0001213900-17-007636.txt : 20170717 0001213900-17-007636.hdr.sgml : 20170717 20170717160145 ACCESSION NUMBER: 0001213900-17-007636 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 65 CONFORMED PERIOD OF REPORT: 20170531 FILED AS OF DATE: 20170717 DATE AS OF CHANGE: 20170717 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SURGE COMPONENTS INC CENTRAL INDEX KEY: 0000747540 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-ELECTRONIC PARTS & EQUIPMENT, NEC [5065] IRS NUMBER: 112602030 STATE OF INCORPORATION: NY FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-27688 FILM NUMBER: 17967614 BUSINESS ADDRESS: STREET 1: 95 EAST JEFRYN BLVD CITY: DEER PARK STATE: NY ZIP: 11729 BUSINESS PHONE: 5165951818 MAIL ADDRESS: STREET 1: SURGE COMPONENTS INC STREET 2: 95 EAST JEFRYN BLVD CITY: DEER PARK STATE: NY ZIP: 11729 10-Q 1 f10q0517_surgecomponents.htm QUARTERLY REPORT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For The Quarterly Period Ended May 31, 2017

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

COMMISSION FILE NUMBER 000-27688

SURGE COMPONENTS, INC.

(Exact name of registrant as specified in its charter)

Nevada		11-2602030
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

95 East Jefryn Blvd., Deer Park, New York		11729
(Address of principal executive offices)		(Zip code)

Issuer's telephone number: (631) 595-1818

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐		Accelerated filer	☐
Non-accelerated filer	☐	(Do not check if a smaller reporting company)	Smaller reporting company	☒
			Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of July 14, 2017 there were 5,224,431 outstanding shares of the Registrant's Common Stock, $.001 par value.

SURGE COMPONENTS, INC

TABLE OF CONTENTS

	Page
PART I - FINANCIAL INFORMATION

Item 1. Financial Statements		1

Consolidated Balance Sheets as of May 31, 2017 (unaudited) and November 30, 2016		1

Consolidated Statements of Operations for the six and three months ended May 31, 2017 and May 31, 2016 (unaudited)		3

Consolidated Statements of Cash Flows for the six months ended May 31, 2017 and May 31, 2016 (unaudited)		4

Notes to Consolidated Financial Statements (unaudited)		6

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		20

Item 3. Quantitative and Qualitative Disclosures About Market Risk		24

Item 4. Controls and Procedures		24

PART II - OTHER INFORMATION

Item 1. Legal Proceedings		25

Item 1A. Risk Factors		25

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		25

Item 3. Defaults Upon Senior Securities		25

Item 4. Mine Safety Disclosures		25

Item 5. Other Information		25

Item 6. Exhibits		26

SIGNATURES		27

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

SURGE COMPONENTS, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

	May 31,		November 30,
	2017		2016
	(unaudited)
ASSETS

Current assets:
Cash	$	580,366	$	7,120,601
Accounts receivable - net of allowance for doubtful accounts of $160,895 and $159,976		5,084,189		5,558,808
Inventory, net		3,041,379		2,929,570
Prepaid expenses and income taxes		146,746		144,824
Deferred income taxes		353,310		304,887

Total current assets		9,205,990		16,058,690

Fixed assets – net of accumulated depreciation and amortization of $2,201,305 and $2,185,540		81,067		81,974

Deferred income taxes		706,621		609,773
Other assets		13,384		13,384

Total assets	$	10,007,062	$	16,763,821

See notes to consolidated financial statements

SURGE COMPONENTS, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(Continued)

	May 31,			November 30,
	2017			2016
	(unaudited)
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	3,802,546		$	3,237,592
Loan Payable		800,000			-
Accrued expenses and taxes		956,964			1,544,882
Accrued salaries		505,752			431,111

Total current liabilities		6,065,262			5,213,585

Deferred rent		37,533			39,962

Total liabilities		6,102,795			5,253,547

Commitments and contingencies

Shareholders’ equity
Preferred stock - $.001 par value stock, 5,000,000 shares authorized:
Series A – 260,000 shares authorized, none outstanding, non-voting, convertible, redeemable.
Series B – 200,000 shares authorized, none outstanding, voting, convertible, redeemable.

Series C–100,000 shares authorized, 10,000 and 10,000 shares issued and outstanding, redeemable, convertible, and a liquidation preference of $5 per share		10			10
Series D – 75,000 shares authorized, none issued or outstanding, voting, convertible, redeemable.
Common stock - $.001 par value stock, 75,000,000 shares authorized, 5,224,431 and 10,224,431 shares issued and outstanding		10,041			10,224
Additional paid-in capital		16,552,493			23,702,310
Accumulated deficit		(12,658,277	)		(12,202,270	)

Total shareholders’ equity		3,904,267			11,510,274

Total liabilities and shareholders’ equity	$	10,007,062		$	16,763,821

See notes to consolidated financial statements.

SURGE COMPONENTS, INC. AND SUBSIDIARIES

Consolidated Statements of Operations

(Unaudited)

	Six Months Ended May 31,						Three Months Ended May 31,
	2017			2016			2017			2016
Net sales	$	13,098,312		$	13,396,453		$	7,433,165		$	7,080,442

Cost of goods sold		9,895,478			10,104,591			5,639,684			5,444,592

Gross profit		3,202,834			3,291,862			1,793,481			1,635,850

Operating expenses:
Selling and shipping expenses		1,220,974			1,191,146			660,198			665,300
General and administrative expenses		2,544,859			2,088,975			1,215,796			1,090,073
Depreciation and amortization		15,765			15,632			7,931			7,816

Total operating expenses		3,781,598			3,295,753			1,883,925			1,763,189

Loss before other income (expense) and income taxes		(578,764	)		(3,891	)		(90,444	)		(127,339	)

Other income (expense):
Investment income		3,105			4,083			137			2,758
Interest expense		(6,815	)		-			(6,815	)		-

Other income (expense)		(3,710	)		4,083			(6,678	)		2,758

Loss (income) before income taxes		(582,474	)		192			(97,122	)		(124,581	)

Income taxes (benefit)		(128,967	)		13,520			6,212			(16,782	)

Net loss		(453,507	)		(13,328	)		(103,334	)		(107,799	)
Dividends on preferred stock		2,500			2,500			—			—

Net loss available to common shareholders	$	(456,007	)	$	(15,828	)	$	(103,334	)	$	(107,799	)

Net loss per share available to common shareholders:

Basic	$	(.06	)	$	.00		$	(.02	)	$	(.01	)
Diluted	$	(.06	)	$	.00		$	(.02	)	$	(.01	)

Weighted Shares Outstanding:
Basic		7,779,376			10,002,065			5,387,474			10,004,964
Diluted		7,779,376			10,002,065			5,387,474			10,004,964

See notes to consolidated financial statements.

SURGE COMPONENTS, INC. AND SUBSIDIARIES

Consolidated Statements of Cash Flows

(unaudited)

	Six Months Ended
	May 31, 2017			May 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss	$	(453,507	)	$	(13,328	)
Adjustments to reconcile net loss to net cash used in (provided by) operating activities:
Depreciation and amortization		15,765			15,632
Stock compensation expense		-			74,363
Deferred income taxes		(145,271	)		(13,842	)
Allowance for doubtful accounts		919			15,562

CHANGES IN OPERATING ASSETS AND LIABILITIES:
Accounts receivable		473,700			478,149
Inventory		(111,809	)		(294,514	)
Prepaid expenses and income taxes		(1,922	)		(29,704	)
Other assets		-			-
Accounts payable		564,954			122,799
Deferred rent		(2,429	)		(710	)
Accrued expenses		(515,777	)		(285,311	)

NET CASH FLOWS USED IN (PROVIDED BY) OPERATING ACTIVITIES		(175,377	)		69,096

CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of fixed assets		(14,858	)		(1,521	)

NET CASH FLOWS USED IN INVESTING ACTIVITIES	$	(14,858	)	$	(1,521	)

SURGE COMPONENTS, INC. AND SUBSIDIARIES

Consolidated Statements of Cash Flows

(unaudited)

(Continued)

	Six Months Ended
	May 31, 2017			May 31, 2016

CASH FLOWS FROM FINANCING ACTIVITIES:

Repurchase of Common Stock	$	-		$	(2,287	)
Net Borrowings from Loan Payable		800,000			-
Repurchase of Common Stock in Tender Offer		(7,150,000	)		-

NET CASH FLOWS USED IN FINANCING ACTIVITIES		(6,350,000	)		(2,287	)

NET CHANGE IN CASH		(6,540,235	)		65,288

CASH AT BEGINNING OF PERIOD		7,120,601			7,169,118

CASH AT END OF PERIOD	$	580,366		$	7,234,406

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

Income taxes paid	$	9,611		$	34,865

Interest paid	$	6,815		$	-

NONCASH INVESTING AND FINANCING ACTIVITIES:
Accrued dividends on preferred stock	$	2,500		$	2,500

See notes to consolidated financial statements.

SURGE COMPONENTS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

NOTE A – ORGANIZATION, DESCRIPTION OF COMPANY’S BUSINESS AND BASIS OF PRESENTATION

Surge Components, Inc. (“Surge”) was incorporated in the State of New York and commenced operations on November 24, 1981 as an importer of electronic products, primarily capacitors and discrete semi-conductors selling to customers located principally throughout North America. On June 24, 1988, Surge formed Challenge/Surge Inc. (“Challenge”), a wholly-owned subsidiary to engage in the sale of electronic component products and sounding devices from established brand manufacturers to customers located principally throughout North America.

In May 2002, Surge and an officer of Surge founded and became sole owners of Surge Components, Limited (“Surge Limited”), a Hong Kong corporation. Under current Hong Kong law, Surge Limited is required to have at least two shareholders. Surge owns 999 shares of the outstanding common stock and the officer of Surge owns 1 share of the outstanding common stock. The officer of Surge has assigned his rights regarding his 1 share to Surge. Surge Limited started doing business in July 2002. Surge Limited operations have been consolidated with the Company. Surge Limited is responsible for the sale of Surge’s products to customers located in Asia.

On August 31, 2010, the Company changed its corporate domicile by merging into a newly-formed corporation, Surge Components, Inc. (Nevada), which was formed in the State of Nevada for that purpose. Surge Components Inc. is the surviving entity. The number of common stock shares authorized for issuance was increased to 75,000,000 shares.

NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(1) Principles of Consolidation:

The consolidated financial statements include the accounts of Surge, Challenge, and Surge Limited (collectively the “Company”). All material intercompany balances and transactions have been eliminated in consolidation.

The accompanying interim consolidated financial statements have been prepared without audit, in accordance with the instructions to Form 10-Q for interim financial reporting pursuant to the rules and regulations of the Securities and Exchange Commission.

The results and trends in these interim consolidated financial statements for the six months ended May 31, 2017 and May 31, 2016 may not be representative of those for the full fiscal year or any future periods.

(2) Accounts Receivable:

Trade accounts receivable are recorded at the net invoice value and are not interest bearing. The Company considers receivables past due based on the payment terms. The Company reviews its exposure to accounts receivable and reserves specific amounts if collectability is no longer reasonably assured. The Company also reserves a percentage of its trade receivable balance based on collection history and current economic trends that might impact the level of future credit losses. The Company re-evaluates such reserves on a regular basis and adjusts its reserves as needed. Based on the Company’s operating history and customer base, bad debts to date have not been material.

(3) Revenue Recognition:

Revenue is recognized for products sold by the Company when persuasive evidence of an arrangement exists, delivery has occurred, the price is fixed and determinable, collectability is reasonably assured and title and risk of loss have been transferred to the customer. This occurs when product is shipped from the Company’s warehouse.

For direct shipments, revenue is recognized when product is shipped from the Company’s supplier. The Company has a long term supply agreement with one of our suppliers. The Company purchases the merchandise from the supplier and has the supplier directly ship the merchandise to the customer through a freight forwarder. Title passes to the customer upon the merchandise being received by a freight forwarder. Direct shipments were approximately $1,363,000 and $1,783,000 for the six months ended May 31, 2017 and May 31, 2016 respectively.

The Company also acts as a sales agent to certain customers in North America for one of its suppliers. The Company reports these commissions as revenues in the period earned. Commission revenue totaled $141,751 and $177,963 for the six months ended May 31, 2017 and May 31, 2016 respectively.

The Company performs ongoing credit evaluations of its customers and maintains reserves for potential credit losses.

SURGE COMPONENTS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

(3) Revenue Recognition (continued):

The Company and its subsidiaries currently have agreements with several distributors. There are no provisions for the granting of price concessions in any of the agreements. Revenues under these distribution agreements were approximately $2,307,000 and $3,946,000 for the six months ended May 31, 2017 and May 31, 2016 respectively.

(4) Inventories:

Inventories, which consist solely of products held for resale, are stated at the lower of cost (first-in, first-out method) or market. Products are included in inventory when the Company obtains title and risk of loss on the products, primarily when shipped from the supplier. Inventory in transit principally from foreign suppliers at May 31, 2017 was $1,109,000. The Company, at May 31, 2017, has a reserve against slow moving and obsolete inventory of $245,874. From time to time the Company’s products are subject to legislation from various authorities on environmental matters.

