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Cancellation Of Revenue Sharing Agreements
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3 Months Ended |
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Feb. 29, 2012
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| Cancellation Of Revenue Sharing Agreements [Abstract] | |
| Cancellation Of Revenue Sharing Agreements |
Note 8 – Cancellation of Revenue Sharing Agreements On December 6, 2011, the Company entered into an Asset Purchase Agreement with Bio-Stor canceling the Bio-Stor Revenue Sharing Agreement ("RSA"). Pursuant to the terms of the Asset Purchase Agreement, on December 6, 2011, the Company made a one-time, lump-sum payment in the amount of $2.3 million to Bio-Stor, and Bio-Stor sold, assigned, conveyed, transferred, and delivered to the Company all of its rights, interest and title in the RSA. The payment amount of $2.3 million was offset by the carrying amount of the short-term liability related to Bio-Stor in the amount of $900,000 and an accrued expense in the amount of $172,610 to reflect the extinguishment of debt in the amount of $1,227,390 for the three months ended February 29, 2012. |