstanding warrants</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">2.82</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">3.55</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total exercisable warrants</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">2.82</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">3.50</td><td style="text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Shares to be Issued</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On June 8, 2020, the Company issued 72,000 shares of the Company&#8217;s common stock to an employee for services rendered through May 31, 2020. As the stock price was $0.60 on the date the shares of common stock were issued, the Company recognized payroll expense on shares to be issued of $43,200. The Company maintained an amount of $20,000 in shares to be issued, which represented an obligation to issue shares to former employee. During November 2020, the former employee elected to settle the amount due for the services rendered in cash, resulting in no future obligation to issue shares at November 30, 2020.</font></p> 400000 1000000 750 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify">The assumptions that the Company used to determine the grant-date fair value of stock options granted to employees and non-employees for the six months ended May 31, 2021 were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><i>Black-Scholes option pricing model</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse; margin-left: 0.5in"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; width: 70%; text-align: justify"><font style="font-size: 10pt">Risk free rate</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><font style="font-size: 10pt">0.33</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">&#160;%</font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">Expected dividends</font></td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">0.00</font></td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">Expected volatility</font></td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">83 &#8211; 113</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">%&#160;</font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">Expected life</font></td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">4 &#8211; 5 years</font></td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">Market price of the Company&#8217;s common stock on date of grant</font></td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">$</font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">14.74 &#8211; 19.70 </font></td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">Exercise price</font></td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">$</font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">14.90 &#8211; 17.00</font></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Employee, Director and Non-Employee (Black-Scholes option pricing model)</i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 0.4in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2020</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2019</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 72%; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Risk free rate</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 11%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.00 &#8211; 1.68%</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 11%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2.00</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Expected dividends</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Expected volatility</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">118 - 144%</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">133</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Expected life</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2 - 5 years</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5 years</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Market price of the Company&#8217;s common stock on date of grant</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.19 &#8211; 1.48</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.14</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Exercise price</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.19 &#8211; 1.50</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.14</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr></table> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><td style="font: 10pt Times New Roman, Times, Serif; width: 48px"><font style="font-size: 10pt"><b>18.</b></font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt"><b>STOCK-BASED COMPENSATION</b></font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><b><u>2017 Plan</u></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company has granted stock options and other stock-based awards under its 2017 Stock Option Plan (the &#8220;2017 Plan&#8221;). The maximum number of shares of common stock which could have been reserved for issuance under the 2017 plan was 1,899,327. The 2017 Plan was administered by the Compensation Committee of the Board. The Compensation Committee determined the persons to whom options to purchase shares of common stock, and other stock-based awards may be granted. Persons eligible to receive awards under the 2017 Plan were employees, officers, directors, and consultants of the Company. Awards were at the discretion of the Compensation Committee. On February 24, 2021 the Company terminated the 2017 Plan and adopted the 2020 Equity Incentive Plan (defined below). In connection with the adoption of the 2020 Plan, the Company cancelled outstanding option awards granted under the 2017 Plan and replaced them with new award agreements evidencing an equivalent award under the 2020 Equity Incentive Plan with no change to any of the material provisions of the 2017 Plan option.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><b><u>2020 Plan</u></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On October 23, 2020, the Company adopted the Byrna Technologies Inc. 2020 Equity Incentive Plan (the &#8220;2020 Equity Incentive Plan&#8221;). The aggregate number of shares of common stock available for issuance in connection with options and other awards granted under the 2020 Plan is 25,000,000. The 2020 Plan is administered by the Compensation Committee of the Board. The Compensation Committee determines the persons to whom options to purchase shares of common stock, stock appreciation rights (&#8220;SARs&#8221;), restricted stock units (&#8220;RSUs&#8221;), and restricted or unrestricted shares of common stock may be granted. Persons eligible to receive awards under the 2020 Equity Incentive Plan are employees, officers, directors, consultants, advisors and other individual service providers of the Company. Awards are at the discretion of the Compensation Committee.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On February 24, 2021, following the termination of the 2017 Plan, the Company replaced outstanding options under the 2017 Plan with options under the 2020 Equity Incentive Plan. There were no substantive changes to the rights of any holder of options granted under the 2017 plan by replacing their award certificates with award agreements under the 2020 plan. The grant dates, exercise prices, expiry dates, and vesting provisions if any of the new award agreements under the 2020 plan that replace the certificates issued under the 2017 plan are identical for each grant and no change in valuation or accounting was required. The Board also amended the definition of Disability in the 2020 Plan to provide that &#8220;Disability&#8221; has the meaning assigned to such term in any individual employment agreement or award agreement with a plan participant and that if no such definition is provided in an award or employment agreement &#8220;Disability&#8221; is defined as in the 2020 Plan.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company accounts for all stock-based payment awards granted to employees and non-employees as stock-based compensation expense at their grant date fair value. The Company&#8217;s stock-based payments include stock options, RSUs, and incentive warrants. The measurement date for employee awards is the date of grant, and stock-based compensation costs are recognized as expense over the employees&#8217; requisite service period, on a straight-line basis. The measurement date for non-employee awards is generally the date the services were completed, resulting in financial reporting period adjustments to stock-based compensation during either the expected term or the contractual term. Stock-based compensation costs for non-employees are recognized as expense over the vesting period on a straight-line basis. Forfeitures are accounted for as they occur.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The fair value of each grant is estimated on the date of grant by using either the Black-Scholes, Binomial Lattice, or the quoted stock price on the date of grant, unless the awards are subject to market conditions in which case the Company uses the Monte Carlo simulation model. Due to the Company&#8217;s limited history, the expected term of the Company&#8217;s stock options granted to employees has been determined utilizing the method as prescribed by the SEC&#8217;s Staff Accounting Bulletin, Topic 14. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is based on the fact that the Company has never paid cash dividends on common stock and does not expect to pay any cash dividends in the foreseeable future.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i><u>Restricted Stock Units</u></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 8.3pt 0 36.9pt; text-align: justify">During the six months ended May 31, 2021 and 2020, the Company granted 174,493 and 0 RSUs, respectively. During the three months ended May 31, 2021 and 2020, the Company granted 174,493 and 0 RSUs, respectively. 159,000 of the RSUs issued have a &#8220;double trigger&#8221; for vesting based on stock price and time, as follows: (1) one-third of the RSUs are not subject to any market trigger, the second one-third of the RSUs will be triggered when the Company&#8217;s stock trades above $30.00 on a 20-day VWAP, and the final one-third of the RSUs will be triggered when the stock trades above $40.00 on a 20-day VWAP and (2) the employee must remain employed by the Company for three years from the effective date for the RSUs to vest. 15,493 RSUs have a time trigger only and vest in approximately one year. RSU's outstanding at December 1, 2020 totaling 300,000 met a market condition for the first market condition trigger of vesting and are now subject only to a time-trigger for final vesting.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Stock-based compensation expense for the RSUs for the three months ended May 31, 2021 and 2020 was $0.7 million and $0, respectively. Stock-based compensation expense for the RSUs for the six months ended May 31, 2021 and 2020 was $1.4 million and $0, respectively. The Company recorded stock-based compensation expense for restricted stock units granted to non-employees of approximately $0.07 million and $0 million during the three and six months ended May 31, 2021 and 2020, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 48px">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">The following table summarizes the RSU activity during the six months ended May 31, 2021:</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 60%; margin-left: 0.5in"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">RSUs</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 47%">Unvested and outstanding as of November 30, 2020</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">1,573,500</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif">Granted</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">174,493</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif">Exercised</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#8212;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Cancelled</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#8212;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Unvested and outstanding at May 31, 2021</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,747,993</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i><u>Stock Options</u></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">During the six months ended May 31, 2021 and 2020, the Company granted options to employees and directors to purchase 29,000 and 391,750 shares of common stock, respectively. The options issued during the six months ended May 31, 2021 vest over three years. The Company recorded stock-based compensation expense for options granted to its employees and directors of $0.17 million and $0.6 million during the six months ended May 31, 2021 and 2020, respectively. The Company recorded stock-based compensation expense for options granted to its employees and directors of $0.09 million and $0.01 million during the three months ended May 31, 2021 and 2020, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">During the six months ended May 31, 2021, 82,250 stock options were forfeited resulting in net benefit of stock-based compensation of approximately $0.093 million. During the three months ended May 31, 2021, 66,000 stock options were forfeited resulting in net benefit of stock-based compensation of approximately $0.06 million.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">During the six months ended May 31, 2021 and 2020, the Company granted options to purchase 0 and 11,000, shares of common stock to non-employee contractors, respectively. The Company recorded stock-based compensation expense for options granted to non-employees of approximately $0.02 million during the three and six months ended May 31, 2021 and 2020, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><i><u>Stock Option Valuation</u></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify">The assumptions that the Company used to determine the grant-date fair value of stock options granted to employees and non-employees for the six months ended May 31, 2021 were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><i>Black-Scholes option pricing model</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse; margin-left: 0.5in"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; width: 70%; text-align: justify"><font style="font-size: 10pt">Risk free rate</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><font style="font-size: 10pt">0.33</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">&#160;%</font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">Expected dividends</font></td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">0.00</font></td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">Expected volatility</font></td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">83 &#8211; 113</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">%&#160;</font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">Expected life</font></td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">4 &#8211; 5 years</font></td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">Market price of the Company&#8217;s common stock on date of grant</font></td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">$</font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">14.74 &#8211; 19.70 </font></td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">Exercise price</font></td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">$</font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">14.90 &#8211; 17.00</font></td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 48px">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">The following table summarizes option activity under the 2017 and 2020 Plan during the six months ended May 31, 2021:</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse; margin-left: 0.5in"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt"><b>Stock</b></font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td colspan="6" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt"><b>Weighted-Average<br /> Exercise Price Per Stock<br /> Option</b></font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt"><b>Options</b></font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt"><b>CDN$</b></font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt"><b>USD$</b></font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; width: 54%"><font style="font-size: 10pt">Outstanding, November 30, 2020 ⁽¹⁾</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><font style="font-size: 10pt">705,967</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><font style="font-size: 10pt">2.40</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><font style="font-size: 10pt">3.10</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">&#160;</font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">Granted </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">41,000</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">18.90</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">15.60</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">Exercised</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(22,667</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">)</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(1.90</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">)</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(1.50</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">)</font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">Forfeited</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(82,250</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">)&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(5.10</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">)&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(4.20</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">Outstanding, May 31, 2021 ⁽²⁾</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">642,050</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">3.60</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">3.00</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">Exercisable, May 31, 2021 ⁽²⁾</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">642,050</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">2.60</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">2.20</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-left: 16pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">⁽¹⁾</td><td style="font: 10pt Times New Roman, Times, Serif">As of November 30, 2020 all options were governed by the 2017 Plan.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-left: 16pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">⁽²⁾</td><td style="font: 10pt Times New Roman, Times, Serif">As of May 31, 2021 all options were governed by the 2020 Plan.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b><u>Incentive Warrants</u></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">During the six months ended May 31, 2021 and 2020, the Company issued 0 and 15,000 of warrants in exchange for services to a marketing consultant to purchase common shares, respectively. The warrants were issued outside of the 2017 Plan and were not included under the 2020 Plan. Stock-based compensation expense for the six months ended May 31, 2021 and 2020 was $0 and $0.02 million, respectively. Stock-based compensation expense for the three months ended May 31, 2021 and 2020 was $0.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><b>&#160;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><b><u>Stock-Based Compensation Expense</u></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Total stock-based compensation expense was $1.5 million and $0.6 million for the six months ended May 31, 2021 and 2020, respectively. Total stock-based compensation expense was $0.8 million and $0.01 million for the three months ended May 31, 2021 and 2020, respectively. Total stock-based compensation expense was recorded in Operating expenses in the accompanying Condensed Consolidated Statements of Operations and Comprehensive (Income) Loss.</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 0.4in; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif">15.</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">STOCK-BASED COMPENSATION</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>2017 Plan</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company grants stock options and other stock-based awards under its 2017 Stock Option Plan (the &#8220;2017 Plan&#8221;). The maximum number of common stock which may be reserved for issuance under the 2017 plan is 18,993,274. The 2017 Plan is administered by the Compensation Committee of the Board. The Compensation Committee determines the persons to whom options to purchase shares of common stock, and other stock-based awards may be granted. <font style="background-color: white">Persons eligible to receive awards under the 2017 Plan are employees, officers, directors, and consultants of the Company. </font>Awards are at the discretion of the Compensation Committee.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i><u>Stock Options</u></i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">During the years ended November 30, 2020 and 2019, the Company granted options to purchase 4,342,500 shares and 120,000 shares, respectively, of common stock to its employees and directors. Those granted during the year ended November 30, 2020, 3,417,500 options vested immediately and 925,000 options will vest over three years. The Company recorded stock-based compensation expense for options granted to its employees and directors of $675,545 and $31,530 during the years ended November 30, 2020 and 2019, respectively.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">During the years ended November 30, 2020 and 2019, the Company granted options to purchase 193,000 shares and 0 shares, respectively, of common stock to non-employees. Those granted during the year ended November 30, 2020, 110,000 options vested immediately and 83,000 options will vest over one year. The Company recorded stock-based compensation expense for options granted to non-employees of $25,318 and $0 during the years ended November 30, 2020 and 2019, respectively.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i><u>Stock Option Valuation</u></i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The assumptions that the Company used to determine the grant-date fair value of stock options granted to employees and non-employees for the years ended November 30, 20120 and 2019 were as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Employee, Director and Non-Employee (Black-Scholes option pricing model)</i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 0.4in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2020</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2019</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 72%; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Risk free rate</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 11%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.00 &#8211; 1.68%</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 11%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2.00</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Expected dividends</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Expected volatility</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">118 - 144%</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">133</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Expected life</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2 - 5 years</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5 years</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Market price of the Company&#8217;s common stock on date of grant</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.19 &#8211; 1.48</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.14</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Exercise price</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.19 &#8211; 1.50</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.14</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The following table summarizes option activity under the 2017 Plan during the year ended November 30, 2020:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 0.4in"> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Stock</font></td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Weighted-Average&#160; <br />Exercise Price Per Stock&#160; <br />Option</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Options</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">CDN$</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">USD$</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 54%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Outstanding, November 30, 2018</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6,376,667</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.22</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(0.18</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Granted</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">120,000</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.19</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(0.14</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Expired</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1,270,000</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.37</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(0.28</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Cancelled</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2,315,000</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.22</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(0.17</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Outstanding, November 30, 2019</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,911,667</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.19</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.14</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Granted</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,535,500</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.42</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.33</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Expired</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(212,500</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(0.28</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(0.21</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Exercised</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(55,000</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(0.25</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(0.19</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Cancelled</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(120,000</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1.79</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1.38</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Outstanding, November 30, 2020</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">7,059,667</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.24</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.31</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Exercisable, November 30, 2020</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,059,667</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Exercisable, November 30, 2019</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,411,667</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The stock options outstanding at the end of the year had weighted-average contractual life as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 0.4in"> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2020</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2019</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(years)</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(years)</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Total outstanding options</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3.76</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4.3</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Total exercisable options</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3.53</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3.1</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Incentive Warrants</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">During the year ended November 30, 2019, the Company issued 750,000 incentive warrants each to two consultants to purchase common shares. The warrants were issued outside of the 2017 Plan and became fully vested in December 2019. In July 2020, the Company&#8217;s Board approved and the Company entered into an agreement with one of the consultants to allow a cashless exercise of 750,000 warrants at $0.155, resulting in the issuance of 683,190 common shares of the Company&#8217;s stock. See Note 14, &#8220;Shareholders&#8217; Equity (Deficit),&#8221; for additional information.