(5) Depreciation and Amortization:

Fixed assets are recorded at cost. Depreciation is generally calculated on a straight line method and amortization of leasehold improvements is provided for on the straight-line method over the estimated useful lives of the various assets as follows:

Furniture, fixtures and equipment	5 - 7 years
Computer equipment	5 years
Leasehold Improvements	Estimated useful life or lease term, whichever is shorter

Maintenance and repairs are expensed as incurred while renewals and betterments are capitalized.

SURGE COMPONENTS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

(6) Concentration of Credit Risk:

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of accounts receivables. The Company maintains substantially all of its cash balances in a limited number of financial institutions. At May 31, 2017 and November 30, 2016, the Company’s uninsured cash balances totaled $316,158 and $4,550,807, respectively.

(7) Income Taxes:

The Company’s deferred income taxes arise primarily from the differences in the recording of net operating losses, allowances for bad debts, inventory reserves and depreciation expense for financial reporting and income tax purposes. A valuation allowance is provided when it has been determined to be more likely than not that the likelihood of the realization of deferred tax assets will not be realized. See Note I.

The Company follows the provisions of the Accounting Standards Codification topic, ASC 740, “Income Taxes” (ASC 740). There have been no unrecognized tax benefits and, accordingly, there has been no effect on the Company’s financial condition or results of operations as a result of ASC 740.

The Company files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. The Company is no longer subject to U.S. federal tax examinations for years before fiscal years ending November 30, 2012, and state tax examinations for years before fiscal years ending November 30, 2011. Management does not believe there will be any material changes in our unrecognized tax positions over the next twelve months.

The Company’s policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income expense. As of the date of adoption of ASC 740, there was no accrued interest or penalties associated with any unrecognized benefits, nor was any interest expense recognized during the six months ended May 31, 2017 and May 31, 2016.

SURGE COMPONENTS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

(8) Cash Equivalents:

The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents.

(9) Use of Estimates:

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

(10) Marketing and promotional costs:

Marketing and promotional costs are expensed as incurred and have not been material to date. The Company has contractual arrangements with several of its distributors which provide for cooperative advertising rights to the distributor as a percentage of sales. Cooperative advertising is reflected as a reduction in revenues and has not been material to date.

(11) Fair Value of Financial Instruments:

The carrying amount of cash balances, accounts receivable, accounts payable and accrued expenses approximate their fair value based on the nature of those items. Estimated fair values of financial instruments are determined using available market information and appropriate valuation methodologies. Considerable judgment is required to interpret the market data used to develop the estimates of fair value, and accordingly, the estimates are not necessarily indicative of the amounts that could be realized in a current market exchange.

SURGE COMPONENTS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

(12) Shipping Costs

The Company classifies shipping costs as a component of selling expenses. Shipping costs totaled $4,421 and $3,465 for the six months ended May 31, 2017 and May 31, 2016 respectively.

(13) Earnings Per Share

Basic loss (earnings) per share includes no dilution and is computed by dividing net loss (income) available to common stockholders by the weighted average number of common shares outstanding for the period. The difference between reported basic and diluted weighted-average common shares results from the assumption that all dilutive stock options and convertible preferred stock exercised into common stock. Dilutive securities are excluded from diluted weighted shares outstanding at May 31, 2017 since the Company had a net loss in the period and including the securities would be anti-dilutive. Total potentially dilutive shares excluded from diluted weighted shares outstanding at May 31, 2017 and May 31, 2016 totaled 452,000 and 635,438, respectively.

(14) Stock Based Compensation

Stock Based Compensation to Employees

The Company accounts for its stock-based compensation for employees in accordance with Accounting Standards Codification (“ASC”) 718. The Company recognizes in the statement of operations the grant-date fair value of stock options and other equity-based compensation issued to employees and non-employees over the related vesting period.

Stock Based Compensation to Other than Employees

The Company accounts for equity instruments issued in exchange for the receipt of goods or services from other than employees in accordance with ASC 718. Costs are measured at the estimated fair market value of the consideration received or the estimated fair value of the equity instruments issued, whichever is more reliably determinable. The value of equity instruments issued for consideration other than employee services is determined on the earlier of a performance commitment or completion of performance by the provider of goods or services. In the case of equity instruments issued to consultants, the fair value of the equity instrument is recognized over the term of the consulting agreement.

SURGE COMPONENTS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

NOTE C – FIXED ASSETS

Fixed assets consist of the following:

	May 31,			November 30,
	2017			2016

Furniture and Fixtures	$	327,971		$	327,971
Leasehold Improvements		962,637			956,637
Computer Equipment		991,764			982,906
Less-Accumulated Depreciation		(2,201,305	)		(2,185,540	)
Net Fixed Assets	$	81,067		$	81,974

Depreciation and amortization expense for the six months ended May 31, 2017 and May 31, 2016 was $15,765 and $15,632, respectively.

NOTE D – LINE OF CREDIT

In February 2017, the Company obtained a line of credit with a bank for up to $3,000,000 (the “Credit Line”). Borrowings under the Credit Line are due upon demand and accrue interest at the greater of the prime rate or the LIBOR rate plus two percent (and may be increased by three percent in the event the Company fails to (i) repay all amounts due on the Credit Line upon demand or (ii) comply with any terms or conditions relating to the Credit Line). As of May 31, 2017, the balance on the Credit Line was $800,000. As of May 31, 2017, the Company was not in compliance with the covenant for the debt service coverage ratio.

NOTE E – ACCRUED EXPENSES

Accrued expenses consist of the following:

	May 31,		November 30,
	2017		2016

Commissions	$	179,329	$	281,888
Preferred Stock Dividends		134,069		131,569
Other accrued expenses		200,475		321,465
Accrued Professional Fees		443,091		809,960
	$	956,964	$	1,544,882

NOTE F – RETIREMENT PLAN

In June 1997, the Company adopted a qualified 401(k) retirement plan for all full-time employees who are twenty-one years of age and have completed twelve months of service. The plan allows total employee contributions of up to fifteen percent (15%) of the eligible employee’s salary through salary reduction. The Company makes a matching contribution of twenty percent (20%) of each employee’s contribution for each dollar of employee deferral up to five percent (5%) of the employee’s salary. Net assets for the plan, as estimated by Union Central, Inc., which maintains the plan’s records, were approximately $1,229,000 at November 30, 2016. Pension expense for the six months ended May 31, 2017 and May 31, 2016 was $360 and $1,193, respectively.

SURGE COMPONENTS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

NOTE G – SHAREHOLDERS’ EQUITY

[1] Preferred Stock:

In February 1996, the Company amended its Certificate of Incorporation to authorize the issuance of 1,000,000 shares of preferred stock in one or more series. In August 2010, the number of preferred shares authorized for issuance was increased to 5,000,000 shares.

In January 2000, the Company authorized 260,000 shares of preferred stock as Non-Voting Redeemable Convertible Series A Preferred Stock (“Series A Preferred Stock”). None of the Series A Preferred Stock is outstanding as of May 31, 2017.

In November 2000, the Company authorized 200,000 shares of preferred stock as Voting Redeemable Convertible Series B Preferred Stock (“Series B Preferred Stock”). None of the Series B Preferred Stock is outstanding as of May 31, 2017.

In November 2000, the Company authorized 100,000 shares of preferred stock as Non-Voting Redeemable Convertible Series C Preferred Stock (“Series C Preferred”). Each share of Series C Preferred is automatically convertible into 10 shares of our common stock upon shareholder approval. If the Series C Preferred were converted into common stock on or before April 15, 2001, these shares were entitled to cumulative dividends at the rate of $.50 per share per annum commencing April 15, 2001 payable on June 30 and December 31 of each year. In November 2000, 70,000 shares of the Series C Preferred were issued in payment of financial consulting services to its investment banker and a shareholder of the Company. In April 2001, 8,000 shares of the Series C Preferred were repurchased and cancelled.

In April 2002, in connection with a Mutual Release, Settlement, Standstill and Non-Disparagement Agreement among other provisions, certain investors transferred back to the Company 252,000 shares of common stock, 19,300 shares of Series C preferred stock, and certain warrants, in exchange for $225,000. These repurchased shares were cancelled.

In February 2006, the Company settled with a shareholder to repurchase 10,000 shares of Series C Preferred plus accrued dividends for $50,000.

Pursuant to exchange agreements dated as of March 14, 2011, 9,000 shares of Series C Preferred were returned to the Company for cancellation in exchange for 112,500 shares of common stock.

In October 2014, 2,000 shares of Series C Preferred were converted into 20,000 shares of common stock.

In April 2015, the Company entered into a settlement agreement with a shareholder pursuant to which 7,500 shares of Series C Preferred were returned to the Company for cancellation in exchange for 110,000 shares of common stock plus $65,000 for accrued dividends and legal fees and expenses.

In July 2015, 4,200 shares of Series C Preferred were exchanged for 42,000 shares of common stock and $29,838 in accrued dividends.

Dividends aggregating $134,069 have not been paid for the semi-annual periods ended December 31, 2001 through the semi-annual payment due December 31, 2016. The Company has accrued these dividends. At May 31, 2017, there are 10,000 shares of Series C Preferred issued and outstanding.

In October 2016, the Company authorized 75,000 shares of preferred stock as Voting Non-Redeemable Convertible Series D Preferred Stock (“Series D Preferred”). None of the Series D Preferred Stock is outstanding as of May 31, 2017.

SURGE COMPONENTS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

NOTE G – SHAREHOLDERS’ EQUITY (Continued)

[2] 2010 Incentive Stock Plan

In March 2010, the Company adopted, and in April 2010 the shareholders ratified, the 2010 Incentive Stock Plan (“2010 Incentive Plan”). The 2010 Incentive Plan provides for the grant of options to officers, employees, directors or consultants to the Company to purchase an aggregate of 1,500,000 common shares.

Activity in the 2010 Incentive Plan for the six months ended May 31, 2017 is summarized as follows:

			Weighted
			Average
	Shares		Exercise Price

Options outstanding December 1, 2016		352,000	$	0.87
Options issued in the six months ended May 31, 2017		-	$	-
Options exercised in the six months ended May 31, 2017		-	$	-
Options cancelled in the six months ended May 31, 2017		-	$	-
Options outstanding at May 31, 2017		352,000	$	0.87

Options exercisable at May 31, 2017		352,000	$	0.87

[3] 2015 Equity Incentive Plan

In November 2015, the Company adopted and its shareholders ratified, the 2015 Equity Incentive Plan (“2015 Incentive Plan”). The 2015 Incentive Plan provides for the grant of awards to officers, employees, directors or consultants to the Company to purchase up to an aggregate of 1,500,000 shares of common stock.

In May 2016 a total of 99,151 shares were issued to the Company’s officers as part of their 2015 bonus compensation under the 2015 Incentive Plan.

SURGE COMPONENTS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

NOTE G – SHAREHOLDERS’ EQUITY (Continued)

Stock Compensation

In May 2016, the Company awarded one employee director 67,901 shares of its common stock and another employee director 31,250 shares of its common stock under the 2015 Incentive Plan as part of their 2015 bonus. The Company recorded a cost of $74,363 relating to the issuance of these shares.

In October 2016 one employee director exercised options to acquire 50,000 shares of common stock at $0.82 per share and 62,500 shares of common stock at $0.80 per share. In October 2016, one employee director exercised options to acquire 25,000 shares of common stock at $0.82 per share and 45,938 shares of common stock at $0.80 per share.

The intrinsic value of the exercisable options at May 31, 2017 totaled $9,500. At May 31, 2017 the weighted average remaining life of the stock options is 1.26 years. At May 31, 2017, there was no unrecognized compensation cost related to the stock options granted under the Company’s incentive plans.

SURGE COMPONENTS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

NOTE G – SHAREHOLDERS’ EQUITY (Continued)

[4] Authorized Repurchase:

In November 2015, the Board of Directors authorized the Company to purchase up to $500,000 of common stock in the open market or in privately negotiated transactions. Pursuant to such authority and pursuant to Rule 10b-18 under the Securities Exchange Act of 1934, as amended (“Exchange Act”). A total of 57,283 shares were repurchased by the Company under the repurchase program for approximately $48,300. In January 2017, the Company terminated its repurchase program.

[5] Compensation of Directors

Compensation for each non-employee director is $2,500 per month (and $3,500 per month for a non-employee director that serves as the chairman of more than two committees of the Board of Directors).

NOTE H – SETTLEMENT AGREEMENT

On or about October 31, 2016, Michael D. Tofias and Bradley P. Rexroad (collectively, the “Stockholders”) filed a Complaint and Motion for Preliminary Injunction against the Company in the eighth Judicial District Court, Clark County, Nevada, Case No. A-16-745890-B, seeking relief including, inter alia, immediate inspection of certain books and records and a 60-day postponement of the scheduled annual meeting of stockholders (“Annual Meeting”). On November 16, 2016, after the Company postponed the Annual Meeting and provided certain books and records to the Stockholders, the Stockholders filed an Amended Complaint, which named all members of the Board as defendants and alleged that the directors had breached their fiduciary duty to the Stockholders. On December 1, 2016, following a hearing, the Court denied the request for a preliminary injunction. On December 22, 2016, the Company entered into a settlement agreement (the “Settlement Agreement”) with the Stockholders.

