Quarterly report pursuant to Section 13 or 15(d)

Acquisition (Tables)

v3.3.0.814
Acquisition (Tables)
9 Months Ended
Aug. 31, 2015
Business Combinations [Abstract]  
Summary of Fair Value of Consideration for the Acquistion

The following summarizes the fair value of the consideration for the Acquisition:

 

Consideration

  

Cash

   $ 375,374   

Assumed liabilities of seller

     1,073,898   

Note payable to seller

     1,300,000   

Prepaid expense paid to seller by purchaser

     104,000   
  

 

 

 

Consideration

   $ 2,853,272   
  

 

 

Summary of Preliminary Allocation of Total Purchase Price for the Acquisition

The following summarizes the preliminary allocation of the total purchase price for the Acquisition:

 

Inventory

     529,097   

Tooling molds

     35,353   

License agreement

     430,000   

Customer relationships

     117,000   
  

 

 

 

Total identifiable net assets acquired

     1,111,450   
  

 

 

 

Goodwill

   $ 1,741,822