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">During the year ended November 30, 2020, the Company issued 150,000 incentive warrants valued at $7,969 with an exercise price of $0.25 per warrant in exchange for services to a marketing consultant to purchase common shares. The incentive warrants were issued outside of the 2017 Plan and were fully vested at issuance.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Stock-based compensation expense for the warrants for the years ended November 30, 2020 and 2019 was $15,434 and $0, respectively.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i><u>Incentive Warrant Valuation</u></i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The assumptions that the Company used to determine the grant-date fair value of incentive warrants granted for the years ended November 30, 2020 and 2019 were as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>(Black-Scholes option pricing model)</i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 0.4in"> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2020</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2019</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Risk free rate</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1.47</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2.00</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Expected dividends</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Expected volatility</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">57</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">149</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Expected life</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1.1 years</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3 years</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Market price of the Company&#8217;s common stock on date of grant</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.22</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.16</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Exercise price</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.25</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.16</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>2020 Plan</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On October 23, 2020, the Company adopted <font style="background-color: white">the Byrna Technologies Inc. 2020 Equity Incentive Plan (the &#8220;2020 Equity Incentive Plan&#8221;). The aggregate number of shares of common stock available for issuance in connection with options and other awards granted under the 2020 Plan is 25,000,000</font>. The 2020 Plan is administered by the Compensation Committee of the Board. The Compensation Committee determines the persons to whom options to purchase shares of common stock, stock appreciation rights (&#8220;SARs&#8221;), restricted stock units (&#8220;RSUs&#8221;), and restricted or unrestricted shares of common stock may be granted. <font style="background-color: white">Persons eligible to receive awards under the 2020 Equity Incentive Plan are employees, officers, directors, consultants, advisors and other individual service providers of the Company. </font>Awards are at the discretion of the Compensation Committee.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i><u>Restricted Stock Units </u></i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31.5pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Effective August 31, 2020, the Company granted the Chief Executive Officer 9,000,000 restricted stock unit awards (&#8220;RSUs&#8221;) under the 2020 Equity Incentive Plan. The RSUs shall have a &#8220;double trigger&#8221; for vesting based on stock price and time, as follows: (1) one-third of the RSUs will be triggered when the Company&#8217;s stock trades above $2.00 on a 20-day volume weighted average closing price (&#8220;VWAP&#8221;), the second one-third of the RSUs will be triggered when the Company&#8217;s stock trades above $3.00 on a 20-day VWAP, and the final one-third of the RSUs will be triggered when the stock trades above $4.00 on a 20-day VWAP and (2) the employee must remain employed by the Company for three years from the effective date for the RSUs to vest.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31.5pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31.5pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">During the year ended November 30, 2020, the Company granted employees 6,735,000 restricted stock unit awards (&#8220;RSUs&#8221;) under the 2020 Equity Incentive Plan. The RSUs shall have a &#8220;double trigger&#8221; for vesting based on stock price and time, as follows: (1) one-third of the RSUs are not subject to any performance trigger, the second one-third of the RSUs will be triggered when the Company&#8217;s stock trades above $3.00 on a 20-day VWAP, and the final one-third of the RSUs will be triggered when the stock trades above $4.00 on a 20-day VWAP and (2) the employee must remain employed by the Company for three years from the effective date for the RSUs to vest.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31.5pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Stock-based compensation expense for the RSUs for the years ended November 30, 2020 as $536,069.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i><u>RSU Valuation</u></i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The assumptions that the Company used to determine the grant-date fair value of RSUs granted for the year ended November 30, 2020 were as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>(Monte Carlo simulation model)</i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse; margin-left: 0.4in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2020</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 86%; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Risk free rate</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 11%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.26</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Expected dividends</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.00</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Expected volatility</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">121</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Expected life</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3 years</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Market price of the Company&#8217;s common stock on date of grant</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1.41 &#8211; 1.58</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Exercise price</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1.41 &#8211; 1.58</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The following table summarizes the RSU activity during the year ended November 30, 2020:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse; margin-left: 0.4in"> <tr style="vertical-align: bottom"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">RSUs</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Weighted-Average <br />Exercise Price</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Outstanding, November 30, 2019</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 65%; padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Granted</font></td> <td style="width: 1%; padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; width: 14%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">15,735,000</font></td> <td style="width: 1%; padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; width: 14%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1.55</font></td> <td style="width: 1%; padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Outstanding, November 30, 2020</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">15,735,000</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1.55</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Exercisable, November 30, 2020</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Stock-Based Compensation Expense</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Total stock-based compensation expense of $1,252,366 and $218,154 for the years ended November 30, 2020 and 2019, respectively, were recorded in operating expenses in the accompanying Consolidated Statements of Operations and Comprehensive Loss.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">As of November 30, 2020 and 2019, there was $7,720,448 and $30,715, respectively, of unrecognized expense related to non-vested stock-based compensation arrangements granted. The weighted-average period over which total compensation cost related to non-vested awards not yet recognized is expected to be recognized is 2.77 and 1.4 years as of November 30, 2020 and 2019, respectively.</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><td style="font: 10pt Times New Roman, Times, Serif; width: 48px"><font style="font-size: 10pt"><b>19.</b></font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt"><b>INCOME (LOSS) PER SHARE</b></font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">For the three and six months ended May 31, 2021, the Company recorded net income. As such, the Company used diluted weighted-average common shares outstanding when calculating diluted income per share for the three and six months ended May 31, 2021. Warrants, stock options, and RSUs that could potentially dilute basic earnings per share (&#8220;EPS&#8221;) in the future are included in the computation of diluted income per share.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">For the three and six months ended May 31, 2020, the Company recorded a net loss. As such, because the dilution from potential common shares was antidilutive, the Company used basic weighted-average common shares outstanding, rather than diluted weighted-average common shares outstanding when calculating diluted loss per share for the three and six months ended May 31, 2020. Preferred Stock, warrants, stock options, and RSUs that could potentially dilute basic EPS in the future that were not included in the computation of diluted loss per share were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%; margin-left: 0.5in"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">For the Three Months Ended<br /> May 31, 2020</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">For the Six Months Ended<br /> May 31, 2020</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 40%; text-align: justify; text-indent: -8.65pt; padding-left: 8.65pt">Series A Preferred Stock</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">4,636,667</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">4,636,667</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: -8.65pt; padding-left: 8.65pt">Warrants</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,783,702</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,783,702</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: -8.65pt; padding-left: 8.65pt">Stock Options</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">672,667</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">672,667</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 8.65pt">RSUs</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#8212;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#8212;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt; text-indent: -8.65pt; padding-left: 8.65pt">Total</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">8,093,036</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">8,093,036</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-indent: 0">The following table sets forth the allocation of net income (loss) for the three and six months ended May 31, 2021 and 2020, respectively:</p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%; margin-left: 0.5in"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td> <td colspan="7" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">For the Three Months Ended<br /> May 31,</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td> <td colspan="7" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">For the Six Months Ended<br /> May 31,</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td> <td colspan="3" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2021</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td> <td colspan="3" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2020</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td> <td colspan="3" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2021</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td> <td colspan="3" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2020</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 40%; text-align: justify; text-indent: -8.65pt; padding-left: 8.65pt">Net income (loss)</td><td style="font: 10pt Times New Roman, Times, Serif; width: 3%">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">2,037</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 3%">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">(8,061</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; width: 3%">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">1,765</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 3%">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">(10,346</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 8.65pt">Net income applicable to preferred stock</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(1,043</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#8212;&#160;&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(1,043</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#8212;&#160;&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt; text-indent: -8.65pt; padding-left: 8.65pt">Income available to common shareholders</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">994</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(8,061</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">722</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(10,346</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">The following table reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the three and six months ended May&#160;31, 2021 and 2020:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse; margin-left: 0.5in"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 1pt; text-align: center">&#160;</td> <td colspan="6" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><font style="font-size: 10pt"><b>For the Three Months Ended<br /> May 31,</b></font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 1pt; text-align: center">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 1pt; text-align: center">&#160;</td> <td colspan="6" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><font style="font-size: 10pt"><b>For the Six Months Ended<br /> May 31,</b></font></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 1pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><font style="font-size: 10pt"><b>2021</b></font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 1pt; text-align: center">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 1pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><font style="font-size: 10pt"><b>2020</b></font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 1pt; text-align: center">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 1pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><font style="font-size: 10pt"><b>2021</b></font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 1pt; text-align: center">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 1pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><font style="font-size: 10pt"><b>2020</b></font></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 44%; background-color: #CCEEFF; padding-left: 8.65pt; text-align: left; text-indent: -8.65pt"><font style="font-size: 10pt">Weighted-average common shares outstanding- basic</font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; background-color: #CCEEFF">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; background-color: #CCECFF">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 11%; background-color: #CCECFF; text-align: right"><font style="font-size: 10pt">17,800,749</font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; background-color: #CCECFF">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; background-color: #CCECFF">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; background-color: #CCECFF">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 11%; background-color: #CCECFF; text-align: right"><font style="font-size: 10pt">12,068,759</font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; background-color: #CCECFF">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; background-color: #CCECFF">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; background-color: #CCECFF">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 11%; background-color: #CCECFF; text-align: right"><font style="font-size: 10pt">16,359,496</font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; background-color: #CCECFF">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; background-color: #CCECFF">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; background-color: #CCECFF">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 11%; background-color: #CCECFF; text-align: right"><font style="font-size: 10pt">11,271,719</font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 1%; background-color: #CCEEFF; text-align: right">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-left: 9.05pt; text-align: left; text-indent: -8.65pt"><font style="font-size: 10pt">Assumed conversion of:</font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCECFF"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-left: 36.05pt; text-align: left; text-indent: -26.65pt"><font style="font-size: 10pt">Dilutive Stock Options</font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font-size: 10pt">597,214</font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font-size: 10pt">600,918</font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-left: 36.05pt; text-align: left; text-indent: -26.65pt"><font style="font-size: 10pt">Dilutive Warrants</font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font-size: 10pt">304,883</font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font-size: 10pt">399,332</font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCECFF"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 1pt; padding-left: 36.05pt; text-align: left; text-indent: -26.65pt"><font style="font-size: 10pt">Dilutive RSUs</font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font-size: 10pt">286,385</font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 1pt">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 1pt">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font-size: 10pt">244,385</font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 1pt">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 2pt; padding-left: 8.65pt; text-align: left; text-indent: -8.65pt"><font style="font-size: 10pt">Weighted-average common share outstanding- diluted</font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font-size: 10pt">18,989,231</font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 2pt">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font-size: 10pt">12,068,759</font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 2pt">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font-size: 10pt">17,604,131</font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 2pt">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font-size: 10pt">11,271,719</font></td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">1,155,000 RSUs outstanding during the three and six months ended March&#160;31, 2021, were not included in the computation of diluted earnings per share because they are contingently issuable shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">The following were excluded from the calculation of diluted net income per share for the three and six months ended May&#160;31, 2021 because their effects are anti-dilutive:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&#160;</p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%; margin-left: 0.5in"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td> <td colspan="3" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">For the Three Months Ended May 31, 2021</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td> <td colspan="3" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">For the Six Months Ended May 31, 2021</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: -8.65pt; padding-left: 8.65pt">Antidilutive securities:</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1pt; text-indent: -26.65pt; padding-left: 36.05pt">Options</td><td style="font: 10pt Times New Roman, Times, Serif; width: 8%">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">638,000</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 8%">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">518,000</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1pt; text-indent: -26.65pt; padding-left: 36.05pt">RSUs</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">50,000</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">68,493</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt; text-indent: -8.65pt; padding-left: 8.65pt">Total antidilutive securities</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">688,000</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">586,493</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</td></tr></table> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 0.4in; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif">16.</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">EARNINGS PER SHARE </font></td></tr> <tr> <td style="vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company&#8217;s potential dilutive securities, which include Series A Preferred stock, stock options, and outstanding warrants to purchase shares of common stock, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The following potential common shares, presented based on amounts outstanding at each period end, were excluded from the calculation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 0.4in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">November 30,</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2020</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2019</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 72%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Series A Preferred Stock</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 11%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">46,366,490</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 11%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Warrants</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,857,386</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">45,787,219</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Stock Options</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">7,059,667</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,911,667</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Restricted Stock</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">15,735,000</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">75,018,543</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">48,698,886</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> 1155000 1155000 <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 48px"><font style="font: 10pt Times New Roman, Times, Serif"><b>21.</b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>LEASES </b></font></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"><b><u>Operating Leases</u></b>&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company has operating leases for real estate in the United States and South Africa and does not have any finance leases.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In 2019, the Company had entered into a real estate lease for office space in Wilmington/Andover, Massachusetts. The Company was involved in the construction and design of the space and incurred construction costs, subject to an allowance for tenant improvements of $0.2 million. The lease expiration date is August 31, 2026. The base rent is $0.1 million per year, subject to an annual upward adjustment. The lease commencement date, for accounting purposes, was reached in June 2020 when the Company was granted access to the premises and therefore the lease is included in the Company&#8217;s operating lease right-of-use asset and operating lease liabilities as of June 2020.