The Settlement Agreement provides that:

●

the Stockholders irrevocably withdraw their director nominations for the Board and stockholder proposals for the Company’s annual meeting of stockholders for fiscal year 2015 (the “Meeting”);

●

the Stockholders will vote all of their shares of common stock of the Company in accordance with the Board’s recommendations with respect to the election of the Board’s director nominees, the ratification of the Company’s independent registered public accounting firm for the fiscal year ending November 30, 2016 (the “2017 Meeting”) and the ratification of the Company’s rights plan;

●

the Company will hold the Meeting on January 5, 2017 and will hold its annual meeting of stockholders for fiscal year 2016 by December 29, 2017;

●

the Board and the Stockholders will identify a mutually acceptable independent director to join the Board as a Class C director by February 28, 2017 and the Board will include that new director among its director nominees for the 2017 Meeting;

●

the Company will not make any stock or option grants or grant any other non-cash compensation to its current officers and directors until December 23, 2017;

●

the Company will take all steps to (i) change its state of incorporation from the State of Nevada to the State of Delaware and (ii) declassify the Board on a rolling basis by June 30, 2017, and the Company will convene a special meeting of stockholders of the Company for the purpose of approving such actions, at which meeting the Stockholders and the Insiders will vote all of their shares of common stock of the Company in favor of such actions;

●

The Company will commence an issuer tender offer to all of its stockholders to repurchase at least 5,000,000 shares of its common stock at at price of $1.43 per share (the “Tender Offer”), which Tender Offer will be completed by March 15, 2017.

SURGE COMPONENTS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

●

until the day after the announcement of the completion of the Tender Offer, the Board will be composed of no more than seven individuals;

●

the Stockholders will tender all of the shares of common stock of the Company that they hold beneficially or of record in the Tender Offer, subject to limited exceptions;

●

the Company’s officers and directors will not participate in the Tender Offer and will not transfer or sell any of their shares until six months after the Tender Offer is completed;

●

subject to certain conditions, if the Tender Offer is not completed by March 15, 2017, the Company will (i) appoint the Stockholders to the Board as Class A directors with terms expiring at the Company’s annual meeting of stockholders for fiscal year 2018 (the “2019 Meeting”) and (ii) reduce the size of the Board to six directors, including the Stockholders;

●

the Stockholders will withdraw with prejudice their lawsuit against the Company and the Insiders pending in the State of Nevada; and

●

the Stockholders will be subject to customary standstill provisions until the termination of the Settlement Agreement.

Pursuant to the Settlement Agreement, the Company also agreed to reimburse the expenses of the Stockholders associated with their investment in the Company, including their proxy solicitation and litigation costs, in an amount not to exceed $300,000.

The Settlement Agreement terminates on the date that is 15 business days prior to the deadline for the submission of director nomination and stockholder proposals for the 2019 Meeting.

NOTE I – INCOME TAXES

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes using the enacted tax rates in effect in the years in which the differences are expected to reverse.

The Company’s deferred income taxes are comprised of the following:

	May 31,			November 30,
	2017			2016
Deferred Tax Assets
Net operating loss	$	4,423,556		$	4,208,030
Allowance for bad debts		49,643			49,276
Inventory		92,333			100,446
Deferred Rent		14,991			15,961
Depreciation		148,756			149,172
Total deferred tax assets		4,729,279			4,522,885
Valuation allowance		(3,669,348	)		(3,608,225	)

Total	$	1,059,931		$	914,660

The valuation allowance for the deferred tax assets relates principally to the uncertainty of the utilization of deferred tax assets and was calculated in accordance with the provisions of ASC 740, which requires that a valuation allowance be established or maintained when it is “more likely than not” that all or a portion of deferred tax assets will not be realized. The valuation allowance increased by approximately $61,100 during the six months ended May 31, 2017. This valuation is based on management estimates of future taxable income. Although the degree of variability inherent in the estimates of future taxable income is significant and subject to change in the near term, management believes, that the estimate is adequate. The estimated valuation allowance is continually reviewed and as adjustments to the allowance become necessary, such adjustments are reflected in the current operations.

SURGE COMPONENTS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

NOTE I – INCOME TAXES (CONTINUED)

The Company’s income tax expense consists of the following:

	Six Months Ended
	May 31, 2017			May 31, 2016

Current:
Federal	$	-		$	-
States		16,304			27,362

		16,304			27,362
Deferred:
Federal		(121,989	)		(10,935	)
States		(23,282	)		(2,907	)

		(145,271	)		(13,842	)

Provision for income taxes	$	(128,967	)	$	13,520

The Company files a consolidated income tax return with its wholly-owned subsidiaries and has net operating loss carryforwards of approximately $11,020,000 for federal and state purposes, which expire through 2020. A reconciliation of the difference between the expected income tax rate using the statutory federal tax rate and the Company’s effective rate is as follows:

	Three Months Ended
	May 31,			May 31,
	2017			2016
U.S Federal Income tax statutory rate		(34	)%		*	%
Valuation allowance		15	%		*	%
State income taxes		(3	)%		*	%
Other		-			-
Effective tax rate		(22	)%		*	%

* Due to the amount of the net income (loss), the presentation of the reconciliation of the effective rate is not meaningful.

SURGE COMPONENTS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

NOTE J – RENTAL COMMITMENTS

The Company leases its office and warehouse space through 2020 from a corporation that is controlled by officers/shareholders of the Company (“Related Company”). Annual minimum rental payments to the Related Company approximated $173,000 for the year ended November 30, 2016, and increase at the rate of three per cent per annum throughout the lease term.

Pursuant to the lease, rent expense charged to operations differs from rent paid because of scheduled rent increases. Accordingly, the Company has recorded deferred rent. Rent expense is calculated by allocating to rental payments, including those attributable to scheduled rent increases, on a straight line basis, over the lease term.

In June 2015, the Company renewed its lease to rent office space and a warehouse in Hong Kong for two years. Annual minimum rental payments for this space are approximately $58,500.

The Company’s future minimum rental commitments at May 31, 2017 are as follows:

2018	$	177,785
2019	$	181,341
2020	$	184,968
2021	$	62,061
	$	606,155

Net rental expense for the six months ended May 31, 2017 and May 31, 2016 were $156,069 and $155,269 respectively, of which $128,068 and $126,348 respectively, was paid to the Related Company.

SURGE COMPONENTS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

NOTE K – EMPLOYMENT AND OTHER AGREEMENTS

In February 2016, the Company entered into revised employment agreements with two officers of the Company. Pursuant to these agreements, the base salary for one officer is $275,000 and the base salary for the other officer is $225,000. The agreements continue until terminated by either party.

The Company’s compensation committee may award these officers with bonuses and will review the base salary amounts for each of the officers on an annual basis to determine if any changes to the base salary amounts need to be made and may also award these officers with annual bonuses. Pursuant to the employment agreements, the officers are prohibited from engaging in activities which are competitive with those of the Company during their employment with the Company and for one year following termination. If the agreement is terminated other than for cause, the officer would be entitled to any and all base salary earned through the date of termination, accrued but unused vacation, all vested equity, and bonus amounts payable to the officer through the date of termination. The officers would also be entitled to receive paid an additional thirty-six months of annual compensation equal to the average of his base salary and bonus for the three calendar years prior to the date of termination, payable in accordance with the Company’s regular payroll practice over a 52-week period.

NOTE L – MAJOR CUSTOMERS

The Company had one customer who accounted for 12% of net sales for the six months ended May 31, 2017 and two customers who accounted for 12% and 13% of net sales for the six months ended May 31, 2016. The Company had one customer who accounted for 13% of accounts receivable at May 31, 2017 and no customers who accounted for 10% of accounts receivable at November 30, 2016.

NOTE M – MAJOR SUPPLIERS

During the six months ended May 31, 2017 and May 31, 2016, there was one foreign supplier accounting for 51% and 51% of total inventory purchased.

The Company purchases substantially all of its products overseas. For the six months ended May 31, 2017, the Company purchased 53% of its products from Taiwan, 15% from Hong Kong, 27% from elsewhere in Asia and less than 1% overseas outside of Asia. The Company purchases the balance of its products in the United States.

NOTE N – EXPORT SALES

The Company’s export sales were as follows:

	Three Months Ended
	May 31,		May 31,
	2017		2016
Canada		1,808,713		2,140,443
China		2,083,166		2,783,371
Other Asian Countries		715,679		411,617
South America		205,631		150,220
Europe		668,538		216,839

Revenues are attributed to countries based on location of customer.

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

The following discussion contains forward-looking statements. All statements other than statements of historical facts contained herein, including statements regarding our future results of operations and financial position, business strategy and plans and objectives of management for future operations, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.

In some cases, forward-looking statements can be identified by terms such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar words. These statements are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. We discuss many of the risks in greater detail under the heading “Risk Factors” in our Annual Report on Form 10-K. Also, these forward-looking statements represent our estimates and assumptions only as of the date of the filing of this report. Except as required by law, we assume no obligation to update any forward-looking statements for events or circumstances occurring after the date of the filing of this report.

Overview

The Company operates with two sales groups, Surge Components (“Surge”) and Challenge Electronics (“Challenge”). Surge is a supplier of electronic products and components. These products include capacitors, which are electrical energy storage devices, and discrete semiconductor components, such as rectifiers, transistors and diodes, which are single function low power semiconductor products that are packaged alone as compared to integrated circuits such as microprocessors. The products sold by Surge are typically utilized in the electronic circuitry of diverse products, including, but not limited to, automobiles, audio products, temperature control products, lighting products, energy related products, computer related products, various types of consumer products, garage door openers, household appliances, power supplies and security equipment. These products are sold to both original equipment manufacturers, commonly referred to as OEMs, who incorporate them into their products, and to distributors of the lines of products we sell, who resell these products within their customer base. These products are manufactured predominantly in Asia by approximately sixteen independent manufacturers. We act as the master distribution agent utilizing independent sales representative organizations in North America to sell and market the products for one such manufacturer pursuant to a written agreement. When we act as a sales agent, our supplier who sold the product to the customer that we introduced to our supplier pays us a commission. The amount of the commission is determined on a sale by sale basis depending on the profit margin of the product. Commission revenue totaled $141,751 and $177,963 for the six months ended May 31, 2017 and May 31, 2016 respectively.

Challenge is engaged in the sale of electronic components. In 1999, Challenge began as a division to sell audible components. We have been able to increase the types of products that we sell because some of our suppliers introduced new products, and we also located other products from new suppliers. Our core products include buzzers, speakers, microphones, resonators, alarms, chimes, filters, and discriminators. We now also work with our suppliers to have our suppliers customize many of the products we sell for many customers through the customers’ own designs and those that we work with our suppliers to have our suppliers redesign for them at our suppliers’ factories. We have an engineer on our staff who works with our suppliers on such redesigns and assists with the introduction of new product lines. We are continually looking to expand the line of products that we sell. We sell these products through independent representatives that earn a commission on the products we sell. We are also working with local, regional, and national distributors to sell these products to local accounts in every state.

The Company has a Hong Kong office to effectively handle the transfer business from United States customers purchasing and manufacturing in Asia after designing the products in the United States. This office has strengthened the Company’s global position, improving our capabilities and service to our customer base.

The electronic components industry continues to change, and at this time there is a shortage of certain electronic components in the markets that the Company serves, which may continue through the first half of 2018. The Company believes that this may be a good opportunity for the Company to achieve business from new customers who are seeking alternative suppliers.

The world of business is constantly changing because of “disruptors,” which are significant changes in traditional business practices that did not previously exist. For example, customers are moving to centralized purchasing from regional purchasing and are stretching their payment terms. These changes also include customers moving their manufacturing operations from North America to Asia, and the trend of globalization. This trend makes business more complicated and costly for the Company. The Company must have a presence in Asia to service and further develop the business. For these reasons, we established Surge Ltd., our Asia subsidiary. Currency fluctuations also have an effect on doing business outside of North America. As we pay our suppliers in U.S dollars, whenever the currency exchange rate between U.S dollars and other countries’ currencies change, a supplier is receiving more or less U.S. dollars for its currency, and therefore may raise the prices it charges us accordingly. Customers have moved to reduce their supply chain, which could adversely affect the Company. In some market segments, demand for electronic components have decreased, and in other segments, the demand is still strong. Some technologies have become obsolete, while customers develop new products using different kinds of components.

These challenges could affect the Company in negative ways, possibly reducing sales and or profitability. In order for the Company to grow, we will depend on, among other things, the continued growth of the electronics and semiconductor industries, our ability to withstand intense price competition, our ability to obtain new customers, our ability to retain and attract sales and other key personnel in order to expand our marketing capabilities, our ability to secure adequate sources of products, which are in demand on commercially reasonable terms, our success in executing and managing growth, including monitoring an expanded level of operations and systems, controlling costs, the availability of adequate financing, and our ability to deal successfully, with new and future disruptors.

