Subsequent Event |
3 Months Ended |
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Feb. 29, 2016 | |
| Subsequent Events [Abstract] | |
| Subsequent Event |
Note 14– Subsequent Event On March 22, 2016, subsequent to the balance sheet date, the Company received a Commitment Letter from a Lender for a term loan of up to $8,000,000 in senior credit facilities. The Commitment Letter is subject to execution and delivery to the Lender of financing documents required by the Lender. If the loan has not been fully executed and closed by May 30, 2016, the commitment will expire and there will be no obligation for the Lender to fund the loan. On April 4, 2016, subsequent to the balance sheet date, the Company received a Commitment Letter from an additional lender for a subordinated loan of up to $1,000,000. The funding of the loan will be subject to certain terms and conditions outlined in the term sheet. The Commitment Letter for the subordinated loan expires on April 30, 2016. |
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- References No definition available.
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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. No definition available.
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