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company leased office and warehouse space in South Africa under a lease that expired on November 30, 2020. The base rent was approximately $0.004 million per month. In December 2020, the Company entered into a new lease for office and warehouse space. The lease expires in November 2024. The base rent during the six months ended May 31, 2021 was approximately $0.005 per month.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company leased real estate in Fort Wayne Indiana. The lease expires on February 28, 2022. In February 2021, the Company entered into a lease termination agreement with the landlord. Upon termination, the Company was required to pay a termination fee of approximately $0.02 million. The Company leases warehouse and manufacturing space in Fort Wayne, Indiana. The lease expires on July 31, 2025. The base rent is approximately $0.008 million per month. The Company also leases office space in Las Vegas, Nevada. The lease expires on August 31, 2022. The base rent is approximately $0.004 million per month.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Certain of the Company&#8217;s leases contain options to renew and extend lease terms and options to terminate leases early. Reflected in the right-of-use asset and lease liability on the Company&#8217;s balance sheets are the periods provided by renewal and extension options that the Company is reasonably certain to exercise, as well as the periods provided by termination options that the Company is reasonably certain to not exercise.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">As of May 31, 2021 and November 30, 2020, right-of-use assets of $1.2 million and $1.2 million, current lease liabilities of $0.2 million and $0.3 million and non-current lease liabilities of $0.9 million and $0.8 million, respectively, are reflected in the accompanying Condensed Consolidated Balance Sheets. The elements of lease expense were as follows (in thousands):</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 90%; border-collapse: collapse; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="white-space: nowrap; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Three Months Ended</b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="white-space: nowrap; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Six Months Ended</b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>May 31, 2021</b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>May 31, 2021</b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-indent: -8.65pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Lease Cost:</b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td style="width: 72%; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font: 10pt Times New Roman, Times, Serif">Operating lease cost</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="white-space: nowrap; width: 11%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">87</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="white-space: nowrap; width: 11%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">179</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 8.65pt; text-indent: -8.65pt"><font style="font: 10pt Times New Roman, Times, Serif">Short-term lease cost</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td style="padding-bottom: 1pt; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font: 10pt Times New Roman, Times, Serif">Variable lease cost</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2pt; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font: 10pt Times New Roman, Times, Serif">Total lease cost</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.25pt double; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">92</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.25pt double; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">184</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td style="padding-left: 8.65pt; text-indent: -8.65pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 8.65pt; text-indent: -8.65pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Other Information:</b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td style="padding-left: 8.65pt; text-indent: -8.65pt"><font style="font: 10pt Times New Roman, Times, Serif">Cash paid for amounts included in the measurement of operating lease liabilities</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">156</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 8.65pt; text-indent: -8.65pt"><font style="font: 10pt Times New Roman, Times, Serif">Operating lease liabilities arising from obtaining right-of-use assets</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">182</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td style="padding-left: 8.65pt; text-indent: -8.65pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 8.65pt; text-indent: -8.65pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Operating Leases:</b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td style="padding-left: 8.65pt; text-indent: -8.65pt"><font style="font: 10pt Times New Roman, Times, Serif">Weighted-average remaining lease term (in years)</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4.7 years</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 8.65pt; text-indent: -8.65pt"><font style="font: 10pt Times New Roman, Times, Serif">Weighted-average discount rate</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9.3</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%; border-collapse: collapse"> <tr> <td style="width: 48px; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">Future lease payments under non-cancelable operating leases as of May 31, 2021 are as follows (in thousands):</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 45%; border-collapse: collapse; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td colspan="5" style="text-decoration: underline; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b><u>Fiscal Year Ending November 30</u>,</b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td style="white-space: nowrap; width: 76%"><font style="font: 10pt Times New Roman, Times, Serif">2021 (six months) </font></td> <td style="white-space: nowrap; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="white-space: nowrap; width: 20%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">161</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">2022 </font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">315</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #cceeff"> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">2023</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">282</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">2024</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">290</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #ccecff"> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">2025</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">187</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">Thereafter</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">157</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #ccecff"> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">Total lease payments</font></td> <td style="white-space: nowrap; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,392</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">Less: imputed interest</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">255</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: #ccecff"> <td style="white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">Total lease liabilities</font></td> <td style="white-space: nowrap; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="white-space: nowrap; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; white-space: nowrap; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,137</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"><b><u>Sales-Type Leases</u></b>&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">During the six months ended May 31, 2021, the Company entered into an equipment lease as lessor. The lease is being accounted for as a sale-type lease. The term of the lease is three years. For a sales-type lease, the carrying amount of the asset is derecognized from property and equipment and a net investment in the lease is recorded. The net investment in the lease is measured at commencement date as the sum of the lease receivable and the estimated residual value of the equipment. The unguaranteed residual value of the equipment is determined as the estimated carrying value of the asset at the end of the lease term had the asset been depreciated on a straight-line basis. Selling profit or loss arising from a sales-type lease is recorded at lease commencement and presented on a gross basis. Over the term of the lease, the Company recognizes interest income on the net investment in the lease. At lease commencement, the Company determined the unguaranteed residual value of the equipment was $0 and the selling profit or loss was immaterial.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">The receivable recorded as a result of the lease is collateralized by the underlying equipment and consist of the following components at May 31, 2021 (in thousands):</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="width: 85%; border-collapse: collapse; margin-left: 0.5in"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; width: 86%; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Net minimum lease payments to be received</font></td> <td style="font-size: 10pt; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font-size: 10pt; width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="font-size: 10pt; width: 11%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">121</font></td> <td style="font-size: 10pt; width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="font-size: 10pt; padding-bottom: 1pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Less: unearned interest income portion</font></td> <td style="font-size: 10pt; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; font-size: 10pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; font-size: 10pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">14</font></td> <td style="font-size: 10pt; padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Net investment in sales-type leases</font></td> <td style="font-size: 10pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font-size: 10pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font-size: 10pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">107</font></td> <td style="font-size: 10pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="font-size: 10pt; padding-bottom: 1pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Less: current portion</font></td> <td style="font-size: 10pt; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; font-size: 10pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; font-size: 10pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">44</font></td> <td style="font-size: 10pt; padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.5pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Net investment in sales-type leases, non-current</font></td> <td style="font-size: 10pt; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; font-size: 10pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; font-size: 10pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">63</font></td> <td style="font-size: 10pt; padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">The maturity schedule of future minimum lease payments under sales-type leases and the reconciliation to the net investment in sales-type leases reported at May 31, 2021 was as follows (in thousands):</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="width: 45%; border-collapse: collapse; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td colspan="5" style="font-size: 10pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b><u>Fiscal Year Ending November 30,</u></b></font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; width: 72%"><font style="font: 10pt Times New Roman, Times, Serif">2021 (six months)</font></td> <td style="font-size: 10pt; width: 2%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font-size: 10pt; width: 2%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="font-size: 10pt; width: 22%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">27</font></td> <td style="font-size: 10pt; width: 2%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="font-size: 10pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">2022</font></td> <td style="font-size: 10pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font-size: 10pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font-size: 10pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">54</font></td> <td style="font-size: 10pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">2023</font></td> <td style="font-size: 10pt; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; font-size: 10pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; font-size: 10pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">40</font></td> <td style="font-size: 10pt; padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="font-size: 10pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Total future minimum sales-type lease payments</font></td> <td style="font-size: 10pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font-size: 10pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="font-size: 10pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">121</font></td> <td style="font-size: 10pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Less: unearned income</font></td> <td style="font-size: 10pt; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; font-size: 10pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; font-size: 10pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">14</font></td> <td style="font-size: 10pt; padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="font-size: 10pt; padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Total net investment in sales-type leases</font></td> <td style="font-size: 10pt; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; font-size: 10pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; font-size: 10pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">107</font></td> <td style="font-size: 10pt; padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="font: 10pt Times New Roman, Times, Serif"><td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.4in"><font style="font: 10pt Times New Roman, Times, Serif">18.</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">LEASES</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In February 2016, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) 2016-02, <i>Leases </i>(&#8220;ASU 2016-02&#8221;), to enhance the transparency and comparability of financial reporting related to leasing arrangements. The Company adopted ASU 2016-02 on December 1, 2019, or the effective date, and used the effective date as its date of initial application.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present. Most leases with a term greater than one year are recognized on the balance sheet as right-of-use assets and lease liabilities. The Company has elected not to recognize on the balance sheet leases with terms of one year or less. Operating lease liabilities and corresponding right-of-use assets are recorded based on the present value of lease payments over the expected remaining lease term. However, certain adjustments to the right-of-use asset may be required for items such as prepaid rent. The interest rate implicit in lease contracts is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rates, which are the rates incurred to borrow on a collateralized basis over a similar term at an amount equal to the lease payments in a similar economic environment.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In accordance with the guidance in ASU 2016-02, components of a lease should be separated into three categories: lease components (e.g., building), non-lease components (e.g., common area maintenance), and non-components (e.g., property taxes and insurance). Then the fixed and in-substance fixed contract consideration (including any related to non-components) must be allocated based on fair values to the lease components and non-lease components.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Although separation of lease and non-lease components is required, certain practical expedients are available. Entities may elect the practical expedient to not separate lease and non-lease components. Rather, they would account for each lease component and the related non-lease component together as a single component. The Company has elected to account for the lease and non-lease components of each of its operating leases as a single lease component and allocate all of the contract consideration to the lease component only. The lease component results in an operating right-of-use asset being recorded on the balance sheet and amortized on a straight-line basis as lease expense.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company has operating leases for real estate in the United States and South Africa and does not have any finance leases.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In 2019, the Company had entered into a real estate lease for office space in Wilmington/Andover, Massachusetts. The Company was involved in the construction and design of the space and incurred construction costs, subject to an allowance for tenant improvements of $210,490. The lease expiration date is August 31, 2026. The base rent is $114,180 per year, subject to an annual upward adjustment. The lease commencement date, for accounting purposes, was reached in April 2020 when the Company was granted access to the premises and therefore the lease is included in the Company&#8217;s operating lease right-of-use asset and operating lease liabilities as of April 2020.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company leases office and warehouse space in South Africa. The base rent is approximately $3,700 per month. The lease expired on November 30, 2020. The Company is currently negotiating a new lease to rent the office and warehouse space. Beginning December 2020, the Company is operating under a month to month lease with base rent of approximately $4,200 until the terms of the lease are finalized.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company leases real estate in Fort Wayne Indiana. The lease expires on February 28, 2022. The base rent is $2,540 per month. During July 2020, the Company entered into a lease for warehouse space in Fort Wayne, Indiana. The lease expires on July 31, 2025. The base rent is $7,740 per month.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">During August 2020, the Company entered into a real estate lease for office space in Las Vegas, Nevada. The lease expires on August 31, 2022. The base rent is $4,461 per month.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Certain of the Company&#8217;s leases contain options to renew and extend lease terms and options to terminate leases early. Reflected in the right-of-use asset and lease liability on the Company&#8217;s balance sheets are the periods provided by renewal and extension options that the Company is reasonably certain to exercise, as well as the periods provided by termination options that the Company is reasonably certain to not exercise.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">As of November 30, 2020, right-of-use assets of $1,200,447, current lease liabilities of $257,608, and non-current lease liabilities of $828,005 are reflected in the accompanying Consolidated Balance Sheets. The elements of lease expense were as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 95%; margin-left: 0.4in"> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-indent: -0.125in">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">November 30,2020</td><td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in">Lease Cost:</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left; padding-left: 0.125in; text-indent: -0.125in">Operating lease cost</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">198,402</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in">Short-term lease cost</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">24,560</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in">Variable lease cost</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">8.696</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.125in; text-indent: -0.125in">Total lease cost</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">231,658</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: right; padding-left: 0.125in; text-indent: -0.125in">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in">Other Information:</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in">Cash paid for amounts included in the measurement of operating lease liabilities</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">309,642</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in">Operating lease liabilities arising from obtaining right-of-use assets</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">1,336,153</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in">Operating Leases:</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in">Weighted-average remaining lease term (in years)</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4.9 years</font></td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in">Weighted-average discount rate</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">8.4</td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Future lease payments under non-cancelable operating leases as of November 30, 2020 are as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 95%; margin-left: 0.4in"> <tr style="vertical-align: bottom"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;<b><u>Fiscal Year Ended November 30,</u></b></font></td><td>&#160;</td><td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 79%; text-align: left">2021</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">335,317</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2022</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">259,261</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2023</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">213,859</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2024</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">216,866</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2025</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">188,913</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Thereafter</font></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">97,086</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Total lease payments</font></td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">1,311,302</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Less: imputed interest</font></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">225,689</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Total lease liabilities</font></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,085,613</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b><u>ASC 840 Comparative Disclosures</u></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company had the following commitments by fiscal year at November 30, 2019:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 95%; margin-left: 0.4in"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; padding-left: 0.25in">Location</td><td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2020</td><td style="padding-bottom: 1pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2021</td><td style="padding-bottom: 1pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2022</td><td style="padding-bottom: 1pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2023</td><td style="padding-bottom: 1pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2024</td><td style="padding-bottom: 1pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2025 and <br /> beyond</td><td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 29%; text-align: justify; padding-left: 0.25in">Wilmington, MA</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">24,987</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">115,371</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">117,972</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">120,979</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">123,986</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">300,660</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-left: 0.25in">Fort Wayne, IN</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">30,357</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">30,585</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">7,646</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 0.25in">South Africa*</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">13,098</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">2,217</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; padding-left: 0.25in">Total</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">68,442</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">148,173</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">125,618</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">120,979</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">123,986</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">300,660</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td colspan="17" style="font-style: italic; text-align: left; padding-left: 0.25in">(*USD based on November 30, 2019 exchange rate)</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt auto; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The above lease commitments reflect annual escalation.</font> During the year ended November 30, 2019, the Company recognized expense of $60,316.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> AMENDMENT NO. 1 2758578 750911 1191821 0 0 0 1399000 454154 1244419 266143 1874972 20000 888000 0 0 3699999 426019 -0.10 -0.04 112500 -19996 5068265 1041835 190300 20000 136748 1035930 124603 249376 11591623 11591623 524089 888444 888444 1038081 363846 239747 239747 239747 683190 21000 498418 150000 2290373 18346235 17773881 572354 750000 5100000 8321058 8321058 9130000 3272000 498418 3200000 1498418 117925 19979107 19979107 18346235 150000 8000 888000 550000 338000 29150 29150 429582 314339 2180 312159 877 428705 2179875 877833 -550000 -888000 338000 2290373 2290373 239747 239747 125000 125000 124603 124603 -20000 -20000 240000 240000 240000 240000 <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 0.4in"><font style="font: 10pt Times New Roman, Times, Serif">4.