Critical Accounting Policies

Accounts Receivable

The allowance for doubtful accounts is based on the Company’s assessment of the collectability of specific customer accounts and an assessment of international, political and economic risk as well as the aging of the accounts receivable. If there is a change in actual defaults from the Company’s historical experience, the Company’s estimates of recoverability of amounts due could be affected and the Company would adjust the allowance accordingly.

Revenue Recognition

Revenue is recognized when persuasive evidence of an arrangement exists, delivery has occurred, the price is fixed and determinable, collectability is reasonably assured and title and risk of loss have been transferred to the customer. This occurs when product is shipped from the Company’s warehouse. For direct shipments from our suppliers to our customer, revenue is recognized when product is shipped from the Company’s supplier. The Company acts as a sales agent for certain customers buying direct from one of its suppliers. The Company reports these commissions as revenues in the period earned.

The Company performs ongoing credit evaluations of its customers and maintains reserves for potential credit losses.

Inventory Valuation

Inventories are recorded at the lower of cost or market. Write-downs of inventories to market value are based on stock rotation, historical sales requirements and obsolescence as well as in the changes in the backlog. Reserves required for obsolescence were not material in any of the periods in the financial statements presented. If market conditions are less favorable than those projected by management, additional write-downs of inventories could be required. For example, each additional 1% of obsolete inventory would reduce operating income by approximately $33,000.

The Company does not have price protection agreements with any of its vendors and assumes the risk of changes in the prices of its products. The Company does not believe there is a significant risk with regards to the lack of price protection agreements since many of its inventory items are purchased to fulfill purchase orders received.

Income Taxes

We have made a number of estimates and assumptions relating to the reporting of a deferred income tax asset to prepare our financial statements in accordance with generally accepted accounting principles. These estimates have a significant impact on our valuation allowance relating to deferred income taxes. Our estimates could materially impact the financial statements.

Results of Operations

Consolidated net sales for the six months ended May 31, 2017 decreased by $298,141 or 2.2%, to $13,098,312 as compared to net sales of $13,396,453 for the six months ended May 31, 2016. However, consolidated net sales for the three months ended May 31, 2017 increased by $352,723 or 5.0%, to $7,433,165 as compared to net sales of $7,080,442 for the three months ended May 31, 2016.We attribute the decrease in the six month period to certain of the Company’s customers having excess inventory in the first part of the first half of 2017. This resulted in those customers delaying ordering products from us during the three months ended February 28, 2017. Sales for those customers increased starting in the three months ended May 31, 2017. We also attribute the decrease in net sales in the six month period to a downward trend in market demand for our products due to adverse market conditions in certain areas of the world, reducing these customers’ demand for our products. Even though these adverse market conditions exist, certain of our customers are doing well which has resulted in an increase in sales to Europe and other areas of Asia for the six months ended May 31, 2017. The Company expects these market conditions to continue through 2017. The Company also attributes a portion of the decrease in sales to senior management’s attention being diverted due to the proxy contest and related settlement in the three months ended February 28, 2017.

Our gross profit for the six months ended May 31, 2017 decreased by $89,028 to $3,202,834, or 2.7%, as compared to $3,291,862 for the six months ended May 31, 2016. Gross margin as a percentage of net sales decreased to 24.5% for the six months ended May 31, 2017, as compared to 24.6% for the six months ended May 31, 2016. Our gross profit for the three months ended May 31, 2017 increased by $157,631 to $1,793,481, or 9.6%, as compared to $1,635,850 for the three months ended May 31, 2016. Gross margin as a percentage of net sales increased to 24.1% for the three months ended May 31, 2017 compared to 23.1% for the three months ended May 31, 2016. The Company attributed the decrease in gross profit margin mostly to existing customers with a lower profit margin in the three months ended May 31, 2017. We attribute the increase in gross profit and gross profit as a percentage of net sales in the three months ended May 31, 2017 to new business with customers with higher profit margins as well as increases in business with existing customers with higher profit margins. Profit margins in 2016 and 2017 have been impacted as a result of certain of our customers, who are some of the biggest buyers of components, demanding the lowest prices for our products. Some of them further demand periodic price reductions on a quarterly or semi-annual basis, as opposed to annual fixed pricing. We work with electronic manufacturing service subcontractor customers who manufacture products for other customers who do not have their own manufacturing operations. At times we are not able to recover these price reductions from our suppliers. The Company has agreements with these subcontractor customers to provide periodic cost reductions through rebates in the amount of 5%. These reductions only affect future shipments of our products, and do not affect existing orders. These reductions can have a negative impact on our profit margins since they reduce the amount of commissions we can earn. Even though this rebate can impact the Company’s gross profit margin, these subcontractor customers represent very significant potential growth for the Company, because they can help the Company become an approved supplier at the customers they manufacture for, and they purchase our components for these customers. We believe it would be very difficult for the Company to achieve business at these customers without the help of these subcontractor customers.

Selling and shipping expenses for the six months ended May 31, 2017 was $1,220,974, an increase of $29,828, or 2.5%, as compared to $1,191,146 for the six months ended May 31, 2016. Selling and shipping expenses for the three months ended May 31, 2017 was $660,198, a decrease of $5,102, or less than 1%, as compared to $665,300 for the three months ended May 31, 2016. We attribute the increase for the six months ended May 31, 2017 to hiring additional salespeople to grow the business, as well as increases in selling expenses such as commissions and freight, offset by a decrease in advertising and travel and entertainment expenses. We attribute the decrease for the three months ended May 31, 2017 to decreases in commissions and advertising expense as well as travel and entertainment and auto expenses offset by increases due to hiring additional salespeople and freight expenses.

General and administrative expenses for the six months ended May 31, 2017 was $2,544,859, an increase of $455,884, or 21.8%, as compared to $2,088,975 for the six months ended May 31, 2016. General and administrative expenses for the three months ended May 31, 2017 was $1,215,796, an increase of $125,723, or 11.5%, as compared to $1,090,073 for the three months ended May 31, 2016. The increase during the six months ended May 31, 2017 is due primarily to the costs of approximately $37,000 that the Company incurred during the proxy contest and related settlement with certain shareholders of the Company and costs of approximately $330,000 that the Company incurred in connection with the tender offer completed by the Company in March 2017 and other related expenses. The Company is in discussions with its insurance carrier regarding reimbursement for some of the costs the Company incurred in connection with the contested proxy, settlement agreement and tender offer. Other increases are due to the hiring of additional employees and increased costs for public company expenses, health insurance, computer and consulting expenses as well as increases in general insurance, and partially offset by decreases in temporary help expense, utilities, bad debt expenses and promotional expenses. We attribute the increase in the three months ended May 31, 2017 primarily to costs of approximately $54,000 that the Company incurred in connection with the tender offer completed by the Company in March 2017 and other related expenses. Other increases are due to increases in health insurance, investor relations expenses, general insurance and computer expenses offset by decreases in temporary help, utilities, consulting and bad debt expenses.

Depreciation expense for the six months ended May 31, 2017 was $15,765, an increase of $133, or less than one percent, as compared to $15,632 for the six months ended May 31, 2016. Depreciation expense for the three months ended May 31, 2017 was $7,931, an increase of $115, or less than one percent, as compared to $7,816 for the three months ended May 31, 2016.

Investment income for the six months ended May 31, 2017 was $3,105, a decrease of $978, or 24% compared to $4,083 for the six months ended May 31, 2016. Investment income for the three months ended May 31, 2017 was $137, a decrease of $2,621, or 95% compared to $2,758 for the three months ended May 31, 2016. We attribute the decrease to the decrease in the Company’s cash due to the tender offer completed in March 2017.

Interest expense for the six and three months ended May 31, 2017 was $6,815 as compared to $0 for the six and three months ended May 31, 2016. We attribute the increase to the utilization of the credit line that the Company obtained to help fund its operations following the tender offer completed in March 2017.

The tax benefit for the six months ended May 31, 2017 was $(128,967), a decrease of $142,487 or 1053% as compared to a tax expense of $13,520 for the six months ended May 31, 2016. Tax expense for the three months ended May 31, 2017 was $6,212, an increase of $22,994 or 137% as compared to a tax expense of $16,782 for the three months ended May 31, 2016. The decrease is a result of our net loss for such period and management’s revised estimate of future taxable income and the related impact on the reported deferred tax. The change in the valuation allowance is based on management estimates of future taxable income. The degree of variability inherent in the estimates of future taxable income is significant and subject to change in the near term. The Company reviews its estimates of future taxable income in each reporting period and adjustments to the valuation allowance are reflected in the current operations.

As a result of the foregoing, the net loss for the six months ended May 31, 2017 was $453,507, compared to a net loss of $13,328 for the six months ended May 31, 2016. The net loss for the three months ended May 31, 2017 was $103,334, compared to a net loss of $107,799 for the three months ended May 31, 2016.

Liquidity and Capital Resources

As of May 31, 2017 we had cash of $580,366, and working capital of $3,140,728. In March 2017, the Company completed a tender offer purchasing for cash 5,000,000 shares of its common stock at a price of $1.43 per share. In February 2017, the Company obtained a line of credit with a bank for up to $3,000,000. We believe that our working capital levels and available financing are adequate to meet our operating requirements during the next twelve months.

During the six months ended May 31, 2017, we had net cash flow used in operating activities of $(175,377), as compared to net cash flow provided by operating activities of $69,096 for the six months ended May 31, 2016. The decrease in cash flow from operating activities resulted from the net loss and decrease in accrued expenses as partially offset by an increase in accounts payable and a smaller increase in inventory.

We had net cash flow used in investing activities of $(14,858) for the six months ended May 31, 2017, as compared to net cash flow used in investing activities of $(1,521) for the six months ended May 31, 2016. We attribute the change to the Company purchasing new equipment during the six months ended May 31, 2017.

We had net cash flow used in financing activities totaling $(6,350,000) during the six months ended May 31, 2017 as compared to $(2,287) for the six months ended May 31, 2016. We attribute the change to the Company completing the tender offer in March 2017 and the use of the credit line in the six months ended May 31, 2017.

As a result of the foregoing, the Company had a net decrease in cash of $6,540,235 for the six months ended May 31, 2017, as compared to a net increase in cash of $65,288 for the six months ended May 31, 2016.

In November 2015, the Board of Directors authorized the Company to purchase up to $500,000 of shares of common stock in the open market or in privately negotiated transactions. The Company repurchased 57,283 shares to date pursuant to such authority. In January 2017, the Board of Directors terminated the repurchase program.

In March 2017, the Company completed a tender offer whereby it purchased for cash 5,000,000 shares of its common stock, at a price of $1.43 per share, or $7,150,000. In February 2017, the Company obtained a line of credit of up to $3.0 million for working capital. In March 2017, the Company borrowed $1,000,000 under the line of credit. The Company anticipated the line of credit to be utilized for working capital purposes and to be repaid out of expected cash flows to be generated from operations. As of May 31, 2017 the balance on the Credit Line was $800,000. As of May 31, 2017, the Company was not in compliance with the covenant for the debt service coverage ratio for the Credit Line.

The table below sets forth our contractual obligations, including long-term debt, operating leases and other long-term obligations, as of May 31, 2017:

			Payments due
			0 – 12		13 – 36		37 – 60		More than
Contractual Obligations	Total		Months		Months		Months		60 Months

Long-term debt	$	-	$	-	$	-	$	-	$	-
Operating leases	$	606,155		177,785		366,309		62,061		-

Total obligations	$	606,155	$	177,785	$	366,309	$	62,061	$	-

Inflation

In the past two fiscal years, inflation has not had a significant impact on our business. However, any significant increase in inflation and interest rates could have a significant effect on the economy in general and, thereby, could affect our future operating results.

Off Balance Sheet Arrangements

We do not have any off balance sheet arrangements.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

Not applicable.

ITEM 4. CONTROLS AND PROCEDURES.

Evaluation of Disclosure Controls and Procedures

The Company maintains controls and procedures designed to ensure that information required to be disclosed in the reports that it files or submits under the Securities Exchange Act of 1934, as amended (“Exchange Act”), is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission (“Commission”). Ira Levy, the Company’s principal executive officer and principal financial officer has evaluated the effectiveness of the Company’s disclosure controls and procedures (as defined in Exchange Act Rule 13a-15(e)) as of May 31, 2017 and has concluded that, as of such date, our disclosure controls and procedures were effective.

Changes in Internal Controls

During the three months ended May 31, 2017, there were no changes in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

There are no legal proceedings to which the Company or any of its property is the subject.

ITEM 1A. RISK FACTORS.

Not applicable.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

Share Repurchases

Share repurchase activity during the three months ended May 31, 2017 was as follows:

Periods	Total Number of Shares Purchased		Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs		Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs (1)
March 1, 2017 to March 31, 2017:		5,000,000	$	1.43		5,000,000	$	0
April 1, 2017 to April 30, 2017:			$	-		-	$	0
May 1, 2017 to May 31, 2017:				-		-	$	0

Total		5,000,000	$	1.43		5,000,000	$	0

(1)

Shares were purchased in connection with our tender offer, which commenced on February 3, 2017, in which shareholders were given the opportunity to purchase for cash up to 5,000,000 shares of our common stock at a price of $1.43 per share, net to the seller in cash, less any applicable withholding taxes and without interest. The tender offer expired on March 3, 2017.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

None.

