Quarterly report pursuant to Section 13 or 15(d)

Acquisition (Tables)

v3.5.0.2
Acquisition (Tables)
6 Months Ended
May 31, 2016
Business Combinations [Abstract]  
Summary of Fair Value of Consideration for the Acquisition

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 Allocation of Total Purchase Price for the Acquisition

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

 

Inventory

   $ 529,097   

Tooling molds

     35,353   

License agreement

     470,000   

Customer relationships

     41,000   
  

 

 

 

Total identifiable net assets acquired

     1,075,450   
  

 

 

 

Goodwill

   $ 1,777,822