</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td><font style="font: 10pt Times New Roman, Times, Serif">a)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Use of Estimates</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Future events and their effects cannot be determined with certainty. Therefore, the determination of estimates requires the exercise of judgment. Actual results could differ from those estimates, and any such differences may be material to our consolidated financial statements. Significant estimates include assumptions about collection of accounts receivable and the reserve for doubtful accounts, stock-based compensation expense, fair value of equity instruments, valuation for deferred tax assets, incremental borrowing rate on leases, valuation and carrying value of goodwill and other identifiable intangible assets, estimates for warranty costs, and useful life of fixed assets. </font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 0.4in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">b)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Business Combinations</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Business combinations are accounted for at fair value. The Company allocates the fair value of purchase consideration to the tangible assets acquired, liabilities assumed and intangible assets acquired based on their estimated fair values at the acquisition dates. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill. Such valuations require management to make significant estimates and assumptions, especially with respect to intangible assets. Significant estimates in valuing certain intangible assets include, but are not limited to, future expected cash flows from the utilization of trade names from a market participant perspective, useful lives and discount rates. Management&#8217;s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. </font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Goodwill is not amortized but is reviewed for impairment annually or more frequently when events or changes in circumstances indicate that the carrying value may not be recoverable. The Company has the option to perform a qualitative assessment over goodwill when events occur or circumstances change that would, more likely than not, reduce the fair value of a reporting unit. If the Company concludes, based on the qualitative assessment, that a reporting unit would more likely than not exceed its fair value, a quantitative assessment is performed which is based upon a comparison of the reporting unit&#8217;s fair value to its carrying value. The fair values used in this evaluation are estimated based upon future discounted cash flow projections for the reporting unit. An impairment charge is recognized for any amount by which the carrying amount of goodwill exceeds its fair value. </font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company performs its review for impairment during the third quarter of each year. The Company assesses goodwill for impairment at the reporting unit level, which is defined as an operating segment or one level below an operating segment, referred to as a component. At August 31, 2020, the Company determined that there was no impairment of goodwill.</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">c)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Restricted Cash</font></td></tr> <tr> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company&#8217;s restricted cash &#8211; current was $6,388,561 and $0 at November 30, 2020 and 2019, respectively. This amount is due to holds placed on its use by the Company&#8217;s merchant services vendor pending fulfillment of backorders prepaid by credit cards or PayPal. The Company&#8217;s long-term restricted cash of $92,000 at November 30, 2020 and 2019, respectively, consists of cash that the Company is contractually obligated to maintain in accordance with the terms of its November 2019 lease agreement.</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">d)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Allowance for Doubtful Accounts Receivable</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company provides an allowance for its accounts receivable for estimated losses that may result from its customers&#8217; inability to pay. The Company determines the amount of the allowance by analyzing known uncollectible accounts, aged receivables, economic conditions, historical losses, and changes in customer payment cycles and its customers&#8217; creditworthiness. Amounts later determined and specifically identified to be uncollectible are charged or written off against this allowance. To minimize the likelihood of uncollectibility, the Company reviews its customers&#8217; creditworthiness periodically. Material differences may result in the amount and timing of expense for any period if the Company were to make different judgments or utilize different estimates. The allowance for doubtful accounts at November 30, 2020 and 2019 was $12,191 and $0, respectively.</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">e)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Inventories </font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Inventories are principally comprised of raw materials and finished goods, and are valued at the lower of cost or net realizable value with cost being determined on the first-in, first-out basis. The Company reviews inventories for obsolete items to determine adjustments that it estimates will be needed to record inventory at lower of cost or net realizable value. Inventory costs include labor, overhead, subcontracted manufacturing costs and inbound freight costs.</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">f)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Property and Equipment</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Property and equipment are recorded at cost, and reflected net of accumulated depreciation and amortization. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets, primarily three to seven years for computer hardware and software, furniture and fixtures, and machinery and equipment. Leasehold improvements are amortized over the lesser of the useful lives of three to seven years or lease terms. Expenditures for major renewals and betterments to property and equipment are capitalized, while expenditures for maintenance and repairs are charged as an expense as incurred. Upon retirement or disposition, the applicable property amounts are deducted from the accounts and any gain or loss is recorded in the Consolidated Statements of Operations and Comprehensive Loss. Useful lives are determined based upon an estimate of either physical or economic obsolescence or both. </font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 0.4in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">g)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Patent Rights</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The perpetual, irrevocable, exclusive and non-exclusive license to use technology with respect to the cost of patent rights is capitalized and amortized over the estimated useful life, currently estimated to be 15 years.</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">h)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Impairment of Long-Lived Assets</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Long-lived assets to be held and used are analyzed for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. The Company evaluates at each balance sheet date whether events and circumstances have occurred that indicate possible impairment. If there are indications of impairment, the Company uses future undiscounted cash flows of the related asset or asset group over the remaining life in measuring whether the assets are recoverable. In the event such cash flows are not expected to be sufficient to recover the recorded asset values, the assets are written down to their estimated fair value. There were no impairments of long-lived assets during the years ended November 30, 2020 and 2019, respectively.</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">i)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Convertible Notes Payable</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">When the Company has determined that the embedded conversion options should not be bifurcated from their host instruments the Company accounts for convertible debt instruments in accordance with ASC 470-20, <i>Debt with Conversion and Other Options</i>. The Company records, when necessary, discounts to convertible notes for the intrinsic value of conversion options embedded in debt instruments based upon the differences between the fair value of the underlying common stock at the commitment date of the note transaction and the effective conversion price embedded in the note. The Company amortizes any debt discount over the term of the notes, using the straight-line method, which approximates the effective interest method. The Company records, when necessary, any induced conversion expense, at the time of conversion for the difference between the reduced conversion price per share and the original conversion price per share.</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">j)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Fair Value of Financial Instruments</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company determines fair value based on its accounting policy for fair value measurement (i.e. exit price that would be recovered for an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date). See note 4 (t). The Company has not used derivative financial instruments such as forwards to hedge foreign currency exposures. Convertible debt issued is initially recognized at fair value. Derivative liabilities are measured at fair value at each reporting period and convertible debt is subsequently measured at amortized cost.</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td><font style="font: 10pt Times New Roman, Times, Serif">k)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">Revenue Recognition</font></td></tr> <tr> <td style="vertical-align: top; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="vertical-align: top; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white"><u>Product Sales</u></font></td></tr> <tr> <td style="vertical-align: top; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="vertical-align: top; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">The Company generates revenue through the wholesale distribution of its products and accessories to dealers/distributors, large end-users such as security companies and law enforcement agencies, and through an e-commerce portal to consumers. Revenue is recognized upon transfer of control of goods to the customer, which generally occurs when title to goods is passed and risk of loss transfers to the customer. Depending on the contract terms, transfer of control is upon shipment of goods to or upon the customer&#8217;s pick-up of the goods. Payment terms to customers other than e-commerce customers are generally 30-60 days for established customers, whereas new wholesale and large end-user customers have prepaid terms for their first order. The amount of revenue recognized is net of returns and discounts that the Company offers to its customers. Products purchased include a standard warranty that cannot be purchased separately. This allows customers to return defective products for repair or replacement within one year of sale. The Company also sells an extended warranty for the same terms over three years. The extended 3-year warranty can be purchased separately from the product and therefore, must be classified as a service warranty. Since a warranty for the first year after sale is included and non-separable from all launcher purchases, the Company considers this extended warranty to represent a service obligation during the second and third years after sale. Therefore, the Company accumulates billings of these transactions on the balance sheet as deferred revenue, to be recognized on a straight-line basis during the second and third year after sale. The Company recognizes an estimated reserve based on its analysis of historical experience, and an evaluation of current market conditions. The Company&#8217;s returns under warranties have been immaterial. In February 2021, the Company identified certain Byrna&#174; HD launchers that may contain a wire that is not to specification and is offering customers a free factory service update for their launchers. The company accrued a $195,000 reserve for the possible costs related to updating affected launchers.&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 0.4in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">The Company also has a 60-day money back guarantee, which allows for a full refund of the purchase price, excluding shipping charges, within 60 days from the date of delivery. The right of return creates a variable component to the transaction price and needs to be considered for any possible constraints. The Company estimates returns using the expected value method, as there will likely be a range of potential return amounts. The Company&#8217;s returns under the 60-day money back guarantee have been immaterial.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company excludes from revenue taxes collected from customers and remitted to government authorities related to sales of the Company&#8217;s products. Shipping and handling costs that occur after control of goods has been transferred to the customer and that are not billed to the customer are accounted for as fulfillment costs and are included in cost of goods sold in the accompanying Consolidated Statements of Operations and Comprehensive Loss.</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company accounts for shipping and handling activities related to contracts with customers as costs to fulfill the promise to transfer the associated products. Shipping and handling costs associated with the distribution of finished products to customers, are recorded in cost of goods sold in the accompanying Consolidated Statements of Operations and Comprehensive Loss and are recognized when the product is shipped to the customer. Shipping and handling costs included in cost of goods sold were $1,375,827 and $21,487 during the years ended November 30, 2020 and 2019, respectively. Costs to obtain a contract consist of commissions paid to employees and are included in operating expenses in the accompanying Consolidated Statements of Operations and Comprehensive Loss. Commissions were $565,393 and $0 for the years ended November 30, 2020 and 2019, respectively. </font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Included as cost of goods sold are costs associated with the production and procurement of products, such as labor and overhead, inbound freight costs, manufacturing depreciation, purchasing and receiving costs, inspection costs and the shipping and handling costs.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Contract Liabilities</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Deferred revenue primarily relates to unfulfilled e-commerce orders for the years ended November 30, 2020 and 2019.&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"></font></p></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">l)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Advertising</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Advertising related costs are expensed as incurred and are included in operating expenses in the accompanying Consolidated Statements of Operations and Comprehensive Loss. Advertising expenses were $1,047,605 and $366,786 during the years ended November 30, 2020 and 2019, respectively.</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">m)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Research and Development</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Research and development (&#8220;R&#38;D&#8221;) costs are expensed as incurred and are included in operating expenses in the accompanying Consolidated Statements of Operations and Comprehensive Loss. R&#38;D costs were $43,992 and $158,105 during the years ended November 30, 2020 and 2019, respectively. </font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">n)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Incomes Taxes</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, the Company determines deferred tax assets and liabilities on the basis of the differences between the financial statement and tax bases of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Deferred tax assets are recognized to the extent the Company believes that these assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If the Company determines that it would be able to realize its deferred tax assets in the future in excess of their net recorded amount, it would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"></font></p></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 0.4in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company records uncertain tax positions on the basis of a two-step process in which (1) it determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The Company records uncertain tax positions as liabilities and adjusts these liabilities when its judgment changes as a result of the evaluation of new information not previously available. Because of the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from the Company&#8217;s current estimate of the unrecognized tax benefit liabilities. These differences will be reflected as increases or decreases to income tax expense in the period in which new information is available. As of November 30, 2020 and 2019, the Company has not recorded any uncertain tax positions in our financial statements.</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">If incurred, the Company recognizes interest and penalties related to income taxes on the income tax expense line in the accompanying Consolidated Statement of Operations and Comprehensive Loss. As of November 30, 2020 and 2019, no accrued interest or penalties related to income taxes are included in the consolidated balance sheets.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal and state jurisdictions, where applicable. There are currently no pending tax examinations. The Company&#8217;s tax years are still open under statute from November 30, 2017, to the present. The resolution of tax matters is not expected to have a material effect on the Company&#8217;s consolidated financial statements.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On March 27, 2020, then President Trump signed into law the $2 trillion bipartisan CARES Act. The CARES Act includes a variety of economic and tax relief measures intended to stimulate the economy, including loans for small businesses, payroll tax credits/deferrals, and corporate income tax relief. Due to the Company&#8217;s history of net operating losses and full valuation allowance for deferred tax assets, the CARES Act did not have a significant effect to the income tax provision, as the corporate income tax relief was directed towards cash taxpayers.&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"></font></p></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">o)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Loss Per Share</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Basic loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding for the year. Diluted loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding plus common stock equivalents (if dilutive) related to stock options and warrants for each year and the conversion feature of convertible notes payable. </font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">p)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Stock-Based Compensation</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">The Company accounts for all stock-based payment awards granted to employees and non-employees as stock-based compensation expense at their grant date fair value. The Company&#8217;s stock-based payments include stock options, restricted stock units, and incentive warrants. The measurement date for employee awards is the date of grant, and stock-based compensation costs are recognized as expense over the employees&#8217; requisite service period, on a straight-line basis. </font><font style="font: 10pt Times New Roman, Times, Serif">The measurement date for non-employee awards is generally the date the services were completed, resulting in financial reporting period adjustments to stock-based compensation during either the expected term or the contractual term. Stock-based compensation costs for non-employees are recognized as expense over the vesting period on a straight-line basis. Stock-based compensation is classified in the accompanying Statements of Operations and Comprehensive Loss based on the function to which the related services are provided, which is included in operating expenses in the accompanying Consolidated Statements of Operations and Comprehensive Loss. Forfeitures are accounted for as they occur.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The fair value of each stock option grant is estimated on the date of grant by using either the Black-Scholes, Binomial Lattice, or the quoted stock price on the date of grant, unless the awards are subject to market conditions in which case we use the Monte Carlo simulation model. Due to the Company&#8217;s limited history, the expected term of the Company&#8217;s stock options granted to employees has been determined utilizing the method as prescribed by the SEC&#8217;s Staff Accounting Bulletin, Topic 14. The expected term for stock options granted to non-employees is equal to the contractual term of the options. The risk-free interest rate is determined by reference to the US Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is based on the fact that the Company has never paid cash dividends on common stock and does not expect to pay any cash dividends in the foreseeable future.&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"></font></p></td></tr> <tr> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">q)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Foreign Currency Transactions</font></td></tr> <tr> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Foreign currency transactions are transactions denominated in a currency other than a subsidiary&#8217;s functional currency. A change in the exchange rates between a subsidiary&#8217;s functional currency and the currency in which a transaction is denominated increases or decreases the expected amount of functional currency cash flows upon settlement of the transaction. That increase or decrease in expected functional currency cash flows is recorded as other income (expense), in the accompanying Consolidated Statements of Operations and Comprehensive Loss.</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 0.4in; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">r)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Foreign Currency Translation</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company maintains its books and records in U.S. Dollars, which is its functional and reporting currency. Assets and liabilities of the Company&#8217;s international subsidiaries in which the local currency is the functional currency are translated into U.S. Dollars at period-end exchange rates. Income and expenses are translated into U.S. Dollars at the average exchange rates during the period. The resulting translation adjustments are included in the Company&#8217;s Consolidated Balance Sheets as a component of accumulated other comprehensive income (loss).</font></td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 0.4in; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">s)</font></td> <td style="text-align: justify">Other <font style="font: 10pt Times New Roman, Times, Serif">Comprehensive Income (Loss)</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Other comprehensive income (loss) consists of foreign currency translation adjustments.</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">t)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Fair Value Measurement</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company follows a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to settle a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, a three-tier fair value hierarchy has been established, which prioritizes the inputs used in measuring fair value as follows:</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;&#160;&#160;&#160;&#160;&#160;Level 1- Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#9679; &#160;&#160;&#160;&#160;Level 2- Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument&#8217;s anticipated life.&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;&#160;&#160;&#160;&#160;&#160;Level 3-Inputs reflect management&#8217;s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><font style="font: 10pt Times New Roman, Times, Serif"></font></p></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">u)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Recent Accounting Pronouncements</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Recently Adopted Accounting Pronouncements</u></font></td></tr> <tr> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td></tr> <tr> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (&#34;ASC 606&#34;). Subsequently, the FASB issued several updates to ASC 606. ASC 606 also includes new guidance on costs related to a contract, which is codified in ASC Subtopic 340-40. In applying ASC 606, revenue is recognized when control of promised goods or services transfers to a customer and is recognized in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. The major provisions of the new standard include: the determination of enforceable rights and obligations between parties; the identification of performance obligations including those related to material right obligations; the allocation of consideration based upon relative standalone selling price; accounting for variable consideration; the determination of whether performance obligations are satisfied over time or at a point in time; and enhanced disclosure requirements. The Company adopted ASC 606 during the first quarter of 2019 by applying the modified retrospective method to all contracts which resulted in (a) no impact to the financial statements and (b) additional financial statement disclosures.</td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In February 2016, the FASB issued Accounting Standards Update (&#8220;ASU&#8221;) 2016-02, <i>Leases </i>(&#8220;ASU 2016-02&#8221;). This standard requires the recognition of lease assets and liabilities for all leases, with certain exceptions, on the balance sheet. For public companies, the standard is effective for annual reporting periods beginning after December 15, 2018, including interim periods within those fiscal years. The Company adopted ASU 2016-02 on December 1, 2019, or the effective date, and used the effective date as its date of initial application. As such, the Company did not adjust prior period amounts. The Company also elected to adopt the package of practical expedients upon transition, which permits companies to not reassess lease identification, classification, and initial direct costs under ASU 2016-02 for leases that commenced prior to the effective date. The Company has elected not to recognize on the balance sheet leases with terms of one year or less. Upon adoption, the Company recorded lease liabilities of $65,136 and right-of-use assets of $65,136 on the balance sheet as of December 1, 2019.