ITEM 4. MINE SAFETY DISCLOSURES.

Not applicable.

ITEM 5. OTHER INFORMATION.

None.

ITEM 6. EXHIBITS.

Exhibit Number		Description

31.1		Certification by principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1		Certification by principal executive officer and principal financial officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.INS		XBRL Instance Document

101.SCH		XBRL Taxonomy Extension Schema Document

101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF		XBRL Taxonomy Extension Definition Linkbase Document

101.LAB		XBRL Taxonomy Extension Label Linkbase Document

101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	SURGE COMPONENTS, INC.

Date: July 17, 2017	By:	/s/ Ira Levy
	Name:	Ira Levy
	Title:	Chief Executive Officer (Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer)

EX-31.1 2 f10q0517ex31i_surgecom.htm CERTIFICATION

EXHIBIT 31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

AND PRINCIPAL FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

I, Ira Levy, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Surge Components, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: July 17, 2017

By:

/s/ Ira Levy

Ira Levy

Chief Executive Officer

(Principal Executive Officer and

Principal Financial Officer)

EX-32.1 3 f10q0517ex32i_surgecom.htm CERTIFICATION

EXHIBIT 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Surge Components, Inc. (the "Company") on Form 10-Q for the period ended May 31, 2017 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Ira Levy, Chief Executive Officer (principal executive officer and principal financial officer) of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)	The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: July 17, 2017

By:

/s/ Ira Levy

Ira Levy

Chief Executive Officer

(Principal Executive Officer and

Principal Financial Officer)

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<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">(1) Principles of Consolidation:<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The consolidated financial statements include the accounts of Surge, Challenge, and Surge Limited (collectively the “Company”).  All material intercompany balances and transactions have been eliminated in consolidation.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The accompanying interim consolidated financial statements have been prepared without audit, in accordance with the instructions to Form 10-Q for interim financial reporting pursuant to the rules and regulations of the Securities and Exchange Commission.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The results and trends in these interim consolidated financial statements for the six months ended May 31, 2017 and May 31, 2016 may not be representative of those for the full fiscal year or any future periods.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">(2) Accounts Receivable:<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Trade accounts receivable are recorded at the net invoice value and are not interest bearing. The Company considers receivables past due based on the payment terms. The Company reviews its exposure to accounts receivable and reserves specific amounts if collectability is no longer reasonably assured. The Company also reserves a percentage of its trade receivable balance based on collection history and current economic trends that might impact the level of future credit losses. The Company re-evaluates such reserves on a regular basis and adjusts its reserves as needed. 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This occurs when product is shipped from the Company’s warehouse. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">For direct shipments, revenue is recognized when product is shipped from the Company’s supplier. The Company has a long term supply agreement with one of our suppliers. The Company purchases the merchandise from the supplier and has the supplier directly ship the merchandise to the customer through a freight forwarder.  Title passes to the customer upon the merchandise being received by a freight forwarder. Direct shipments were approximately $1,363,000 and $1,783,000 for the six months ended May 31, 2017 and May 31, 2016 respectively.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The Company also acts as a sales agent to certain customers in North America for one of its suppliers. The Company reports these commissions as revenues in the period earned. Commission revenue totaled $141,751 and $177,963 for the six months ended May 31, 2017 and May 31, 2016 respectively.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The Company performs ongoing credit evaluations of its customers and maintains reserves for potential credit losses.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The Company and its subsidiaries currently have agreements with several distributors. There are no provisions for the granting of price concessions in any of the agreements.  Revenues under these distribution agreements were approximately $2,307,000 and $3,946,000 for the six months ended May 31, 2017 and May 31, 2016 respectively.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">(4) Inventories:<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Inventories, which consist solely of products held for resale, are stated at the lower of cost (first-in, first-out method) or market.  Products are included in inventory when the Company obtains title and risk of loss on the products, primarily when shipped from the supplier. Inventory in transit principally from foreign suppliers at May 31, 2017 was $1,109,000. The Company, at May 31, 2017, has a reserve against slow moving and obsolete inventory of $245,874. From time to time the Company’s products are subject to legislation from various authorities on environmental matters.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">(5) Depreciation and Amortization:<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Fixed assets are recorded at cost.  Depreciation is generally calculated on a straight line method and amortization of leasehold improvements is provided for on the straight-line method over the estimated useful lives of the various assets as follows:<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top; background-color: #cceeff;"><td style="width: 627px; text-align: justify;">Furniture, fixtures and equipment</td><td style="width: 940px; text-align: justify;">5 - 7 years</td></tr><tr style="vertical-align: top; background-color: white;"><td style="text-align: justify;">Computer equipment</td><td style="text-align: justify;">5 years</td></tr><tr style="vertical-align: top; background-color: #cceeff;"><td>Leasehold Improvements</td><td>Estimated useful life or lease term, whichever is shorter</td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Maintenance and repairs are expensed as incurred while renewals and betterments are capitalized.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">(6) Concentration of Credit Risk:<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of accounts receivables.  The Company maintains substantially all of its cash balances in a limited number of financial institutions.   At May 31, 2017 and November 30, 2016, the Company’s uninsured cash balances totaled $316,158 and $4,550,807, respectively.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">(7) Income Taxes:<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The Company’s deferred income taxes arise primarily from the differences in the recording of net operating losses, allowances for bad debts, inventory reserves and depreciation expense for financial reporting and income tax purposes.  A valuation allowance is provided when it has been determined to be more likely than not that the likelihood of the realization of deferred tax assets will not be realized. See Note I.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The Company follows the provisions of the Accounting Standards Codification topic, ASC 740, “Income Taxes” (ASC 740). There have been no unrecognized tax benefits and, accordingly, there has been no effect on the Company’s financial condition or results of operations as a result of ASC 740.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The Company files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. The Company is no longer subject to U.S. federal tax examinations for years before fiscal years ending November 30, 2012, and state tax examinations for years before fiscal years ending November 30, 2011. Management does not believe there will be any material changes in our unrecognized tax positions over the next twelve months.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The Company’s policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income expense. As of the date of adoption of ASC 740, there was no accrued interest or penalties associated with any unrecognized benefits, nor was any interest expense recognized during the six months ended May 31, 2017 and May 31, 2016.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">(8) Cash Equivalents:<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">(9) Use of Estimates:<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period.  Actual results could differ from those estimates.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">(10) Marketing and promotional costs:<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Marketing and promotional costs are expensed as incurred and have not been material to date. The Company has contractual arrangements with several of its distributors which provide for cooperative advertising rights to the distributor as a percentage of sales. Cooperative advertising is reflected as a reduction in revenues and has not been material to date.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">(11) Fair Value of Financial Instruments:<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The carrying amount of cash balances, accounts receivable, accounts payable and accrued expenses approximate their fair value based on the nature of those items. Estimated fair values of financial instruments are determined using available market information and appropriate valuation methodologies.  Considerable judgment is required to interpret the market data used to develop the estimates of fair value, and accordingly, the estimates are not necessarily indicative of the amounts that could be realized in a current market exchange.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">(12) Shipping Costs<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The Company classifies shipping costs as a component of selling expenses.  Shipping costs totaled $4,421 and $3,465 for the six months ended May 31, 2017 and May 31, 2016 respectively.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">(13) Earnings Per Share<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Basic loss (earnings) per share includes no dilution and is computed by dividing net loss (income) available to common stockholders by the weighted average number of common shares outstanding for the period. The difference between reported basic and diluted weighted-average common shares results from the assumption that all dilutive stock options and convertible preferred stock exercised into common stock. Dilutive securities are excluded from diluted weighted shares outstanding at May 31, 2017 since the Company had a net loss in the period and including the securities would be anti-dilutive. Total potentially dilutive shares excluded from diluted weighted shares outstanding at May 31, 2017 and May 31, 2016 totaled 452,000 and 635,438, respectively.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">(14) Stock Based Compensation<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Stock Based Compensation to Employees<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The Company accounts for its stock-based compensation for employees in accordance with Accounting Standards Codification (“ASC”) 718.   The Company recognizes in the statement of operations the grant-date fair value of stock options and other equity-based compensation issued to employees and non-employees over the related vesting period.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Stock Based Compensation to Other than Employees<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The Company accounts for equity instruments issued in exchange for the receipt of goods or services from other than employees in accordance with ASC 718. Costs are measured at the estimated fair market value of the consideration received or the estimated fair value of the equity instruments issued, whichever is more reliably determinable. The value of equity instruments issued for consideration other than employee services is determined on the earlier of a performance commitment or completion of performance by the provider of goods or services. In the case of equity instruments issued to consultants, the fair value of the equity instrument is recognized over the term of the consulting agreement.</div>

<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">NOTE E – ACCRUED EXPENSES<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Accrued expenses consist of the following:<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td> </td><td style="text-align: center;" colspan="2">May 31,</td><td> </td><td> </td><td style="text-align: center;" colspan="2">November 30,</td><td> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2017</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2016</td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: justify;">Commissions</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">179,329</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">281,888</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify;">Preferred Stock Dividends</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">134,069</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">131,569</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify;">Other accrued expenses</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">200,475</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">321,465</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 1.5pt;">Accrued Professional Fees</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">443,091</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">809,960</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">956,964</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,544,882</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr></table></div>

<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px;">NOTE H – SETTLEMENT AGREEMENT<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: justify; text-indent: 36pt;">On or about October 31, 2016, Michael D. Tofias and Bradley P. Rexroad (collectively, the “Stockholders”) filed a Complaint and Motion for Preliminary Injunction against the Company in the eighth Judicial District Court, Clark County, Nevada, Case No. A-16-745890-B, seeking relief including, inter alia, immediate inspection of certain books and records and a 60-day postponement of the scheduled annual meeting of stockholders (“Annual Meeting”). On November 16, 2016, after the Company postponed the Annual Meeting and provided certain books and records to the Stockholders, the Stockholders filed an Amended Complaint, which named all members of the Board as defendants and alleged that the directors had breached their fiduciary duty to the Stockholders. On December 1, 2016, following a hearing, the Court denied the request for a preliminary injunction.  On December 22, 2016, the Company entered into a settlement agreement (the “Settlement Agreement”) with the Stockholders.<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: justify; text-indent: 36pt;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: justify; text-indent: 36pt;">The Settlement Agreement provides that:<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: justify; text-indent: 36pt;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top;"><td style="width: 48px; text-align: justify;"> </td><td style="width: 24px; text-align: justify;">●</td><td style="text-align: justify;">the Stockholders irrevocably withdraw their director nominations for the Board and stockholder proposals for the Company’s annual meeting of stockholders for fiscal year 2015 (the “Meeting”);</td></tr></table><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top;"><td style="width: 48px; text-align: justify;"> </td><td style="width: 24px; text-align: justify;">●</td><td style="text-align: justify;">the Stockholders will vote all of their shares of common stock of the Company in accordance with the Board’s recommendations with respect to the election of the Board’s director nominees, the ratification of the Company’s independent registered public accounting firm for the fiscal year ending November 30, 2016 (the “2017 Meeting”) and the ratification of the Company’s rights plan;</td></tr></table><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top;"><td style="width: 48px; text-align: justify;"> </td><td style="width: 24px; text-align: justify;">●</td><td style="text-align: justify;">the Company will hold the Meeting on January 5, 2017 and will hold its annual meeting of stockholders for fiscal year 2016 by December 29, 2017;</td></tr></table><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top;"><td style="width: 48px; text-align: justify;"> </td><td style="width: 24px; text-align: justify;">●</td><td style="text-align: justify;">the Board and the Stockholders will identify a mutually acceptable independent director to join the Board as a Class C director by February 28, 2017 and the Board will include that new director among its director nominees for the 2017 Meeting;</td></tr></table><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top;"><td style="width: 48px; text-align: justify;"> </td><td style="width: 24px; text-align: justify;">●</td><td style="text-align: justify;">the Company will not make any stock or option grants or grant any other non-cash compensation to its current officers and directors until December 23, 2017;</td></tr></table><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top;"><td style="width: 48px; text-align: justify;"> </td><td style="width: 24px; text-align: justify;">●</td><td style="text-align: justify;">the Company will take all steps to (i) change its state of incorporation from the State of Nevada to the State of Delaware and (ii) declassify the Board on a rolling basis by June 30, 2017, and the Company will convene a special meeting of stockholders of the Company for the purpose of approving such actions, at which meeting the Stockholders and the Insiders will vote all of their shares of common stock of the Company in favor of such actions;</td></tr></table><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top;"><td style="width: 48px; text-align: justify;"> </td><td style="width: 24px; text-align: justify;">●</td><td style="text-align: justify;">The Company will commence an issuer tender offer to all of its stockholders to repurchase at least 5,000,000 shares of its common stock at at price of $1.43 per share (the “Tender Offer”), which Tender Offer will be completed by March 15, 2017.</td></tr></table><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top;"><td style="width: 48px; text-align: justify;"> </td><td style="width: 24px; text-align: justify;">●</td><td style="text-align: justify;">until the day after the announcement of the completion of the Tender Offer, the Board will be composed of no more than seven individuals;</td></tr></table><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top;"><td style="width: 48px; text-align: justify;"> </td><td style="width: 24px; text-align: justify;">●</td><td style="text-align: justify;">the Stockholders will tender all of the shares of common stock of the Company that they hold beneficially or of record in the Tender Offer, subject to limited exceptions;</td></tr></table><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top;"><td style="width: 48px; text-align: justify;"> </td><td style="width: 24px; text-align: justify;">●</td><td style="text-align: justify;">the Company’s officers and directors will not participate in the Tender Offer and will not transfer or sell any of their shares until six months after the Tender Offer is completed;</td></tr></table><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top;"><td style="width: 48px; text-align: justify;"> </td><td style="width: 24px; text-align: justify;">●</td><td style="text-align: justify;">subject to certain conditions, if the Tender Offer is not completed by March 15, 2017, the Company will (i) appoint the Stockholders to the Board as Class A directors with terms expiring at the Company’s annual meeting of stockholders for fiscal year 2018 (the “2019 Meeting”) and (ii) reduce the size of the Board to six directors, including the Stockholders;</td></tr></table><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top;"><td style="width: 48px; text-align: justify;"> </td><td style="width: 24px; text-align: justify;">●</td><td style="text-align: justify;">the Stockholders will withdraw with prejudice their lawsuit against the Company and the Insiders pending in the State of Nevada; and</td></tr></table><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top;"><td style="width: 48px; text-align: justify;"> </td><td style="width: 24px; text-align: justify;">●</td><td style="text-align: justify;">the Stockholders will be subject to customary standstill provisions until the termination of the Settlement Agreement.</td></tr></table><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: justify; text-indent: 36pt;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: justify; text-indent: 36pt;">Pursuant to the Settlement Agreement, the Company also agreed to reimburse the expenses of the Stockholders associated with their investment in the Company, including their proxy solicitation and litigation costs, in an amount not to exceed $300,000.<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: justify; text-indent: 36pt;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: justify; text-indent: 36pt;">The Settlement Agreement terminates on the date that is 15 business days prior to the deadline for the submission of director nomination and stockholder proposals for the 2019 Meeting.

