Annual report pursuant to Section 13 and 15(d)

Description of Business and Summary of Significant Accounting Policies (Tables)

v2.4.0.8
Description of Business and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Nov. 30, 2013
Accounting Policies [Abstract]  
Estimated Useful Lives of Property and Equipment

Estimated useful lives of property and equipment are as follows:

 

Furniture and equipment    3-10 years
Leasehold improvements    Lesser of 8-10 years or the lives of the leases
Computer software – internal use    1-5 years
Summary of Patent Costs

Patent costs are as follows:

 

     2013     2012  

Patents

    $ 63,757      $ 490,545   

Less: Accumulated amortization

      (7,123 )      (87,249 ) 
  

 

 

    

 

 

  

Net Patents

    $ 56,634      $ 403,296   
  

 

 

    

 

 

  
Future Amortization Expenses

The future amortization expenses are as follows:

 

Fiscal Year Ending November 30,

    Amortization  

2014

    $ 3,390   

2015

    $ 3,390   

2016

    $ 3,390   

2017

    $ 3,390   

2018

    $ 3,390   

Thereafter

    $ 39,684   
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table summarizes our financial assets and liabilities measured at fair value on a recurring basis as of November 30, 2013 and 2012, respectively, segregated among the appropriate levels within the fair value hierarchy:

 

Description

    Fair Value at
November 30,
2013		      Fair Value Measurements
at November 30, 2013 Using		  
      Level 1      Level 2      Level 3  

Assets:

            

Trading securities

    $ 37,910       $ 37,910         —           —     

 

     Fair Value at
November 30,
2012		      Fair Value Measurements
at November 30, 2012 Using		  

Description

       Level 1      Level 2      Level 3  

Assets:

            

Trading securities

    $ 13,660       $ 13,660         —           —     
Composition of Basic and Diluted Net Loss Per Share

The composition of basic and diluted net income (loss) per share is as follows:

 

     November 30, 2013      November 30, 2012  

Numerator:

      

Net Income (Loss)

    $ 27,436       ($ 6,308,470 ) 

Denominator:

      

Weighted-average shares outstanding-basic

      10,864,552         11,308,872   

Dilutive common shares issuable upon exercise of stock options

      107,932         —     
  

 

 

     

 

 

  

Weighted-average shares-diluted

      10,972,484         11,308,872   
  

 

 

     

 

 

  

Income (Loss) per share:

      

Basic

    $ 0.00       ($ 0.56 ) 
  

 

 

     

 

 

  

Diluted

    $ 0.00       ($ 0.56 )