</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In May 2017, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) No. 2017-09, <i>Compensation - Stock Compensation: Scope of Modification Accounting,</i> which provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. An entity will account for the effects of a modification unless the fair value of the modified award is the same as the original award, the vesting conditions of the modified award are the same as the original award and the classification of the modified award as an equity instrument or liability instrument is the same as the original award. This update became effective for the Company on December 1, 2018, including interim periods. The Company adopted and will apply the update prospectively to any award modifications.</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In July 2017, the FASB issued ASU 2017-11, <i>Earnings Per Share (Topic: 260), Distinguishing Liabilities from Equity (Topic: 480), Derivatives and Hedges (Topic 815)</i>. The FASB issued the update to simplify the accounting for certain financial instruments with down round features. The Company adopted ASU 2017-11 in the first quarter of fiscal 2020. Currently, the Company does not have financial instruments with down round features but will apply this update prospectively.</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 0.4in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In June 2018, the FASB issued ASU 2018-07, <i>Compensation &#8211; Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting </i>(&#8220;ASU 2018-07&#8221;). FASB issued the update to include share-based payment transaction for acquiring goods or services from nonemployees in Topic 718, <i>Compensation &#8211; Stock Compensation</i>. The Company adopted ASU 2018-07 in the first quarter of fiscal 2020 prospectively, which has not had a material impact on its financial statements for share-based payments issued to nonemployees during fiscal 2020.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"></font></p></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><u>Accounting Pronouncements Issued but Not Adopted</u></font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In 2016, the FASB issued ASU 2016-13, <i>Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments </i>(&#8220;ASU 2016-13&#8221;). The guidance changes the impairment model used to measure credit losses for most financial assets. A new forward-looking expected credit loss model will replace the existing incurred credit loss model and will impact the Company&#8217;s accounts and other receivables. This is expected to generally result in earlier recognition of allowances for credit losses. ASU 2016-13 will be effective for the Company in December 2023 as long as it remains a smaller reporting company. Early adoption is permitted. The Company is currently evaluating the impact of adopting this update on the consolidated financial statements.</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In January 2017, the FASB issued ASU 2017-04, <i>Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment </i>(&#8220;ASU 2017-04&#8221;). The FASB issued the update to simplify the measurement of goodwill by eliminating step 2 from the goodwill impairment test. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit&#8217;s fair value. ASU 2017-04 will be effective for the Company so long as it remains a smaller reporting company in the first quarter of 2024. Early adoption is permitted. The Company will apply this update upon adoption.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In August 2018, the FASB issued ASU 2018-13, <i>Fair Value Measurement (Topic 820)</i> (&#8220;ASU 2018-13&#8221;). The guidance improves the effectiveness of disclosures about fair value measurements required under ASC 820. ASU 2018-13 amends the disclosure requirements for recurring and nonrecurring fair value measurements by removing, modifying, and added certain disclosures. ASU 2018-13 will be effective for the Company the first quarter of 2021. Early adoption is permitted. The Company is currently evaluating the impact of adopting this update on the consolidated financial statements.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"></font></p></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In 2019, the FASB issued ASU 2019-12, <i>Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes</i>. The guidance simplifies the accounting for income taxes by primarily addressing the following: recognition of a deferred tax liability after transition to/from the equity method, evaluation when a step-up in the tax basis of goodwill should be related to a business combination or when it should be considered a separate transaction, inclusion of the amount of tax based on income in the income tax provision and any incremental amount as a tax not based on income, and recognition of the effect of an enacted change in tax laws or annual effective tax rates in the period the change was enacted, The guidance is effective for the Company in the first quarter of 2022. Early adoption is permitted. Several of the amendments in the update are required to be adopted using a prospective approach, while other amendments are required to be adopted using a modified-retrospective approach or retrospective approach. The Company is currently evaluating the impact of adopting this update on the consolidated financial statements.</font></td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="text-align: justify; width: 0.4in"><font style="font: 10pt Times New Roman, Times, Serif">b)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Business Combinations</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Business combinations are accounted for at fair value. The Company allocates the fair value of purchase consideration to the tangible assets acquired, liabilities assumed and intangible assets acquired based on their estimated fair values at the acquisition dates. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill. Such valuations require management to make significant estimates and assumptions, especially with respect to intangible assets. Significant estimates in valuing certain intangible assets include, but are not limited to, future expected cash flows from the utilization of trade names from a market participant perspective, useful lives and discount rates. Management&#8217;s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. </font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Goodwill is not amortized but is reviewed for impairment annually or more frequently when events or changes in circumstances indicate that the carrying value may not be recoverable. The Company has the option to perform a qualitative assessment over goodwill when events occur or circumstances change that would, more likely than not, reduce the fair value of a reporting unit. If the Company concludes, based on the qualitative assessment, that a reporting unit would more likely than not exceed its fair value, a quantitative assessment is performed which is based upon a comparison of the reporting unit&#8217;s fair value to its carrying value. The fair values used in this evaluation are estimated based upon future discounted cash flow projections for the reporting unit. An impairment charge is recognized for any amount by which the carrying amount of goodwill exceeds its fair value. </font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company performs its review for impairment during the third quarter of each year. The Company assesses goodwill for impairment at the reporting unit level, which is defined as an operating segment or one level below an operating segment, referred to as a component. At August 31, 2020, the Company determined that there was no impairment of goodwill.</font></td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="text-align: justify; width: 0.4in"><font style="font: 10pt Times New Roman, Times, Serif">c)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Restricted Cash</font></td></tr> <tr> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company&#8217;s restricted cash &#8211; current was $6,388,561 and $0 at November 30, 2020 and 2019, respectively. This amount is due to holds placed on its use by the Company&#8217;s merchant services vendor pending fulfillment of backorders prepaid by credit cards or PayPal. The Company&#8217;s long-term restricted cash of $92,000 at November 30, 2020 and 2019, respectively, consists of cash that the Company is contractually obligated to maintain in accordance with the terms of its November 2019 lease agreement.</font></td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="text-align: justify; width: 0.4in"><font style="font: 10pt Times New Roman, Times, Serif">d)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Allowance for Doubtful Accounts Receivable</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company provides an allowance for its accounts receivable for estimated losses that may result from its customers&#8217; inability to pay. The Company determines the amount of the allowance by analyzing known uncollectible accounts, aged receivables, economic conditions, historical losses, and changes in customer payment cycles and its customers&#8217; creditworthiness. Amounts later determined and specifically identified to be uncollectible are charged or written off against this allowance. To minimize the likelihood of uncollectibility, the Company reviews its customers&#8217; creditworthiness periodically. Material differences may result in the amount and timing of expense for any period if the Company were to make different judgments or utilize different estimates. The allowance for doubtful accounts at November 30, 2020 and 2019 was $12,191 and $0, respectively.</font></td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="text-align: justify; width: 0.4in"><font style="font: 10pt Times New Roman, Times, Serif">e)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Inventories </font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Inventories are principally comprised of raw materials and finished goods, and are valued at the lower of cost or net realizable value with cost being determined on the first-in, first-out basis. The Company reviews inventories for obsolete items to determine adjustments that it estimates will be needed to record inventory at lower of cost or net realizable value. Inventory costs include labor, overhead, subcontracted manufacturing costs and inbound freight costs.</font></td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="text-align: justify; width: 0.4in"><font style="font: 10pt Times New Roman, Times, Serif">f)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Property and Equipment</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Property and equipment are recorded at cost, and reflected net of accumulated depreciation and amortization. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets, primarily three to seven years for computer hardware and software, furniture and fixtures, and machinery and equipment. Leasehold improvements are amortized over the lesser of the useful lives of three to seven years or lease terms. Expenditures for major renewals and betterments to property and equipment are capitalized, while expenditures for maintenance and repairs are charged as an expense as incurred. Upon retirement or disposition, the applicable property amounts are deducted from the accounts and any gain or loss is recorded in the Consolidated Statements of Operations and Comprehensive Loss. Useful lives are determined based upon an estimate of either physical or economic obsolescence or both. </font></td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="text-align: justify; width: 0.4in"><font style="font: 10pt Times New Roman, Times, Serif">h)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Impairment of Long-Lived Assets</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Long-lived assets to be held and used are analyzed for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. The Company evaluates at each balance sheet date whether events and circumstances have occurred that indicate possible impairment. If there are indications of impairment, the Company uses future undiscounted cash flows of the related asset or asset group over the remaining life in measuring whether the assets are recoverable. In the event such cash flows are not expected to be sufficient to recover the recorded asset values, the assets are written down to their estimated fair value. There were no impairments of long-lived assets during the years ended November 30, 2020 and 2019, respectively.</font></td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="text-align: justify; width: 0.4in"><font style="font: 10pt Times New Roman, Times, Serif">i)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Convertible Notes Payable</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">When the Company has determined that the embedded conversion options should not be bifurcated from their host instruments the Company accounts for convertible debt instruments in accordance with ASC 470-20, <i>Debt with Conversion and Other Options</i>. The Company records, when necessary, discounts to convertible notes for the intrinsic value of conversion options embedded in debt instruments based upon the differences between the fair value of the underlying common stock at the commitment date of the note transaction and the effective conversion price embedded in the note. The Company amortizes any debt discount over the term of the notes, using the straight-line method, which approximates the effective interest method. The Company records, when necessary, any induced conversion expense, at the time of conversion for the difference between the reduced conversion price per share and the original conversion price per share.</font></td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr><td><font style="font: 10pt Times New Roman, Times, Serif">k)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">Revenue Recognition</font></td></tr> <tr> <td style="vertical-align: top; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="vertical-align: top; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white"><u>Product Sales</u></font></td></tr> <tr> <td style="vertical-align: top; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="vertical-align: top; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">The Company generates revenue through the wholesale distribution of its products and accessories to dealers/distributors, large end-users such as security companies and law enforcement agencies, and through an e-commerce portal to consumers. Revenue is recognized upon transfer of control of goods to the customer, which generally occurs when title to goods is passed and risk of loss transfers to the customer. Depending on the contract terms, transfer of control is upon shipment of goods to or upon the customer&#8217;s pick-up of the goods. Payment terms to customers other than e-commerce customers are generally 30-60 days for established customers, whereas new wholesale and large end-user customers have prepaid terms for their first order. The amount of revenue recognized is net of returns and discounts that the Company offers to its customers. Products purchased include a standard warranty that cannot be purchased separately. This allows customers to return defective products for repair or replacement within one year of sale. The Company also sells an extended warranty for the same terms over three years. The extended 3-year warranty can be purchased separately from the product and therefore, must be classified as a service warranty. Since a warranty for the first year after sale is included and non-separable from all launcher purchases, the Company considers this extended warranty to represent a service obligation during the second and third years after sale. Therefore, the Company accumulates billings of these transactions on the balance sheet as deferred revenue, to be recognized on a straight-line basis during the second and third year after sale. The Company recognizes an estimated reserve based on its analysis of historical experience, and an evaluation of current market conditions. The Company&#8217;s returns under warranties have been immaterial. In February 2021, the Company identified certain Byrna&#174; HD launchers that may contain a wire that is not to specification and is offering customers a free factory service update for their launchers. The company accrued a $195,000 reserve for the possible costs related to updating affected launchers.&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 0.4in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">The Company also has a 60-day money back guarantee, which allows for a full refund of the purchase price, excluding shipping charges, within 60 days from the date of delivery. The right of return creates a variable component to the transaction price and needs to be considered for any possible constraints. The Company estimates returns using the expected value method, as there will likely be a range of potential return amounts. The Company&#8217;s returns under the 60-day money back guarantee have been immaterial.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company excludes from revenue taxes collected from customers and remitted to government authorities related to sales of the Company&#8217;s products. Shipping and handling costs that occur after control of goods has been transferred to the customer and that are not billed to the customer are accounted for as fulfillment costs and are included in cost of goods sold in the accompanying Consolidated Statements of Operations and Comprehensive Loss.</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company accounts for shipping and handling activities related to contracts with customers as costs to fulfill the promise to transfer the associated products. Shipping and handling costs associated with the distribution of finished products to customers, are recorded in cost of goods sold in the accompanying Consolidated Statements of Operations and Comprehensive Loss and are recognized when the product is shipped to the customer. Shipping and handling costs included in cost of goods sold were $1,375,827 and $21,487 during the years ended November 30, 2020 and 2019, respectively. Costs to obtain a contract consist of commissions paid to employees and are included in operating expenses in the accompanying Consolidated Statements of Operations and Comprehensive Loss. Commissions were $565,393 and $0 for the years ended November 30, 2020 and 2019, respectively. </font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Included as cost of goods sold are costs associated with the production and procurement of products, such as labor and overhead, inbound freight costs, manufacturing depreciation, purchasing and receiving costs, inspection costs and the shipping and handling costs.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Contract Liabilities</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Deferred revenue primarily relates to unfulfilled e-commerce orders for the years ended November 30, 2020 and 2019.&#160;</font></p></td></tr></table> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="text-align: justify; width: 0.4in"><font style="font: 10pt Times New Roman, Times, Serif">l)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Advertising</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Advertising related costs are expensed as incurred and are included in operating expenses in the accompanying Consolidated Statements of Operations and Comprehensive Loss. Advertising expenses were $1,047,605 and $366,786 during the years ended November 30, 2020 and 2019, respectively.</font></td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="text-align: justify; width: 0.4in"><font style="font: 10pt Times New Roman, Times, Serif">m)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Research and Development</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Research and development (&#8220;R&#38;D&#8221;) costs are expensed as incurred and are included in operating expenses in the accompanying Consolidated Statements of Operations and Comprehensive Loss. R&#38;D costs were $43,992 and $158,105 during the years ended November 30, 2020 and 2019, respectively. </font></td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">n)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Incomes Taxes</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, the Company determines deferred tax assets and liabilities on the basis of the differences between the financial statement and tax bases of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Deferred tax assets are recognized to the extent the Company believes that these assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If the Company determines that it would be able to realize its deferred tax assets in the future in excess of their net recorded amount, it would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 0.4in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company records uncertain tax positions on the basis of a two-step process in which (1) it determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The Company records uncertain tax positions as liabilities and adjusts these liabilities when its judgment changes as a result of the evaluation of new information not previously available. Because of the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from the Company&#8217;s current estimate of the unrecognized tax benefit liabilities. These differences will be reflected as increases or decreases to income tax expense in the period in which new information is available. As of November 30, 2020 and 2019, the Company has not recorded any uncertain tax positions in our financial statements.</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">If incurred, the Company recognizes interest and penalties related to income taxes on the income tax expense line in the accompanying Consolidated Statement of Operations and Comprehensive Loss. As of November 30, 2020 and 2019, no accrued interest or penalties related to income taxes are included in the consolidated balance sheets.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal and state jurisdictions, where applicable. There are currently no pending tax examinations. The Company&#8217;s tax years are still open under statute from November 30, 2017, to the present. The resolution of tax matters is not expected to have a material effect on the Company&#8217;s consolidated financial statements.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On March 27, 2020, then President Trump signed into law the $2 trillion bipartisan CARES Act. The CARES Act includes a variety of economic and tax relief measures intended to stimulate the economy, including loans for small businesses, payroll tax credits/deferrals, and corporate income tax relief. Due to the Company&#8217;s history of net operating losses and full valuation allowance for deferred tax assets, the CARES Act did not have a significant effect to the income tax provision, as the corporate income tax relief was directed towards cash taxpayers.&#160;</font></p></td></tr></table> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr><td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">o)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Loss Per Share</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Basic loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding for the year. Diluted loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding plus common stock equivalents (if dilutive) related to stock options and warrants for each year and the conversion feature of convertible notes payable. </font></td></tr></table> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr><td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">p)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Stock-Based Compensation</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">The Company accounts for all stock-based payment awards granted to employees and non-employees as stock-based compensation expense at their grant date fair value. The Company&#8217;s stock-based payments include stock options, restricted stock units, and incentive warrants. The measurement date for employee awards is the date of grant, and stock-based compensation costs are recognized as expense over the employees&#8217; requisite service period, on a straight-line basis. </font><font style="font: 10pt Times New Roman, Times, Serif">The measurement date for non-employee awards is generally the date the services were completed, resulting in financial reporting period adjustments to stock-based compensation during either the expected term or the contractual term. Stock-based compensation costs for non-employees are recognized as expense over the vesting period on a straight-line basis. Stock-based compensation is classified in the accompanying Statements of Operations and Comprehensive Loss based on the function to which the related services are provided, which is included in operating expenses in the accompanying Consolidated Statements of Operations and Comprehensive Loss. Forfeitures are accounted for as they occur.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The fair value of each stock option grant is estimated on the date of grant by using either the Black-Scholes, Binomial Lattice, or the quoted stock price on the date of grant, unless the awards are subject to market conditions in which case we use the Monte Carlo simulation model. Due to the Company&#8217;s limited history, the expected term of the Company&#8217;s stock options granted to employees has been determined utilizing the method as prescribed by the SEC&#8217;s Staff Accounting Bulletin, Topic 14. The expected term for stock options granted to non-employees is equal to the contractual term of the options. The risk-free interest rate is determined by reference to the US Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is based on the fact that the Company has never paid cash dividends on common stock and does not expect to pay any cash dividends in the foreseeable future.