<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">(5) Depreciation and Amortization:<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Fixed assets are recorded at cost.  Depreciation is generally calculated on a straight line method and amortization of leasehold improvements is provided for on the straight-line method over the estimated useful lives of the various assets as follows:<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 627px; text-align: justify; text-indent: 0px; font-stretch: normal;">Furniture, fixtures and equipment</td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; width: 940px; text-align: justify; text-indent: 0px; font-stretch: normal;">5 - 7 years</td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: justify; text-indent: 0px; font-stretch: normal;">Computer equipment</td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: justify; text-indent: 0px; font-stretch: normal;">5 years</td></tr><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;">Leasehold Improvements</td><td style="font: 10pt/normal 'times new roman', times, serif; padding: 0px; text-indent: 0px; font-stretch: normal;">Estimated useful life or lease term, whichever is shorter</td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Maintenance and repairs are expensed as incurred while renewals and betterments are capitalized.</div>

<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">(14) Stock Based Compensation<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Stock Based Compensation to Employees<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Company accounts for its stock-based compensation for employees in accordance with Accounting Standards Codification (“ASC”) 718.   The Company recognizes in the statement of operations the grant-date fair value of stock options and other equity-based compensation issued to employees and non-employees over the related vesting period.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Stock Based Compensation to Other than Employees<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Company accounts for equity instruments issued in exchange for the receipt of goods or services from other than employees in accordance with ASC 718. Costs are measured at the estimated fair market value of the consideration received or the estimated fair value of the equity instruments issued, whichever is more reliably determinable. The value of equity instruments issued for consideration other than employee services is determined on the earlier of a performance commitment or completion of performance by the provider of goods or services. In the case of equity instruments issued to consultants, the fair value of the equity instrument is recognized over the term of the consulting agreement.</div>

<table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td> </td><td colspan="2"> </td><td> </td><td> </td><td style="text-align: center;" colspan="2">Weighted</td><td> </td></tr><tr style="vertical-align: bottom;"><td> </td><td> </td><td colspan="2"> </td><td> </td><td> </td><td style="text-align: center;" colspan="2">Average</td><td> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Shares</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Exercise Price</td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px;">Options outstanding December 1, 2016</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;"> </td><td style="width: 142px; text-align: right;">352,000</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">0.87</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td>Options issued in the six months ended May 31, 2017</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">-</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td>Options exercised in the six months ended May 31, 2017</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">-</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 1.5pt;">Options cancelled in the six months ended May 31, 2017</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-bottom: 1.5pt;">Options outstanding at May 31, 2017</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">352,000</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">0.87</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-bottom: 4pt;">Options exercisable at May 31, 2017</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">352,000</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">0.87</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr></table>

<div><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td> </td><td style="text-align: center;" colspan="2">May 31,</td><td> </td><td> </td><td style="text-align: center;" colspan="2">November 30,</td><td> </td></tr><tr style="vertical-align: bottom;"><td> </td><td> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2017</td><td> </td><td> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2016</td><td> </td></tr><tr style="vertical-align: bottom;"><td>Deferred Tax Assets</td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1223px;">    Net operating loss</td><td style="width: 16px;"> </td><td style="width: 16px;">$</td><td style="width: 126px; text-align: right;">4,423,556</td><td style="width: 16px;"> </td><td style="width: 15px;"> </td><td style="width: 15px;">$</td><td style="width: 125px; text-align: right;">4,208,030</td><td style="width: 15px;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td>    Allowance for bad debts</td><td> </td><td> </td><td style="text-align: right;">49,643</td><td> </td><td> </td><td> </td><td style="text-align: right;">49,276</td><td> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td>    Inventory</td><td> </td><td> </td><td style="text-align: right;">92,333</td><td> </td><td> </td><td> </td><td style="text-align: right;">100,446</td><td> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td>    Deferred Rent</td><td> </td><td> </td><td style="text-align: right;">14,991</td><td> </td><td> </td><td> </td><td style="text-align: right;">15,961</td><td> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td>    Depreciation</td><td> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">148,756</td><td> </td><td> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">149,172</td><td> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td>    Total deferred tax assets</td><td> </td><td> </td><td style="text-align: right;">4,729,279</td><td> </td><td> </td><td> </td><td style="text-align: right;">4,522,885</td><td> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td>    Valuation allowance</td><td> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(3,669,348</td><td>)</td><td> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(3,608,225</td><td>)</td></tr><tr style="vertical-align: bottom; background-color: white;"><td> </td><td> </td><td> </td><td style="text-align: right;"> </td><td> </td><td> </td><td> </td><td style="text-align: right;"> </td><td> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td>        Total</td><td> </td><td style="border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double;">1,059,931</td><td> </td><td> </td><td style="border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double;">914,660</td></tr></table></div>

<div><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">Six Months Ended</td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">May 31,  2017</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">May 31,  2016</td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom;"><td>Current:</td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify;">Federal</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">-</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">-</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="width: 1191px; text-align: justify; padding-bottom: 1.5pt;">States</td><td style="width: 16px; padding-bottom: 1.5pt;"> </td><td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="width: 142px; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">16,304</td><td style="width: 16px; text-align: left; padding-bottom: 1.5pt;"> </td><td style="width: 15px; padding-bottom: 1.5pt;"> </td><td style="width: 15px; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">27,362</td><td style="width: 15px; text-align: left; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">16,304</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">27,362</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify;">Deferred:</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify;">Federal</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(121,989</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(10,935</td><td style="text-align: left;">)</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify; padding-bottom: 1.5pt;">States</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(23,282</td><td style="text-align: left; padding-bottom: 1.5pt;">)</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(2,907</td><td style="text-align: left; padding-bottom: 1.5pt;">)</td></tr><tr style="vertical-align: bottom; background-color: white;"><td> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(145,271</td><td style="text-align: left; padding-bottom: 1.5pt;">)</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(13,842</td><td style="text-align: left; padding-bottom: 1.5pt;">)</td></tr><tr style="vertical-align: bottom; background-color: white;"><td> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify; padding-bottom: 4pt;">Provision for income taxes</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">(128,967</td><td style="text-align: left; padding-bottom: 4pt;">)</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">13,520</td></tr></table></div>

2 999 1 1

Estimated useful life or lease term, whichever is shorter

P5Y

P7Y

P5Y

1783000

1363000

177963 141751 3946000 2307000

1109000

245874

4550807

316158

3465

4421

635438

452000

327971

956637

982906

327971

962637

991764

3000000

800000

Borrowings under the Credit Line are due upon demand and accrue interest at the greater of the prime rate or the LIBOR rate plus two percent (and may be increased by three percent in the event the Company fails to (i) repay all amounts due on the Credit Line upon demand or (ii) comply with any terms or conditions relating to the Credit Line).

281888

179329

131569

134069

321465

200475

809960

443091

P21Y P12M

Company adopted a qualified 401(k) retirement plan for all full-time employees who are twenty-one years of age and have completed twelve months of service.

0.15

0.20

0.05 1229000

1193

360

352000

50000

62500

25000

45938

352000

0.87

0.82

0.80

0.82

0.80

0.87

2000

4200

42000

0.50

70000

8000

19300

252000

134069 225000

10000

5000000

-57283

50000

65000

29838

9000 7500

112500

20000

110000

1500000

31250

67901

9500

P1Y3M4D

74363

99151

500000

7150000

57283

48300

2500

3500

1.43

Tender Offer is not completed by March 15, 2017, the Company will (i) appoint the Stockholders to the Board as Class A directors with terms expiring at the Company's annual meeting of stockholders for fiscal year 2018 (the "2019 Meeting") and (ii) reduce the size of the Board to six directors, including the Stockholders.

300000

4208030

4423556

49276

49643

100446

92333

15961

14991

149172

148756

4522885

4729279

3608225

3669348

914660

1059931

27362

16304

27362

16304

-10935

-121989

-2907

-23282

-13842

-145271

-0.34

0.15

-0.03

-0.22

61100

11020000

2020-11-30

177785

181341

184968

62061

606155

2020-11-30

58500

173000

0.03 P2Y

155269

126348

156069

128068

275000

225000

One year following termination. An additional thirty-six months of annual compensation equal to the average of his base salary and bonus for the three calendar years prior to the date of termination, payable in accordance with the Company's regular payroll practice over a 52-week period. 2 2 1 1

0.51

0.12

0.13

0.10

0.51

0.12

0.53

0.15

0.27

0.13

Less than 1%. 1 1

2140443

2783371

411617

216839

150220

1808713

2083166

715679

668538

205631

Due to the amount of the net income (loss), the presentation of the reconciliation of the effective rate is not meaningful.

