Annual report pursuant to Section 13 and 15(d)

Accrued Expenses

v2.4.0.6
Accrued Expenses
 12 Months Ended
Nov. 30, 2012
Accrued Expenses [Abstract]  
ACCRUED EXPENSES

NOTE 5 - ACCRUED EXPENSES.

Accrued expenses are as follows:

 

                 
    November 30,  
    2012     2011  
     

Legal and accounting

   $ 145,724     $ 177,649  

Payroll and payroll taxes (1)

     1,351,077       1,065,760  

Interest expense

     419,198       730,593  

General expenses

     1,001,759       342,873  
   

 

 

    

 

 

  
     
    $ 2,917,758     $ 2,316,875  
   

 

 

    

 

 

  

 

(1) – Payroll and payroll taxes includes accrued vacation and wages due as of November 30, 2012 and November 30, 2011. Also, included as of November 30, 2012 and 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.