&#160;</font></p></td></tr></table> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr><td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">q)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Foreign Currency Transactions</font></td></tr> <tr> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Foreign currency transactions are transactions denominated in a currency other than a subsidiary&#8217;s functional currency. A change in the exchange rates between a subsidiary&#8217;s functional currency and the currency in which a transaction is denominated increases or decreases the expected amount of functional currency cash flows upon settlement of the transaction. That increase or decrease in expected functional currency cash flows is recorded as other income (expense), in the accompanying Consolidated Statements of Operations and Comprehensive Loss.</font></td></tr></table> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr><td style="width: 0.4in; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">s)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Other Comprehensive Income (Loss)</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Other comprehensive income (loss) consists of foreign currency translation adjustments.</font></td></tr></table> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr><td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">t)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Fair Value Measurement</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company follows a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to settle a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, a three-tier fair value hierarchy has been established, which prioritizes the inputs used in measuring fair value as follows:</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;&#160;&#160;&#160;&#160;&#160;Level 1- Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#9679; &#160;&#160;&#160;&#160;Level 2- Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument&#8217;s anticipated life.&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;&#160;&#160;&#160;&#160;&#160;Level 3-Inputs reflect management&#8217;s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.&#160;</font></p></td></tr></table> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr><td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">u)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Recent Accounting Pronouncements</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Recently Adopted Accounting Pronouncements</u></font></td></tr> <tr> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td></tr> <tr> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (&#34;ASC 606&#34;). Subsequently, the FASB issued several updates to ASC 606. ASC 606 also includes new guidance on costs related to a contract, which is codified in ASC Subtopic 340-40. In applying ASC 606, revenue is recognized when control of promised goods or services transfers to a customer and is recognized in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. The major provisions of the new standard include: the determination of enforceable rights and obligations between parties; the identification of performance obligations including those related to material right obligations; the allocation of consideration based upon relative standalone selling price; accounting for variable consideration; the determination of whether performance obligations are satisfied over time or at a point in time; and enhanced disclosure requirements. The Company adopted ASC 606 during the first quarter of 2019 by applying the modified retrospective method to all contracts which resulted in (a) no impact to the financial statements and (b) additional financial statement disclosures.</td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In February 2016, the FASB issued Accounting Standards Update (&#8220;ASU&#8221;) 2016-02, <i>Leases </i>(&#8220;ASU 2016-02&#8221;). This standard requires the recognition of lease assets and liabilities for all leases, with certain exceptions, on the balance sheet. For public companies, the standard is effective for annual reporting periods beginning after December 15, 2018, including interim periods within those fiscal years. The Company adopted ASU 2016-02 on December 1, 2019, or the effective date, and used the effective date as its date of initial application. As such, the Company did not adjust prior period amounts. The Company also elected to adopt the package of practical expedients upon transition, which permits companies to not reassess lease identification, classification, and initial direct costs under ASU 2016-02 for leases that commenced prior to the effective date. The Company has elected not to recognize on the balance sheet leases with terms of one year or less. Upon adoption, the Company recorded lease liabilities of $65,136 and right-of-use assets of $65,136 on the balance sheet as of December 1, 2019.</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In May 2017, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) No. 2017-09, <i>Compensation - Stock Compensation: Scope of Modification Accounting,</i> which provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. An entity will account for the effects of a modification unless the fair value of the modified award is the same as the original award, the vesting conditions of the modified award are the same as the original award and the classification of the modified award as an equity instrument or liability instrument is the same as the original award. This update became effective for the Company on December 1, 2018, including interim periods. The Company adopted and will apply the update prospectively to any award modifications.</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In July 2017, the FASB issued ASU 2017-11, <i>Earnings Per Share (Topic: 260), Distinguishing Liabilities from Equity (Topic: 480), Derivatives and Hedges (Topic 815)</i>. The FASB issued the update to simplify the accounting for certain financial instruments with down round features. The Company adopted ASU 2017-11 in the first quarter of fiscal 2020. Currently, the Company does not have financial instruments with down round features but will apply this update prospectively.</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 0.4in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In June 2018, the FASB issued ASU 2018-07, <i>Compensation &#8211; Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting </i>(&#8220;ASU 2018-07&#8221;). FASB issued the update to include share-based payment transaction for acquiring goods or services from nonemployees in Topic 718, <i>Compensation &#8211; Stock Compensation</i>. The Company adopted ASU 2018-07 in the first quarter of fiscal 2020 prospectively, which has not had a material impact on its financial statements for share-based payments issued to nonemployees during fiscal 2020.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><u>Accounting Pronouncements Issued but Not Adopted</u></font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In 2016, the FASB issued ASU 2016-13, <i>Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments </i>(&#8220;ASU 2016-13&#8221;). The guidance changes the impairment model used to measure credit losses for most financial assets. A new forward-looking expected credit loss model will replace the existing incurred credit loss model and will impact the Company&#8217;s accounts and other receivables. This is expected to generally result in earlier recognition of allowances for credit losses. ASU 2016-13 will be effective for the Company in December 2023 as long as it remains a smaller reporting company. Early adoption is permitted. The Company is currently evaluating the impact of adopting this update on the consolidated financial statements.</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In January 2017, the FASB issued ASU 2017-04, <i>Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment </i>(&#8220;ASU 2017-04&#8221;). The FASB issued the update to simplify the measurement of goodwill by eliminating step 2 from the goodwill impairment test. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit&#8217;s fair value. ASU 2017-04 will be effective for the Company so long as it remains a smaller reporting company in the first quarter of 2024. Early adoption is permitted. The Company will apply this update upon adoption.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In August 2018, the FASB issued ASU 2018-13, <i>Fair Value Measurement (Topic 820)</i> (&#8220;ASU 2018-13&#8221;). The guidance improves the effectiveness of disclosures about fair value measurements required under ASC 820. ASU 2018-13 amends the disclosure requirements for recurring and nonrecurring fair value measurements by removing, modifying, and added certain disclosures. ASU 2018-13 will be effective for the Company the first quarter of 2021. Early adoption is permitted. The Company is currently evaluating the impact of adopting this update on the consolidated financial statements.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In 2019, the FASB issued ASU 2019-12, <i>Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes</i>. The guidance simplifies the accounting for income taxes by primarily addressing the following: recognition of a deferred tax liability after transition to/from the equity method, evaluation when a step-up in the tax basis of goodwill should be related to a business combination or when it should be considered a separate transaction, inclusion of the amount of tax based on income in the income tax provision and any incremental amount as a tax not based on income, and recognition of the effect of an enacted change in tax laws or annual effective tax rates in the period the change was enacted, The guidance is effective for the Company in the first quarter of 2022. Early adoption is permitted. Several of the amendments in the update are required to be adopted using a prospective approach, while other amendments are required to be adopted using a modified-retrospective approach or retrospective approach. The Company is currently evaluating the impact of adopting this update on the consolidated financial statements.</font></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-indent: 0px">The below table summarizes amortization of the Company&#8217;s patents as of November 30, 2020 for the next five years and thereafter:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-indent: 0px">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 40%; border-collapse: collapse; margin-left: 0.4in"> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 0.25in">Fiscal Year</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: justify">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 62%; text-align: left; padding-left: 0.25in">2021</td> <td style="width: 2%; text-align: left">&#160;</td> <td style="width: 2%">&#160;</td> <td style="width: 2%; text-align: left">$</td> <td style="width: 30%; text-align: right">64,874</td> <td style="width: 2%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; padding-left: 0.25in">2022</td> <td style="text-align: left">&#160;</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">64,874</td> <td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.25in">2023</td> <td style="text-align: left">&#160;</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">64,874</td> <td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; padding-left: 0.25in">2024</td> <td style="text-align: left">&#160;</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">64,874</td> <td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.25in">2025</td> <td style="text-align: left">&#160;</td> <td>&#160;</td> <td style="text-align: left">&#160;</td> <td style="text-align: right">64,874</td> <td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; padding-left: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">Thereafter</font></td> <td style="padding-bottom: 1pt; text-align: left">&#160;</td> <td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right">486,558</td> <td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; text-align: right">810,928</td> <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The following table summarizes warrant activity, which includes the incentive warrants, during the six months ended May 31, 2021:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 60%; margin-left: 0.5in"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><font style="font-size: 10pt"><b>Weighted-Average</b></font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt"><b>Exercise</b></font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt"><b>Number of</b></font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt"><b>Price</b></font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt"><b>Warrants</b></font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt"><b>$</b></font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 10pt">&#160;</font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; width: 34%; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font-size: 10pt">Outstanding at November 30, 2020</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><font style="font-size: 10pt">585,739</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><font style="font-size: 10pt">2.40</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-size: 10pt">&#160;</font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font-size: 10pt">Granted </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font-size: 10pt">Exercised </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(486,684</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">)</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">2.50</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font-size: 10pt">Outstanding at May 31, 2021 </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">99,055</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">1.91</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 8.65pt; text-indent: -8.65pt"><font style="font-size: 10pt">Exercisable at May 31, 2021</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">99,055</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">1.91</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&#160;</font></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The following table summarizes warrant activity, which includes the incentive warrants, for the year ended November 30, 2020:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 0.4in"> <tr style="vertical-align: bottom"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Number of <br />Warrants</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Weighted-Average <br />Exercise <br />Price <br />$</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 69%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Outstanding, November 30, 2018</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">26,041,160</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.19</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Granted</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">22,223,058</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.25</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Expired</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2,476,999</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(0.16</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Outstanding, November 30, 2019</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">45,787,219</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.22</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Granted</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,146,836</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.25</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Exercised</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(42,076,668</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(0.21</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Outstanding, November 30, 2020</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,857,386</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.24</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Exercisable, November 30, 2020</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,857,386</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.24</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Exercisable. November 30, 2019</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">45,037,219</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.22</font></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company had the following commitments by fiscal year at November 30, 2019:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 95%; margin-left: 0.4in"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; padding-left: 0.25in">Location</td><td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2020</td><td style="padding-bottom: 1pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2021</td><td style="padding-bottom: 1pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2022</td><td style="padding-bottom: 1pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2023</td><td style="padding-bottom: 1pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2024</td><td style="padding-bottom: 1pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2025 and <br /> beyond</td><td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 29%; text-align: justify; padding-left: 0.25in">Wilmington, MA</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">24,987</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">115,371</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">117,972</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">120,979</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">123,986</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">300,660</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-left: 0.25in">Fort Wayne, IN</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">30,357</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">30,585</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">7,646</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 0.25in">South Africa*</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">13,098</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">2,217</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; padding-left: 0.25in">Total</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">68,442</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">148,173</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">125,618</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">120,979</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">123,986</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">300,660</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td colspan="17" style="font-style: italic; text-align: left; padding-left: 0.25in">(*USD based on November 30, 2019 exchange rate)</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-indent: 0px"><font style="font: 10pt Times New Roman, Times, Serif">Loss before income taxes consists of the following:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-indent: 0px"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse; margin-left: 0.4in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Year Ended November 30,</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2020</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2019</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 54%; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">United States</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 20%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(13,572,909</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 20%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(4,199,856</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Foreign</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,312,113</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(209,929</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(12,260,796</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(4,409,785</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in"><font style="font: 10pt Times New Roman, Times, Serif">The components of the provision for income taxes is as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse; margin-left: 0.4in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Year Ended November 30,</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2020</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2019</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; padding-left: 0.05pt"><font style="font: 10pt Times New Roman, Times, Serif">Current expense (benefit):</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 4.55pt"><font style="font: 10pt Times New Roman, Times, Serif">Federal</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; padding-left: 4.55pt"><font style="font: 10pt Times New Roman, Times, Serif">State</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 66%; padding-bottom: 1pt; text-align: justify; padding-left: 4.55pt"><font style="font: 10pt Times New Roman, Times, Serif">Foreign</font></td> <td style="width: 1%; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; width: 14%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">292,529</font></td> <td style="width: 1%; padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; width: 14%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="width: 1%; padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; padding-left: 0.05pt"><font style="font: 10pt Times New Roman, Times, Serif">Total current expense (benefit):</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">292,529</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 0.05pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; padding-left: 0.05pt"><font style="font: 10pt Times New Roman, Times, Serif">Deferred expense (benefit):</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 4.55pt"><font style="font: 10pt Times New Roman, Times, Serif">Federal</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; padding-left: 4.55pt"><font style="font: 10pt Times New Roman, Times, Serif">State</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: justify; padding-left: 4.55pt"><font style="font: 10pt Times New Roman, Times, Serif">Foreign</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Total deferred expense (benefit)</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 4.55pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Total income tax expense (benefit)</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">292,529</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in"><font style="font: 10pt Times New Roman, Times, Serif">A reconciliation of the Company&#8217;s statutory income tax rate to the Company&#8217;s effective income tax rate is as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse; margin-left: 0.4in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Year Ended November 30,</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2020</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2019</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 68%; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Income at US statutory rate</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 13%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">21.00</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 13%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">21.00<font style="color: white">.</font></font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">State taxes, net of Federal benefit</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6.58</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9.24<font style="color: white">.</font></font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Permanent differences</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(13.60</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%)</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(5.44</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Foreign rate differential</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(0.75</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%)</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.34<font style="color: white">.</font></font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Valuation allowance</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(12.30</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%)</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(24.34</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Other</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(3.32</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%)</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(0.79</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%)</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2.39</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%)</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.00</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt"><font style="font: 10pt Times New Roman, Times, Serif">The net deferred income tax asset balance related to the following:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 0.4in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">November 30,</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2020</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2019</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Depreciation and amortization</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(270,488</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(88,502</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Stock compensation</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">334,898</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">96,033</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Inventory reserve</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">28,533</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">15,611</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Bad debt reserve</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,331</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Accrued payroll</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">183,044</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Warranty reserve</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">89,578</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Net operating loss (&#8220;NOL&#8221;) carryforwards</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,951,914</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,845,058</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Total deferred tax assets</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6,320,808</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,868,199</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Valuation allowance</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(6,320,808</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(5,868,199</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Net deferred tax assets (liabilities)</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td></tr></table> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 0.4in; vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif">13.