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Deferred Tax Assets, Net, Current Deferred income taxes Deferred Tax Assets, Net, Current, Total Deferred Tax Assets, Net, Current, Beginning Balance Deferred Tax Assets, Net, Current, Ending Balance Assets, Current Total current assets Total current assets Property, Plant and Equipment, Net Net Fixed Assets Fixed assets - net of accumulated depreciation and amortization of $2,201,305 and $2,185,540 Net Fixed Assets Property, Plant and Equipment, Net, Beginning Balance Property, Plant and Equipment, Net, Ending Balance Deferred Tax Assets, Net, Noncurrent Deferred income taxes Deferred Tax Assets, Net, Noncurrent, Total Other Assets, Noncurrent Other assets Other Assets, Noncurrent, Total Assets Total assets Total assets Liabilities and Equity [Abstract] LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities, Current [Abstract] Current liabilities: Accounts Payable, Current Accounts payable Accounts Payable, Current, Total Loans Payable Loan Payable Accrued Liabilities, Current Accrued expenses and taxes Accrued expenses, Total Accrued Salaries, Current Accrued salaries Liabilities, Current Total current liabilities Total current liabilities Deferred Rent Credit, Noncurrent Deferred rent Liabilities Total liabilities Total liabilities Commitments and Contingencies Commitments and contingencies Stockholders Equity Attributable To Parent [Abstract] Shareholders' equity Preferred Stock, Value, Issued Preferred stock - $.001 par value stock, 5,000,000 shares authorized: Common Stock, Value, Issued Common stock - $.001 par value stock, 75,000,000 shares authorized, 5,224,431 and 10,224,431 shares issued and outstanding Common Stock, Value, Issued, Total Common Stock, Value, Issued, Beginning Balance Common Stock, Value, Issued, Ending Balance Additional Paid In Capital Additional paid-in capital Additional paid-in capital Additional Paid in Capital, Beginning Balance Additional Paid in Capital, Ending Balance Retained Earnings (Accumulated Deficit) Accumulated deficit Accumulated deficit Accumulated deficit Accumulated deficit Retained Earnings (Accumulated Deficit), Beginning Balance Retained Earnings (Accumulated Deficit), Ending Balance Stockholders' Equity Attributable to Parent Total shareholders' equity Beginning Balance Ending Balance Liabilities and Equity Total liabilities and shareholders' equity Total liabilities and shareholders' equity Allowance For Doubtful Accounts Receivable, Current Allowance for doubtful accounts of accounts receivable Allowance for Doubtful Accounts Receivable, Current, Beginning Balance Allowance for Doubtful Accounts Receivable, Current, Ending Balance Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment Less-Accumulated Depreciation Accumulated depreciation and amortization on fixed assets Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment, Total Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment, Beginning Balance Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment, Ending Balance Less-Accumulated Depreciation Preferred Stock, Par Or Stated Value Per Share Preferred stock, par value Preferred Stock, Shares Authorized Preferred stock, shares authorized Preferred Stock, Shares Issued Preferred stock, shares issued Preferred Stock, Shares Issued, Total Preferred Stock, Shares Outstanding Preferred stock, shares outstanding Preferred Stock, Shares Outstanding, Beginning Balance Preferred Stock, Shares Outstanding, Ending Balance Preferred Stock, Liquidation Preference Per Share Preferred stock, liquidation preference per share Common Stock, Par Or Stated Value Per Share Common stock, par value Common Stock, Shares Authorized Common stock shares authorized for issuance Common stock, shares authorized Common Stock, Shares, Issued Common stock, shares issued Common Stock, Shares, Issued, Total Common Stock, Shares, Outstanding Common stock, shares outstanding Balance (in shares) Common Stock, Shares, Outstanding, Ending Balance Income Statement [Abstract] Income Statement [Abstract] Sales Revenue, Goods, Net Net sales Net sales Cost Of Goods Sold Cost of goods sold Cost of goods sold Gross Profit Gross profit Gross profit Operating Expenses [Abstract] Operating expenses: Selling and Shipping Expenses Selling and shipping expenses Expenses recognized in the period that are related to the selling and transporting goods and services to customers during the reporting period. General and Administrative Expense General and administrative expenses General and administrative Depreciation, Depletion and Amortization, Nonproduction Depreciation and amortization Depreciation and amortization expense Depreciation expense Operating Expenses Total operating expenses Total operating expenses Operating Income (Loss) Income before other income (expense) and income taxes Loss before other income (expense) and income taxes Nonoperating Income (Expense) [Abstract] Other income (expense): Investment Income, Interest and Dividend Investment income Interest expense Investment income Interest Expense Interest expense Interest expense Nonoperating Income (Expense) Other income (expenses) Other income (expense) Income (Loss) From Continuing Operations Before Income Taxes, Extraordinary Items, Noncontrolling Interest Income before income taxes Loss (income) before income taxes Income Tax Expense (Benefit) Income taxes (benefit) Provision for income taxes Net Income (Loss) Attributable to Parent Net Loss Net loss Preferred Stock Dividends, Income Statement Impact Dividends on preferred stock Net Income (Loss) Available To Common Stockholders, Basic Net income available to common shareholders Net loss available to common shareholders Earnings Per Share [Abstract] Net loss per share available to common shareholders: Earnings Per Share, Basic Basic Basic Earnings Per Share, Diluted Diluted Diluted Weighted Average Number Of Shares Outstanding, Diluted [Abstract] Weighted Shares Outstanding: Weighted Average Number Of Shares Outstanding, Basic Basic Weighted Average Number of Shares Outstanding, Basic, Total Weighted Average Number Of Shares Outstanding, Diluted Diluted Weighted Average Number of Shares Outstanding, Diluted, Total Statement of Cash Flows [Abstract] Statement of Cash Flows [Abstract] Net Cash Provided By (Used In) Operating Activities, Continuing Operations [Abstract] CASH FLOWS FROM OPERATING ACTIVITIES: Adjustments To Reconcile Net Income (Loss) To Cash Provided By (Used In) Operating Activities [Abstract] Adjustments to reconcile net loss to net cash used in (provided by) operating activities: Share-Based Compensation Stock compensation expense Stock compensation expense Deferred Income Taxes and Tax Credits, Total Deferred income taxes Deferred, total Provision for Doubtful Accounts Allowance for doubtful accounts Increase (Decrease) In Operating Capital [Abstract] CHANGES IN OPERATING ASSETS AND LIABILITIES: Increase (Decrease) In Accounts Receivable Accounts receivable Accounts receivable Increase (Decrease) In Inventories Inventory Inventory Inventory Increase Decrease In Prepaid Expense and Taxes Prepaid expenses and income taxes The increase (decrease) during the reporting period in the amount of outstanding money paid in advance for goods or services that bring economic benefits for future periods and income taxes.. Prepaid expenses and income taxes Prepaid expenses and taxes Prepaid expenses and taxes Increase (Decrease) In Other Operating Assets Other assets Other assets Other assets Increase (Decrease) In Accounts Payable Accounts payable Accounts payable Increase (Decrease) In Deferred Liabilities Deferred rent Deferred rent Increase (Decrease) In Accrued Liabilities Accrued expenses Accrued expenses Net Cash Provided By (Used In) Operating Activities, Continuing Operations NET CASH FLOWS FROM OPERATING ACTIVITIES NET CASH FLOWS USED IN (PROVIDED BY) OPERATING ACTIVITIES Net Cash Provided By (Used In) Investing Activities, Continuing Operations [Abstract] CASH FLOWS FROM INVESTING ACTIVITIES: Payments To Acquire Property, Plant, and Equipment Acquisition of fixed assets Acquisition of fixed assets Acquisition of fixed assets NET CASH FLOWS USED IN INVESTING ACTIVITIES NET CASH FLOWS USED IN INVESTING ACTIVITIES Net Cash Provided By (Used In) Financing Activities, Continuing Operations [Abstract] CASH FLOWS FROM FINANCING ACTIVITIES: Payments for Repurchase of Common Stock Repurchases of common stock Repurchase of Common Stock Proceeds from (Repayments of) Debt Net Borrowings from Loan Payable Repurchase Of Common Stock In Tender Offer Repurchase of Common Stock in Tender Offer The cash outflow to reacquire common stock during the period. Repurchase of Common Stock in Tender Offer Net Cash Provided By (Used In) Financing Activities, Continuing Operations NET CASH FLOWS USED IN FINANCING ACTIVITIES NET CASH FLOWS USED IN FINANCING ACTIVITIES Cash and Cash Equivalents, Period Increase (Decrease) NET CHANGE IN CASH NET CHANGE IN CASH Supplemental Cash Flow Information [Abstract] SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Income Taxes Paid Income taxes paid Interest Paid Interest paid Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] NONCASH INVESTING AND FINANCING ACTIVITIES: Accrued Dividends On Preferred Stock Accrued dividends on preferred stock Non cash investing and financing activities of dividends declared but unpaid on equity securities issued by the entity and outstanding. Organization, Description of Company's Business and Basis of Presentation [Abstract] Organization, Description of Company's Business and Basis of Presentation [Abstract] Business Description and Basis Of Presentation [Text Block] ORGANIZATION, DESCRIPTION OF COMPANY'S BUSINESS AND BASIS OF PRESENTATION Summary of Significant Accounting Policies [Abstract] Summary of Significant Accounting Policies [Abstract] Significant Accounting Policies [Text Block] SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Fixed Assets [Abstract] Property, Plant and Equipment [Abstract] Property, Plant and Equipment Disclosure [Text Block] FIXED ASSETS Line of Credit [Abstract] Line Of Credit [Text Block] LINE OF CREDIT The entire disclosure for line of credit. Accrued Expenses [Abstract] Payables and Accruals [Abstract] Accounts Payable and Accrued Liabilities Disclosure [Text Block] ACCRUED EXPENSES Retirement Plan [Abstract] Compensation and Retirement Disclosure [Abstract] Pension and Other Postretirement Benefits Disclosure [Text Block] RETIREMENT PLAN Shareholders' Equity [Abstract] Stockholders Equity Note Disclosure [Text Block] SHAREHOLDERS' EQUITY Settlement Agreement [Abstract] Settlement Agreement [Text Block] SETTLEMENT AGREEMENT The entire disclosure for settlement agreement. Income Taxes [Abstract] Income Tax Disclosure [Abstract] Income Tax Disclosure [Text Block] INCOME TAXES Rental Commitments [Abstract] Rental Commitments [Abstract] Operating Leases Of Lessor Disclosure [Abstract] Operating Leases Of Lessor Disclosure [Text Block] RENTAL COMMITMENTS Employment and Other Agreements [Abstract] Employment and Other Agreements [Abstract] Compensation and Employee Benefit Plans [Text Block] EMPLOYMENT AND OTHER AGREEMENTS Major Customers [Abstract] Risks and Uncertainties [Abstract] Concentration Risk Disclosure [Text Block] MAJOR CUSTOMERS Major Suppliers [Abstract] Major Suppliers [Abstract] Major Suppliers [Text Block] MAJOR SUPPLIERS The entire disclosure for major suppliers. Export Sales [Abstract] Export Sales [Abstract] Segment Reporting Disclosure [Text Block] EXPORT SALES Consolidation, Policy [Policy Text Block] Principles of Consolidation Trade and Other Accounts Receivable, Policy [Policy Text Block] Accounts Receivable Revenue Recognition, Cargo and Freight, Policy [Policy Text Block] Revenue Recognition Inventory, Policy [Policy Text Block] Inventories Depreciation, Depletion, and Amortization [Policy Text Block] Depreciation and Amortization Concentration Risk, Credit Risk, Policy [Policy Text Block] Concentration of Credit Risk Income Tax, Policy [Policy Text Block] Income Taxes Cash and Cash Equivalents, Policy [Policy Text Block] Cash Equivalents Use Of Estimates, Policy [Policy Text Block] Use of Estimates Advertising Costs, Policy [Policy Text Block] Marketing and promotional costs Fair Value Of Financial Instruments, Policy [Policy Text Block] Fair Value of Financial Instruments Shipping and Handling Cost, Policy [Policy Text Block] Shipping Costs Earnings Per Share, Policy [Policy Text Block] Earnings Per Share Share-Based Compensation, Option and Incentive Plans Policy [Policy Text Block] Stock Based Compensation Schedule Of Estimated Useful Life Of Fixed Assets [Table Text Block] Schedule of estimated useful life of fixed assets The tabular disclosure of estimated useful life of fixed assets. Property, Plant and Equipment [Table Text Block] Schedule of fixed assets Schedule Of Accrued Liabilities [Table Text Block] Schedule of accrued expenses Disclosure Of Share-Based Compensation Arrangements By Share-Based Payment Award [Table Text Block] Schedule of stock option incentive plan activity Schedule of Deferred Tax Assets and Liabilities [Table Text Block] Schedule of deferred income taxes Schedule Of Components Of Income Tax Expense (Benefit) [Table Text Block] Schedule of income tax expense Schedule Of Effective Income Tax Rate Reconciliation [Table Text Block] Schedule of difference between expected income tax rate using statutory federal tax rate and company's effective rate Schedule Of Future Minimum Rental Payments For Operating Leases [Table Text Block] Schedule of future minimum rental commitments Revenue From External Customers By Products and Services [Table Text Block] Schedule of export sales Business Description And Basis Of Presentation Textual [Abstract] Organization, Description of Company's Business and Basis of Presentation (Textual) Minimum Number Of Shareholders Require To Held Common Stock Minimum number of shareholders to hold equity Total minimum number of shareholders needs to be required to hold an equity of company. Number Of Common Stock Held By Parent Company Number of shares outstanding - held by surge Represents the number of common shares held by parent company. Number Of Common Stock Held By Officer Number of shares outstanding - held by officers of surge Represents the number of common shares held by officer. Ownership Rights Transferred To Parent Company Ownership rights transferred to parent company Represents the ownership rights of officer transferred to parent company. Schedule Of Property, Plant and Equipment [Table] Schedule of Property, Plant and Equipment [Table] Property, Plant and Equipment, Type [Axis] Property, Plant and Equipment, Type [Axis] Property, Plant and Equipment, Type [Domain] Property, Plant and Equipment, Type [Domain] Furniture and Fixtures [Member] Furniture and Fixtures [Member] Furniture, fixtures and equipment [Member] Computer Equipment [Member] Computer Equipment [Member] Computer equipment [Member] Leasehold Improvements [Member] Leasehold Improvements [Member] Range [Axis] Range [Axis] Range [Domain] Range [Domain] Maximum [Member] Maximum [Member] Maximum Minimum [Member] Minimum [Member] Minimum [Member] Property, Plant and Equipment [Line Items] Property, Plant and Equipment [Line Items] Property, Plant and Equipment, Estimated Useful Lives Property, plant and equipment, estimated useful lives Property, Plant and Equipment, Useful Life Property, plant and equipment, useful life Summary Of Significant Accounting Policies Textual [Abstract] Summary of Significant Accounting Policies (Textual) Cargo and Freight Revenue Direct shipments revenue Commission Revenue Commission revenue Represents an amount of commission revenue from act as a sales agent to certain customers. Revenues From Distribution Agreements Revenues from distribution agreements Represents an amount of revenue from agreements with several distributors during the period. Other Inventory, In Transit, Gross Inventory in transit from foreign suppliers Inventory Valuation Reserves Reserve against slow moving and obsolete inventory Cash, Uninsured Amount Amount of uninsured cash balances EX-101.PRE 9 sprs-20170531_pre.xml XBRL PRESENTATION FILE XML 10 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	May 31, 2017	Jul. 14, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	SURGE COMPONENTS INC
Entity Central Index Key	0000747540
Amendment Flag	false
Trading Symbol	SPRS
Current Fiscal Year End Date	--11-30
Document Type	10-Q
Document Period End Date	May 31, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q2
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		5,224,431

