| Summary of accrued expenses |
Accrued expenses are as follows:
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|
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November 30, |
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| |
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2012 |
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2011 |
|
| |
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|
|
Legal and accounting
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|
$ |
145,724 |
|
|
$ |
177,649 |
|
|
Payroll and payroll taxes (1)
|
|
|
1,351,077 |
|
|
|
1,065,760 |
|
|
Interest expense
|
|
|
419,198 |
|
|
|
730,593 |
|
|
General expenses
|
|
|
1,001,759 |
|
|
|
342,873 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
| |
|
$ |
2,917,758 |
|
|
$ |
2,316,875 |
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|
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|
|
|
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|
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| (1) |
– Payroll and payroll taxes includes accrued vacation and wages due as of November 30, 2012 and November 30, 2011. Also, included as of November 30,
2012 and November 30, 2011 is approximately $950,000 in severance related to lost salary, bonuses and benefits that Mercedes Walton could be entitled to in accordance with Ms. Walton’s employment agreement dated August 15, 2006,
as amended July 16, 2007. See Note 16. |
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