Annual report pursuant to Section 13 and 15(d)

Accrued Expenses

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Accrued Expenses
 12 Months Ended
Nov. 30, 2011
Accrued Expenses [Abstract]  
Accrued Expenses

NOTE 5 – ACCRUED EXPENSES.

Accrued expenses are as follows:

 

                 
     November 30,  
     2011      2010  
     

Legal and accounting

    $ 177,649       $ 39, 364   

Payroll and payroll taxes (1)

      1,065,760         181,584   

Interest expense

      730,593         807,312   

General expenses

      342,873         592, 961   
    

 

 

     

 

 

  
     
     $ 2,316,875       $ 1,621,221   
    

 

 

     

 

 

  

 

(1) – Payroll and payroll taxes includes accrued vacation and wages due as of November 30, 2011 and November 30, 2010. Also, included as of 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.