</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">CONVERTIBLE NOTES PAYABLE </font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Convertible notes payable, net (current) aggregated $0 and $2,758,578 at November 30, 2020 and 2019, respectively. Convertible notes payable (noncurrent) aggregated $0 and $1,874,972 at November 30, 2020 and, 2019, respectively. Effective April 8, 2020, the Company exchanged an aggregate of approximately $6,950,000 of all its outstanding convertible notes, representing principal and accrued interest through April 7, 2020, for 1,391 shares Series A Preferred Stock at an original issue price of $5,000. Accretion of debt discounts incurred through conversion for the year ended November 30, 2020 totaled $0.8 million, and related interest expense for the same period totaled $0.2 million. As the debt was convertible to shares of common stock, whereas shares of Series A Preferred Stock were issued, the Company evaluated ASC 405-20, <i>Extinguishments of Liabilities </i>(&#8220;ASC 405-20&#8221;). Pursuant to ASC 405-20, a liability has been extinguished if either of the following conditions is met (a) the debtor pays the creditor and is relieved of its obligation for the liability and (b) the debtor is legally released from being the primary obligor under the liability, either judicially or by the creditor. As both conditions were met, the transaction was accounted for as a debt extinguishment and the Company recorded a $6,026,657 loss on extinguishment of debt which represented the difference between:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; width: 100%; margin-top: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.75in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">(i)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">the carrying value of the notes, net of unamortized discounts, of $5,430,082 plus accrued interest of $374,631; and</font></td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; width: 100%; margin-top: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.75in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">(ii)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">the fair value of the consideration transferred (Series A Preferred Stock and warrants) of $11,831,370. See Note 14, &#8220;Stockholders Equity (Deficit),&#8221; for additional information.</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt"><font style="font: 10pt Times New Roman, Times, Serif">At the closing, in accordance with the Amendment and the Security Purchase Agreements pursuant to which the notes were issued, the Company also issued 1,498,418 warrants to the holders reflecting 4,000 warrants for each $1,000 of unpaid interest accrued on the Notes. See Note 14, &#8220;Stockholders&#8217; Deficit,&#8221; for additional information.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>April/May 2019 Notes</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On April 22, 2019 and May 20, 2019, the Company entered into a securities purchase agreement with several accredited investors to sell a total of 2,080.265 units, for aggregate principal of $2,080,265, with each $1,000 unit consisting of (i) a $1,000 10% interest convertible promissory note (collectively the &#8220;April/May 2019 Notes&#8221;) due April 15, 2020, convertible into the Company&#8217;s common stock at a conversion price of $0.15 per share, and (ii) four thousand (4,000) warrants each exercisable for one share of common stock at an exercise price of $0.25 per share on or before October 22, 2023. The April/May 2019 Notes are secured secondarily by all of the Company assets and accrue interest at 10% per annum, payable in cash at maturity. The principal amount, plus accrued interest, may be converted at the option of the holder at any time during the term to maturity into shares of common stock at a conversion price of $0.15 per share. The note embodies certain traditional default provisions that are linked to credit or interest risks, such as bankruptcy proceedings, liquidation events and corporate existence. The Company concluded that the April/May 2019 Notes meet the definition of conventional convertible debt and the embedded conversion option is not subject to bifurcation and classification in the financial statements in liabilities at fair value. In connection with the issuance of the April/May 2019 Notes, the Company issued the holders warrants to purchase the common stock. The warrants are exercisable until October 23, 2023 for 8,321,060 of shares at a purchase price of $0.25 per share. The Company concluded that the warrants are indexed to the stock and, accordingly, the analysis resulted in the conclusion that these warrants achieved equity classification in the financial statements. As a result of the repayment of the November 2016 Subordinate Secured Debentures on May 31, 2019, the April/May 2019 Notes entered senior security position.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company accounted for this transaction as a financing transaction, wherein the net proceeds received were allocated to the financial instruments issued which resulted in a discount. The warrants were valued at $888,444 and the balance of the convertible debt for $1,191,821. The discount is being charged to interest and is being accreted over the term of the note using the effective interest method. The effective interest rate on the liability component, inclusive of the contractual rate and the accretion of the discount, was 72.35% during fiscal 2019. During the year ended November 30, 2019, the Company recorded $457,570 of interest from the accretion of the discount. In addition, the Company recorded interest expense of $123,726 for the year ended November 30, 2019. The Company was required to consider whether the hybrid contract embodied a beneficial conversion feature. The calculation of the effective conversion amount did not result in a beneficial conversion feature because the effective conversion price was equal to the Company&#8217;s stock price on the date of issuance.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>October 2018 Notes</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On October 22, 2018, the Company entered into a Securities Purchase Agreement with several accredited investors to sell 1,275.0 units, for aggregate principal of $1,275,000, with each $1,000 of unit consisting of (i) a $1,000 10% interest convertible promissory note (collectively the &#8220;October 2018 Notes&#8221;) due April 15, 2020, convertible into the Company&#8217;s common stock at a conversion price of $0.15 per share, and (ii) four thousand (4,000) warrants each exercisable for one share of common stock at an exercise price of $0.25 per share on or before the five year anniversary of the issuance. These notes are secured secondarily by all of the Company assets and accrue interest at 10% per annum, payable in cash at maturity. As a result of the repayment of the November 2016 Subordinate Secured Debentures on May 31, 2019, these convertible notes entered senior security position. The principal amount, plus accrued interest, may be converted at the option of the holder at any time during the term to maturity into shares of common stock at a conversion price of $0.15 per share. The October 2018 Notes embodies certain traditional default provisions that are linked to credit or interest risks, such as bankruptcy proceedings, liquidation events and corporate existence. The Company concluded that the October 2018 Notes meet the definition of conventional convertible debt and the embedded conversion option is not subject to bifurcation and classification in the financial statements in liabilities at fair value. In connection with the issuance of the October 2018 Notes, the Company issued the holders warrants to purchase the common stock. The warrants are exercisable until October 23, 2023 for 5,100,000 of shares at a purchase price of $0.25 per share. The Company concluded that the warrants are indexed to the stock and, accordingly, the analysis resulted in the conclusion that these warrants achieved equity classification in the financial statements.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company accounted for this transaction as a financing transaction, wherein the net proceeds received were allocated to the financial instruments issued which resulted in a discount. The warrants were valued at $524,089 and the balance of the convertible debt was $750,911. The discount is being charged to interest and is being accreted over the term of the note using the effective interest method. During the year ended November 30, 2019, the Company recorded $413,702 in accretion, which includes the $95,584 adjustment related to the correction of a 2018 error. The initial 2018 accounting for the October 2018 Notes concluded that, based on the Company&#8217;s initial interpretation of the debt agreement and therefore, the conversion feature in the agreement required classification and measurement as a derivative financial instrument. During 2019, the Company re-evaluated the terms of the agreement and determined that the underlying notes did not contain any embedded terms or features that require classification as derivatives and the calculation of the effective conversion amount did not result in a beneficial conversion feature. The Company evaluated the consolidated financial statement impact in each of the previously filed annual and quarterly reporting periods and concluded that the correction is quantitatively and qualitatively immaterial to its previously filed consolidated financial statements. Since the derivative liability at November 30, 2018 should have been $0, the $95,584 impact related to the year ended November 30, 2018 Statement of Operations and Comprehensive Loss is reflected in the line, &#8220;Accretion of debt discounts&#8221; in the Consolidated Statement of Operations and Comprehensive Loss for the year ended November 30, 2019. In recording the adjustment to accretion of debt discounts, the $426,019 gain reported in the line &#8220;Changes in fair value of derivative liabilities&#8221; in the Consolidated Statement of Operations and Comprehensive Loss for the year ended November 30, 2019, represents changes to derivative liability associated with the December 7, 2016 CAD$1,363,000 Series B secured convertible debentures.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In addition, the Company recorded interest expense of $124,356 for the year ended November 30, 2019. The effective interest rate on the liability component, inclusive of the contractual rate and the accretion of the discount, was 50.54% during fiscal 2019. The Company was required to consider whether the hybrid contract embodied a beneficial conversion feature. The calculation of the effective conversion amount did not result in a beneficial conversion feature because the effective conversion price was equal to the Company&#8217;s stock price on the date of issuance.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Subordinated Secured Debentures</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The CAD $1,363,000 ($1,015,026) of Series B Secured Convertible Debentures (&#8220;Subordinate Secured Debentures&#8221;) were issued pursuant to a Trust Indenture agreement dated December 7, 2016 (the &#8220;Indenture&#8221;) in exchange for the Unsecured Debentures in equal principal amount and an additional CAD $36,000 ($26,640) of Series B Secured Convertible Debentures were issued pursuant to the Indenture in payment of accrued interest. These debentures matured on June 6, 2019 and accrued interest at 12% per annum, payable semi-annually. The debentures were secured by all of the Company&#8217;s assets. The principal amount, plus accrued interest, could have been converted at the option of the holder at any time during the term to maturity into shares of the Company&#8217;s common stock at a conversion price of $0.24 (CAD $0.31) per share, subject to anti-dilution protection with a minimum conversion price of $0.135 and for capital reorganization events. The debentures also embodied certain traditional default provisions that were linked to credit or interest risks, such as bankruptcy proceedings, liquidation events and corporate existence. The Company concluded that the embedded conversion option was not indexed to its stock. The embedded conversion option was subject to classification in the financial statements in liabilities at fair value both at inception and subsequently. The Company evaluated the terms and conditions of the debentures and determined that the conversion feature required classification and measurement as derivative financial instruments. Accordingly, the evaluation resulted in the conclusion that this derivative financial instrument required bifurcation and liability classification, at fair value. Current standards contemplate that the classification of financial instruments required evaluation at each report date.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The following table reflects the allocation of the purchase on December 7, 2016:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse; margin-left: 0.4in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Subordinate Secured Debentures</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Face Value</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 84%; padding-bottom: 1pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(CAD $1,399,000)</font></td> <td style="width: 1%; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 1pt solid; width: 13%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,041,835</font></td> <td style="width: 1%; padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Proceeds</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,041,835</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Compound embedded derivative</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(285,612</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Carrying value</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">756,223</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Effective May 31, 2019, the Company repaid these debentures for CAD $1,399,000 ($1,035,930) plus accrued interest.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Discounts (premiums) on the Subordinate Secured Debentures arise from (i) the allocation of basis to other instruments issued in the transaction, (ii) fees paid directly to the creditor and (iii) initial recognition at fair value, which is lower than face value. Discounts (premiums) are amortized through charges (credits) to interest expense over the term of the debt agreement. Amortization of debt discounts (premiums) amounted to CAD $98,924 ($73,201) during the year ended November 30, 2019. During the year ended November 30, 2019, the Company recorded interest expense of $67,007.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>September 2019 Notes</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On September 16, 2019, the Company entered into a securities purchase agreement with two investors to sell a total of 818.0 of units, for aggregate principal of $818,000, with each $1,000 of unit consisting of (i) a $1,000 10% interest convertible promissory note (collectively the &#8220;September 2019 Notes&#8221;) due June 30, 2021, convertible into the Company&#8217;s common stock at a conversion price of $0.15 per share, and (ii) four thousand (4,000) warrants each exercisable for one share of common stock at an exercise price of $0.25 per share on or before January 22, 2024. The September 2019 Notes are secured pari passu with the October 2018, April/May 2019 and July 2019 Notes, by all of the Company&#8217;s assets and accrue interest at 10% per annum, payable in cash at maturity. However, the principal amount, plus accrued interest, may be converted at the option of the holder at any time during the term to maturity into shares of common stock at a conversion price of $0.15 per share. The note embodies certain traditional default provisions that are linked to credit or interest risks, such as bankruptcy proceedings, liquidation events and corporate existence. The Company concluded that the September 2019 Notes meet the definition of conventional convertible debt and the embedded conversion option is not subject to bifurcation and classification in the financial statements in liabilities at fair value. In connection with the issuance of the September 2019 Notes, the Company issued the holders warrants to purchase the Company&#8217;s common stock. The warrants are exercisable until January 22, 2024 for 3,272,000 shares at a purchase price of $0.25 per share. The Company concluded that the warrants are indexed to the stock and, accordingly, the analysis resulted in the conclusion that these warrants achieved equity classification in the financial statements.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company accounted for this transaction as a financing transaction, wherein the net proceeds received were allocated to the financial instruments issued which resulted in a discount. The warrants were valued at $363,846 and the balance of the convertible debt was $454,154. The discount is being charged to interest and is being accreted over the term of the note using the effective interest method. The effective interest rate on the liability component, inclusive of the contractual rate and the accretion of the discount, was 47.40% during fiscal 2019. During the year ended November 30, 2019, the Company recorded $37,943 in interest from the accretion of the discount. In addition, the Company recorded interest expense of $16,808 for the year ended November 30, 2019. The Company was required to consider whether the hybrid contract embodied a beneficial conversion feature. The calculation of the effective conversion amount did not result in a beneficial conversion feature because the effective conversion price was equal to the Company&#8217;s stock price on the date of issuance.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>July 2019 Notes</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On July 22, 2019, the Company entered into a securities purchase agreement with several investors to sell a total of 2,282.5 units, for aggregate principal of $2,282,500, with each $1,000 of unit consisting of (i) a $1,000 10% interest convertible promissory note (collectively the &#8220;July 2019 Notes&#8221;) due June 30, 2021, convertible into the Company&#8217;s common stock at a conversion price of $0.15 per share, and (ii) four thousand (4,000) warrants each exercisable for one share of common stock at an exercise price of $0.25 per share on or before January 22, 2024. The July 2019 Notes are secured pari passu with the October 2018 and April/May 2019 Notes, by all of the Company&#8217;s assets and accrue interest at 10% per annum, payable in cash at maturity. However, the principal amount, plus accrued interest, may be converted at the option of the holder at any time during the term to maturity into shares of common stock at a conversion price of $0.15 per share. The note embodies certain traditional default provisions that are linked to credit or interest risks, such as bankruptcy proceedings, liquidation events and corporate existence. The Company concluded that the July 2019 Notes meet the definition of conventional convertible debt and the embedded conversion option is not subject to bifurcation and classification in the financial statements in liabilities at fair value. In connection with the issuance of the July 2019 Notes, the Company issued the holders warrants to purchase the Company&#8217;s common stock. The warrants are exercisable until January 22, 2024 for 9,130,000 shares at a purchase price of $0.25 per share. The Company concluded that the warrants are indexed to the stock and, accordingly, the analysis resulted in the conclusion that these warrants achieved equity classification in the financial statements.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company accounted for this transaction as a financing transaction, wherein the net proceeds received were allocated to the financial instruments issued which resulted in a discount. The warrants were valued at $1,038,081 and the balance of the convertible debt was $1,244,419. The discount is being charged to interest and is being accreted over the term of the note using the effective interest method. The effective interest rate on the liability component, inclusive of the contractual rate and the accretion of the discount, was 45.79% during fiscal 2019. During the year ended November 30, 2019, the Company recorded $138,456 in interest from the accretion of the discount. In addition, the Company recorded interest expense of $81,920 for the year ended November 30, 2019. The Company was required to consider whether the hybrid contract embodied a BCF. The calculation of the effective conversion amount did not result in a beneficial conversion feature because the effective conversion price was equal to the Company&#8217;s stock price on the date of issuance.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company was in compliance with all applicable financial and non-financial covenants under its financing arrangements as of November 30, 2019.</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="text-align: justify; width: 0.4in"><font style="font: 10pt Times New Roman, Times, Serif">g)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Patent Rights</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The perpetual, irrevocable, exclusive and non-exclusive license to use technology with respect to the cost of patent rights is capitalized and amortized over the estimated useful life, currently estimated to be 15 years.</font></td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="text-align: justify; width: 0.4in"><font style="font: 10pt Times New Roman, Times, Serif">j)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Fair Value of Financial Instruments</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company determines fair value based on its accounting policy for fair value measurement (i.e. exit price that would be recovered for an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date). See note 4 (t). The Company has not used derivative financial instruments such as forwards to hedge foreign currency exposures. Convertible debt issued is initially recognized at fair value. Derivative liabilities are measured at fair value at each reporting period and convertible debt is subsequently measured at amortized cost.</font></td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr><td style="width: 0.4in; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">r)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Foreign Currency Translation</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company maintains its books and records in U.S. Dollars, which is its functional and reporting currency. Assets and liabilities of the Company&#8217;s international subsidiaries in which the local currency is the functional currency are translated into U.S. Dollars at period-end exchange rates. Income and expenses are translated into U.S. Dollars at the average exchange rates during the period. The resulting translation adjustments are included in the Company&#8217;s Consolidated Balance Sheets as a component of accumulated other comprehensive income (loss).</font></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The following table reflects the allocation of the purchase on December 7, 2016:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse; margin-left: 0.4in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Subordinate Secured Debentures</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Face Value</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 84%; padding-bottom: 1pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(CAD $1,399,000)</font></td> <td style="width: 1%; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 1pt solid; width: 13%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,041,835</font></td> <td style="width: 1%; padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Proceeds</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,041,835</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Compound embedded derivative</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(285,612</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Carrying value</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">756,223</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 5pt 30.6pt; text-align: justify">The assumptions that the Company used to determine the grant-date fair value of warrants granted for the years ended November 30, 2020 and 2019 were as follows:</p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="background-color: White">&#160;</td> <td style="font-size: 12pt; text-align: justify">&#160;</td><td>&#160;</td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">2020</td><td>&#160;</td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">2019</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White">&#160;</td> <td style="text-align: justify">Risk free rate</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">0.35 &#8211; 1.57%</font></td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">1.69 &#8211; 3.05%</font></td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White; width: 30pt">&#160;</td> <td style="text-align: justify">Expected dividends</td><td style="width: 7%">&#160;</td> <td style="width: 1%; text-align: left">&#160;</td><td style="white-space: nowrap; width: 10%; text-align: right">0</td><td style="width: 1%; text-align: left">%</td><td style="width: 7%">&#160;</td> <td style="width: 1%; text-align: left">&#160;</td><td style="white-space: nowrap; width: 10%; text-align: right">0</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White">&#160;</td> <td style="text-align: justify">Expected volatility</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">98.28 &#8211; 109.93%</font></td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">150 &#8211; 159%</font></td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White">&#160;</td> <td style="text-align: justify">Expected life</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">3.54 &#8211; 3.77 years</font></td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">4.35 &#8211; 5 years</font></td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White">&#160;</td> <td style="text-align: justify">Market price of the Company's common stock on date of grant</td><td>&#160;</td> <td style="text-align: left">$</td><td style="white-space: nowrap; text-align: right">0.25</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="white-space: nowrap; text-align: right"><font style="font-size: 10pt">$0.14 &#8211; 0.16</font></td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White">&#160;</td> <td style="text-align: justify">Exercise price</td><td>&#160;</td> <td style="text-align: left">$</td><td style="white-space: nowrap; text-align: right">0.25</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="white-space: nowrap; text-align: right">0.25</td><td style="text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The warrants outstanding at the end of the year had weighted-average remaining contract lives as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 0.4in"> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2020</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2019</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">(years)</font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">(years)</font></td> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Total outstanding warrants</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2.82</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3.55</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Total exercisable warrants</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2.82</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3.50</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The stock options outstanding at the end of the year had weighted-average contractual life as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 0.4in"> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2020</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2019</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(years)</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(years)</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Total outstanding options</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3.76</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4.3</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Total exercisable options</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3.53</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3.1</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The assumptions that the Company used to determine the grant-date fair value of incentive warrants granted for the years ended November 30, 2020 and 2019 were as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>(Black-Scholes option pricing model)</i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.95pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 0.4in"> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2020</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2019</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Risk free rate</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1.47</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2.00</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Expected dividends</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Expected volatility</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">57</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">149</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Expected life</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1.1 years</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3 years</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Market price of the Company&#8217;s common stock on date of grant</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.22</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.16</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Exercise price</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.25</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.16</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The assumptions that the Company used to determine the grant-date fair value of RSUs granted for the year ended November 30, 2020 were as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>(Monte Carlo simulation model)</i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.6pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse; margin-left: 0.4in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2020</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 86%; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Risk free rate</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 11%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.26</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Expected dividends</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.00</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Expected volatility</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">121</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Expected life</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3 years</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Market price of the Company&#8217;s common stock on date of grant</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1.41 &#8211; 1.58</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Exercise price</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1.41 &#8211; 1.58</font></td></tr></table> <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px"><font style="font: 10pt Times New Roman, Times, Serif"><b>4.</b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>USE OF ESTIMATES</b></font></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Future events and their effects cannot be determined with certainty. Therefore, the determination of estimates requires the exercise of judgment. Actual results could differ from those estimates, and any such differences may be material to our Condensed Consolidated Financial Statements. Significant estimates include assumptions about collection of accounts receivable and the reserve for doubtful accounts, stock-based compensation expense, fair value of equity instruments, valuation for deferred tax assets, incremental borrowing rate on leases, valuation and carrying value of goodwill and other identifiable intangible assets, estimates for warranty costs, and useful life of fixed assets.&#160;</font></p> 15600000 8500000 The Company entered into a $5,000,000 revolving line of credit, secured by the Company’s accounts receivable and inventory and another $1,500,000 line of credit 1375827 21487 1047605 366786 43992 158105 92000 92000 P3Y P7Y P3Y P7Y P3Y P7Y P3Y P7Y 195000 55862 92000 64874 64874 64874 64874 64874 486558 810928 25000 0.60 75480 114820 122548 11831370 2261564 Payable within four months of the May 5, 2020 acquisition date 285612 756223 5000 5430082 426019 374631 1000 1035930 2020-04-15 2020-04-15 2021-06-30 2021-06-30 2020-08-31 2020-07-03 0.7235 0.5054 0.4740 0.4579 1275.0 2080.265 2080.265 818.0 1275000 2080265 2080265 818000 2282500 (i) a $1,000 10% interest convertible promissory note (collectively the “October 2018 Notes”) due April 15, 2020, convertible into the Company’s common stock at a conversion price of $0.15 per share, and (ii) four thousand (4,000) warrants each exercisable for one share of common stock at an exercise price of $0.25 per share on or before the five year anniversary of the issuance. (i) a $1,000 10% interest convertible promissory note (collectively the “April/May 2019 Notes”) due April 15, 2020, convertible into the Company’s common stock at a conversion price of $0.15 per share, and (ii) four thousand (4,000) warrants each exercisable for one share of common stock at an exercise price of $0.25 per share on or before October 22, 2023. (i) a $1,000 10% interest convertible promissory note (collectively the “April/May 2019 Notes”) due April 15, 2020, convertible into the Company’s common stock at a conversion price of $0.15 per share, and (ii) four thousand (4,000) warrants each exercisable for one share of common stock at an exercise price of $0.25 per share on or before October 22, 2023. (i) a $1,000 10% interest convertible promissory note (collectively the “September 2019 Notes”) due June 30, 2021, convertible into the Company’s common stock at a conversion price of $0.15 per share, and (ii) four thousand (4,000) warrants each exercisable for one share of common stock at an exercise price of $0.25 per share on or before January 22, 2024. (i) a $1,000 10% interest convertible promissory note (collectively the “July 2019 Notes”) due June 30, 2021, convertible into the Company’s common stock at a conversion price of $0.15 per share, and (ii) four thousand (4,000) warrants each exercisable for one share of common stock at an exercise price of $0.25 per share on or before January 22, 2024. 0.7235 0.4740 0.4579 2023-10-23 2023-10-23 2023-10-23 2024-01-22 2024-01-22 524089 888444 363846 1038081 3300000 3300000 3200000 7969 457570 37943 413702 138456 800000 95584 The CAD $1,363,000 ($1,015,026) of Series B Secured Convertible Debentures (“Subordinate Secured Debentures”) were issued pursuant to a Trust Indenture agreement dated December 7, 2016 (the “Indenture”) in exchange for the Unsecured Debentures in equal principal amount and an additional CAD $36,000 ($26,640) of Series B Secured Convertible Debentures were issued pursuant to the Indenture in payment of accrued interest. These debentures matured on June 6, 2019 and accrued interest at 12% per annum, payable semi-annually. The debentures were secured by all of the Company’s assets. The principal amount, plus accrued interest, could have been converted at the option of the holder at any time during the term to maturity into shares of the Company’s common stock at a conversion price of $0.24 (CAD $0.31) per share, subject to anti-dilution protection with a minimum conversion price of $0.135 and for capital reorganization events. (i) the allocation of basis to other instruments issued in the transaction, (ii) fees paid directly to the creditor and (iii) initial recognition at fair value, which is lower than face value. Discounts (premiums) are amortized through charges (credits) to interest expense over the term of the debt agreement. Amortization of debt discounts (premiums) amounted to CAD $98,924 ($73,201) during the year ended November 30, 2019 0.0169 0.0305 0 0.0035 0.0157 0 1.50 1.59 0.9828 1.0993 4.35 5 3.54 3.77 0.25 0.25 0.25 0.14 0.16 0.25 0.25 P2Y9M25D P3Y6M18D P2Y9M25D P3Y6M 11591623 6026657 29150 1275.0 2080.265 2080.265 2282.5 818.0 8333 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 992614 20 2023-10-22 On October 25, 2020, the Company notified holders of the October 2018 warrants exercisable at $0.25 that it was exercising its early termination right and that the respective warrants would expire November 27, 2020. Between October 25, 2020 and November 27, 2020, holders of 1,890,787 warrants issued during the October 2018 financing and outstanding as of October 25, 2020 exercised warrants for 1,890,787 shares of common stock, generating approximately $470,000. These warrants were issued on October 22, 2018, April 22, 2019, May 20, 2019, July 22, 2019, September 16, 2019 and January 15, 2020. 4 4 4 4 4 1 1 1 1 1 Fair value at the reduced price of $0.16 per warrant and fair value at the contractual price of $0.25. The fair values of the warrants at $0.16 and $0.25. 498418 150000 4,000 warrants for every $1,000 of accrued interest P3Y9M18D 124603 0.25 72000 43200 The holders reflecting 4,000 warrants for each $1,000 of unpaid interest accrued on the Notes. Holders of shares of Series A Preferred Stock are not entitled to vote with the holders of common stock, however, for so long as there are 423 shares of Series A Preferred Stock outstanding, the Company is required to obtain the consent of the holders of the Series A Preferred Stock to take certain corporate actions, including to incur indebtedness in excess of $250,000 in the aggregate. 0.16 1.55 1.55 212500 1270000 1.90 1.50 0.25 0.19 18993274 683190 3417500 925000 110000 83000 750000 750000 675545 31530 193000 0 25318 0 7720448 30715 0 15434 P2Y9M7D P1Y4M24D (1) one-third of the RSUs will be triggered when the Company’s stock trades above $2.00 on a 20-day volume weighted average closing price (“VWAP”), the second one-third of the RSUs will be triggered when the Company’s stock trades above $3.00 on a 20-day VWAP, and the final one-third of the RSUs will be triggered when the stock trades above $4.00 on a 20-day VWAP and (2) the employee must remain employed by the Company for three years from the effective date for the RSUs to vest. (1) one-third of the RSUs are not subject to any performance trigger, the second one-third of the RSUs will be triggered when the Company’s stock trades above $3.00 on a 20-day VWAP, and the final one-third of the RSUs will be triggered when the stock trades above $4.00 on a 20-day VWAP and (2) the employee must remain employed by the Company for three years from the effective date for the RSUs to vest. 1500000 316 95000 315588 2000 8696 68442 24987 30357 13098 148173 115371 30585 2217 125618 117972 7646 120979 120979 123986 123986 300660 300660 -12260796 -4409785 -4199856 -209929 -13572909 1312113 292529 292529 0.0658 0.0924 -0.1360 -0.0544 -0.0075 0.0034 -0.1230 -0.2434 -0.0332 -0.0079 270488 88502 334898 96033 28533 15611 3331 183044 89578 5951914 5845058 6320808 5868199 6320808 5868199 24900000 11400000 8600000 400000 0.50 P3Y 15000 20000 7500 750000 10000 500000 102000 55713 205132 195733 24850 0 3850727 617211 3850727 274893 614027 3184 1 0.37 0.77 1.00 0.0025 0.0025 The line of credit bears interest at a rate equal to the Wall Street Journal Prime Rate plus 0.50%, subject to a floor of 4.00%. 218154 218154 1043000 1043000 722000 -10346000 994000 -8061000 600918 597214 399332 304883 244385 286385 1043000 1043000 5000 5000 1038000 1038000 5332147 5332147 -1391 -1391 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Preferred Stock, warrants, stock options, and RSUs that could potentially dilute basic EPS in the future that were not included in the computation of diluted loss per share were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%; margin-left: 0.5in"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">For the Three Months Ended<br /> May 31, 2020</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">For the Six Months Ended<br /> May 31, 2020</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 40%; text-align: justify; text-indent: -8.65pt; padding-left: 8.65pt">Series A Preferred Stock</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">4,636,667</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">4,636,667</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: -8.65pt; padding-left: 8.65pt">Warrants</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,783,702</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,783,702</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: -8.65pt; padding-left: 8.65pt">Stock Options</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">672,667</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">672,667</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 8.65pt">RSUs</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#8212;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#8212;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt; text-indent: -8.65pt; padding-left: 8.65pt">Total</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">8,093,036</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">8,093,036</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</td></tr></table> <p style="margin-top: 0; margin-bottom: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">The following were excluded from the calculation of diluted net income per share for the three and six months ended May&#160;31, 2021 because their effects are anti-dilutive:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&#160;</p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%; margin-left: 0.5in"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td> <td colspan="3" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">For the Three Months Ended May 31, 2021</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td> <td colspan="3" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">For the Six Months Ended May 31, 2021</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: -8.65pt; padding-left: 8.65pt">Antidilutive securities:</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1pt; text-indent: -26.65pt; padding-left: 36.05pt">Options</td><td style="font: 10pt Times New Roman, Times, Serif; width: 8%">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">638,000</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 8%">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">518,000</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1pt; text-indent: -26.65pt; padding-left: 36.05pt">RSUs</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">50,000</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">68,493</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt; text-indent: -8.65pt; padding-left: 8.65pt">Total antidilutive securities</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">688,000</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">586,493</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</td></tr></table> <p style="margin-top: 0; margin-bottom: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> The following potential common shares, presented based on amounts outstanding at each period end, were excluded from the calculation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 0.4in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="6" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">November 30,</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2020</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2019</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 72%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Series A Preferred Stock</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 11%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">46,366,490</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 11%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Warrants</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,857,386</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">45,787,219</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Stock Options</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">7,059,667</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,911,667</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Restricted Stock</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">15,735,000</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#8212;</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">75,018,543</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">48,698,886</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-indent: 0">The following table sets forth the allocation of net income (loss) for the three and six months ended May 31, 2021 and 2020, respectively:</p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%; margin-left: 0.5in"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td> <td colspan="7" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">For the Three Months Ended<br /> May 31,</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td> <td colspan="7" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">For the Six Months Ended<br /> May 31,</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td> <td colspan="3" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2021</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td> <td colspan="3" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2020</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td> <td colspan="3" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2021</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td> <td colspan="3" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2020</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 40%; text-align: justify; text-indent: -8.65pt; padding-left: 8.65pt">Net income (loss)</td><td style="font: 10pt Times New Roman, Times, Serif; width: 3%">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">2,037</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 3%">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">(8,061</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; width: 3%">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">1,765</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 3%">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">(10,346</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 8.65pt">Net income applicable to preferred stock</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(1,043</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#8212;&#160;&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(1,043</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#8212;&#160;&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt; text-indent: -8.65pt; padding-left: 8.65pt">Income available to common shareholders</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">994</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(8,061</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">722</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(10,346</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</td></tr></table> 44000 63000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">The following table reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the three and six months ended May&#160;31, 2021 and 2020:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse; margin-left: 0.5in"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 1pt; text-align: center">&#160;</td> <td colspan="6" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><font style="font-size: 10pt"><b>For the Three Months Ended<br /> May 31,</b></font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 1pt; text-align: center">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 1pt; text-align: center">&#160;</td> <td colspan="6" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><font style="font-size: 10pt"><b>For the Six Months Ended<br /> May 31,</b></font></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 1pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><font style="font-size: 10pt"><b>2021</b></font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 1pt; text-align: center">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 1pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><font style="font-size: 10pt"><b>2020</b></font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 1pt; text-align: center">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 1pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><font style="font-size: 10pt"><b>2021</b></font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 1pt; text-align: center">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 1pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><font style="font-size: 10pt"><b>2020</b></font></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 44%; background-color: #CCEEFF; padding-left: 8.65pt; text-align: left; text-indent: -8.65pt"><font style="font-size: 10pt">Weighted-average common shares outstanding- basic</font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; background-color: #CCEEFF">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; background-color: #CCECFF">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 11%; background-color: #CCECFF; text-align: right"><font style="font-size: 10pt">17,800,749</font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; background-color: #CCECFF">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; background-color: #CCECFF">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; background-color: #CCECFF">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 11%; background-color: #CCECFF; text-align: right"><font style="font-size: 10pt">12,068,759</font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; background-color: #CCECFF">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; background-color: #CCECFF">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; background-color: #CCECFF">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 11%; background-color: #CCECFF; text-align: right"><font style="font-size: 10pt">16,359,496</font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; background-color: #CCECFF">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; background-color: #CCECFF">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; background-color: #CCECFF">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 11%; background-color: #CCECFF; text-align: right"><font style="font-size: 10pt">11,271,719</font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 1%; background-color: #CCEEFF; text-align: right">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-left: 9.05pt; text-align: left; text-indent: -8.65pt"><font style="font-size: 10pt">Assumed conversion of:</font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCECFF"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-left: 36.05pt; text-align: left; text-indent: -26.65pt"><font style="font-size: 10pt">Dilutive Stock Options</font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font-size: 10pt">597,214</font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font-size: 10pt">600,918</font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-left: 36.05pt; text-align: left; text-indent: -26.65pt"><font style="font-size: 10pt">Dilutive Warrants</font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font-size: 10pt">304,883</font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font-size: 10pt">399,332</font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCECFF"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 1pt; padding-left: 36.05pt; text-align: left; text-indent: -26.65pt"><font style="font-size: 10pt">Dilutive RSUs</font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font-size: 10pt">286,385</font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 1pt">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 1pt">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font-size: 10pt">244,385</font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 1pt">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font-size: 10pt">&#8212;</font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 2pt; padding-left: 8.65pt; text-align: left; text-indent: -8.65pt"><font style="font-size: 10pt">Weighted-average common share outstanding- diluted</font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font-size: 10pt">18,989,231</font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 2pt">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font-size: 10pt">12,068,759</font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 2pt">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font-size: 10pt">17,604,131</font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 2pt">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 2pt">&#160;</td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font-size: 10pt">11,271,719</font></td></tr></table> As of November 30, 2020 all options were governed by the 2017 Plan. As of May 31, 2021 all options were governed by the 2020 Plan.