XML 11 R2.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets - USD ($)	May 31, 2017	Nov. 30, 2016
Current assets:
Cash	$ 580,366	$ 7,120,601
Accounts receivable - net of allowance for doubtful accounts of $160,895 and $159,976	5,084,189	5,558,808
Inventory, net	3,041,379	2,929,570
Prepaid expenses and income taxes	146,746	144,824
Deferred income taxes	353,310	304,887
Total current assets	9,205,990	16,058,690
Fixed assets - net of accumulated depreciation and amortization of $2,201,305 and $2,185,540	81,067	81,974
Deferred income taxes	706,621	609,773
Other assets	13,384	13,384
Total assets	10,007,062	16,763,821
Current liabilities:
Accounts payable	3,802,546	3,237,592
Loan Payable	800,000
Accrued expenses and taxes	956,964	1,544,882
Accrued salaries	505,752	431,111
Total current liabilities	6,065,262	5,213,585
Deferred rent	37,533	39,962
Total liabilities	6,102,795	5,253,547
Commitments and contingencies
Shareholders' equity
Common stock - $.001 par value stock, 75,000,000 shares authorized, 5,224,431 and 10,224,431 shares issued and outstanding	10,041	10,224
Additional paid-in capital	16,552,493	23,702,310
Accumulated deficit	(12,658,277)	(12,202,270)
Total shareholders' equity	3,904,267	11,510,274
Total liabilities and shareholders' equity	10,007,062	16,763,821
Series A Preferred stock
Shareholders' equity
Preferred stock - $.001 par value stock, 5,000,000 shares authorized:
Series B Preferred stock
Shareholders' equity
Preferred stock - $.001 par value stock, 5,000,000 shares authorized:
Series C Preferred stock
Shareholders' equity
Preferred stock - $.001 par value stock, 5,000,000 shares authorized:	10	10
Series D Preferred stock
Shareholders' equity
Preferred stock - $.001 par value stock, 5,000,000 shares authorized:

XML 12 R3.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets (Parenthetical) - USD ($)	May 31, 2017	Nov. 30, 2016
Allowance for doubtful accounts of accounts receivable	$ 160,895	$ 159,976
Accumulated depreciation and amortization on fixed assets	$ 2,201,305	$ 2,185,540
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	75,000,000	75,000,000
Common stock, shares issued	5,224,431	10,224,431
Common stock, shares outstanding	5,224,431	10,224,431
Series A Preferred stock
Preferred stock, shares authorized	260,000	260,000
Preferred stock, shares outstanding
Series B Preferred stock
Preferred stock, shares authorized	200,000	200,000
Preferred stock, shares outstanding
Series C Preferred stock
Preferred stock, shares authorized	100,000	100,000
Preferred stock, shares issued	10,000	10,000
Preferred stock, shares outstanding	10,000	10,000
Preferred stock, liquidation preference per share	$ 5	$ 5
Series D Preferred stock
Preferred stock, shares authorized	75,000	75,000
Preferred stock, shares issued
Preferred stock, shares outstanding

XML 13 R4.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	May 31, 2017	May 31, 2016	May 31, 2017	May 31, 2016
Income Statement [Abstract]
Net sales	$ 7,433,165	$ 7,080,442	$ 13,098,312	$ 13,396,453
Cost of goods sold	5,639,684	5,444,592	9,895,478	10,104,591
Gross profit	1,793,481	1,635,850	3,202,834	3,291,862
Operating expenses:
Selling and shipping expenses	660,198	665,300	1,220,974	1,191,146
General and administrative expenses	1,215,796	1,090,073	2,544,859	2,088,975
Depreciation and amortization	7,931	7,816	15,765	15,632
Total operating expenses	1,883,925	1,763,189	3,781,598	3,295,753
Loss before other income (expense) and income taxes	(90,444)	(127,339)	(578,764)	(3,891)
Other income (expense):
Investment income	137	2,758	3,105	4,083
Interest expense	(6,815)		(6,815)
Other income (expense)	(6,678)	2,758	(3,710)	4,083
Loss (income) before income taxes	(97,122)	(124,581)	(582,474)	192
Income taxes (benefit)	6,212	(16,782)	(128,967)	13,520
Net loss	(103,334)	(107,799)	(453,507)	(13,328)
Dividends on preferred stock			2,500	2,500
Net loss available to common shareholders	$ (103,334)	$ (107,799)	$ (456,007)	$ (15,828)
Net loss per share available to common shareholders:
Basic	$ (0.02)	$ (0.01)	$ (0.06)	$ 0.00
Diluted	$ (0.02)	$ (0.01)	$ (0.06)	$ 0.00
Weighted Shares Outstanding:
Basic	5,387,474	10,004,964	7,779,376	10,002,065
Diluted	5,387,474	10,004,964	7,779,376	10,002,065

XML 14 R5.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	May 31, 2017	May 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss	$ (453,507)	$ (13,328)
Adjustments to reconcile net loss to net cash used in (provided by) operating activities:
Depreciation and amortization	15,765	15,632
Stock compensation expense		74,363
Deferred income taxes	(145,271)	(13,842)
Allowance for doubtful accounts	919	15,562
CHANGES IN OPERATING ASSETS AND LIABILITIES:
Accounts receivable	473,700	478,149
Inventory	(111,809)	(294,514)
Prepaid expenses and income taxes	(1,922)	(29,704)
Other assets
Accounts payable	564,954	122,799
Deferred rent	(2,429)	(710)
Accrued expenses	(515,777)	(285,311)
NET CASH FLOWS USED IN (PROVIDED BY) OPERATING ACTIVITIES	(175,377)	69,096
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of fixed assets	(14,858)	(1,521)
NET CASH FLOWS USED IN INVESTING ACTIVITIES	(14,858)	(1,521)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repurchase of Common Stock		(2,287)
Net Borrowings from Loan Payable	800,000
Repurchase of Common Stock in Tender Offer	(7,150,000)
NET CASH FLOWS USED IN FINANCING ACTIVITIES	(6,350,000)	(2,287)
NET CHANGE IN CASH	(6,540,235)	65,288
CASH AT BEGINNING OF PERIOD	7,120,601	7,169,118
CASH AT END OF PERIOD	580,366	7,234,406
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Income taxes paid	9,611	34,865
Interest paid	6,815
NONCASH INVESTING AND FINANCING ACTIVITIES:
Accrued dividends on preferred stock	$ 2,500	$ 2,500

XML 15 R6.htm IDEA: XBRL DOCUMENT

Organization, Description of Company's Business and Basis of Presentation	6 Months Ended
	May 31, 2017
Organization, Description of Company's Business and Basis of Presentation [Abstract]
ORGANIZATION, DESCRIPTION OF COMPANY'S BUSINESS AND BASIS OF PRESENTATION	NOTE A – ORGANIZATION, DESCRIPTION OF COMPANY’S BUSINESS AND BASIS OF PRESENTATION Surge Components, Inc. (“Surge”) was incorporated in the State of New York and commenced operations on November 24, 1981 as an importer of electronic products, primarily capacitors and discrete semi-conductors selling to customers located principally throughout North America. On June 24, 1988, Surge formed Challenge/Surge Inc. (“Challenge”), a wholly-owned subsidiary to engage in the sale of electronic component products and sounding devices from established brand manufacturers to customers located principally throughout North America. In May 2002, Surge and an officer of Surge founded and became sole owners of Surge Components, Limited (“Surge Limited”), a Hong Kong corporation. Under current Hong Kong law, Surge Limited is required to have at least two shareholders. Surge owns 999 shares of the outstanding common stock and the officer of Surge owns 1 share of the outstanding common stock. The officer of Surge has assigned his rights regarding his 1 share to Surge. Surge Limited started doing business in July 2002. Surge Limited operations have been consolidated with the Company. Surge Limited is responsible for the sale of Surge’s products to customers located in Asia. On August 31, 2010, the Company changed its corporate domicile by merging into a newly-formed corporation, Surge Components, Inc. (Nevada), which was formed in the State of Nevada for that purpose. Surge Components Inc. is the surviving entity. The number of common stock shares authorized for issuance was increased to 75,000,000 shares.

XML 16 R7.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies

6 Months Ended

May 31, 2017

Summary of Significant Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(1) Principles of Consolidation:

(2) Accounts Receivable:

(3) Revenue Recognition:

The Company performs ongoing credit evaluations of its customers and maintains reserves for potential credit losses.

(4) Inventories:

(5) Depreciation and Amortization:

Furniture, fixtures and equipment	5 - 7 years
Computer equipment	5 years
Leasehold Improvements	Estimated useful life or lease term, whichever is shorter

Maintenance and repairs are expensed as incurred while renewals and betterments are capitalized.

(6) Concentration of Credit Risk:

(7) Income Taxes:

(8) Cash Equivalents:

The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents.

(9) Use of Estimates:

(10) Marketing and promotional costs:

(11) Fair Value of Financial Instruments:

(12) Shipping Costs

The Company classifies shipping costs as a component of selling expenses. Shipping costs totaled $4,421 and $3,465 for the six months ended May 31, 2017 and May 31, 2016 respectively.

(13) Earnings Per Share

(14) Stock Based Compensation

Stock Based Compensation to Employees

Stock Based Compensation to Other than Employees

XML 17 R8.htm IDEA: XBRL DOCUMENT

Fixed Assets

6 Months Ended

May 31, 2017

Fixed Assets [Abstract]

FIXED ASSETS

NOTE C – FIXED ASSETS

Fixed assets consist of the following:

	May 31,			November 30,
	2017			2016

Furniture and Fixtures	$	327,971		$	327,971
Leasehold Improvements		962,637			956,637
Computer Equipment		991,764			982,906
Less-Accumulated Depreciation		(2,201,305	)		(2,185,540	)
Net Fixed Assets	$	81,067		$	81,974

Depreciation and amortization expense for the six months ended May 31, 2017 and May 31, 2016 was $15,765 and $15,632, respectively.

XML 18 R9.htm IDEA: XBRL DOCUMENT

Line of Credit	6 Months Ended
Line of Credit	May 31, 2017
Line of Credit [Abstract]
LINE OF CREDIT	NOTE D – LINE OF CREDIT In February 2017, the Company obtained a line of credit with a bank for up to $3,000,000 (the “Credit Line”). Borrowings under the Credit Line are due upon demand and accrue interest at the greater of the prime rate or the LIBOR rate plus two percent (and may be increased by three percent in the event the Company fails to (i) repay all amounts due on the Credit Line upon demand or (ii) comply with any terms or conditions relating to the Credit Line). As of May 31, 2017, the balance on the Credit Line was $800,000. As of May 31, 2017, the Company was not in compliance with the covenant for the debt service coverage ratio.

XML 19 R10.htm IDEA: XBRL DOCUMENT

Accrued Expenses

6 Months Ended

May 31, 2017

Accrued Expenses [Abstract]

ACCRUED EXPENSES

NOTE E – ACCRUED EXPENSES

Accrued expenses consist of the following:

	May 31,		November 30,
	2017		2016

Commissions	$	179,329	$	281,888
Preferred Stock Dividends		134,069		131,569
Other accrued expenses		200,475		321,465
Accrued Professional Fees		443,091		809,960
	$	956,964	$	1,544,882

XML 20 R11.htm IDEA: XBRL DOCUMENT

Retirement Plan	6 Months Ended
Retirement Plan	May 31, 2017
Retirement Plan [Abstract]
RETIREMENT PLAN	NOTE F – RETIREMENT PLAN In June 1997, the Company adopted a qualified 401(k) retirement plan for all full-time employees who are twenty-one years of age and have completed twelve months of service. The plan allows total employee contributions of up to fifteen percent (15%) of the eligible employee’s salary through salary reduction. The Company makes a matching contribution of twenty percent (20%) of each employee’s contribution for each dollar of employee deferral up to five percent (5%) of the employee’s salary. Net assets for the plan, as estimated by Union Central, Inc., which maintains the plan’s records, were approximately $1,229,000 at November 30, 2016. Pension expense for the six months ended May 31, 2017 and May 31, 2016 was $360 and $1,193, respectively.

XML 21 R12.htm IDEA: XBRL DOCUMENT

Shareholders' Equity

6 Months Ended

May 31, 2017

Shareholders' Equity [Abstract]

SHAREHOLDERS' EQUITY

NOTE G – SHAREHOLDERS’ EQUITY

[1] Preferred Stock:

In February 2006, the Company settled with a shareholder to repurchase 10,000 shares of Series C Preferred plus accrued dividends for $50,000.

Pursuant to exchange agreements dated as of March 14, 2011, 9,000 shares of Series C Preferred were returned to the Company for cancellation in exchange for 112,500 shares of common stock.

In October 2014, 2,000 shares of Series C Preferred were converted into 20,000 shares of common stock.

In July 2015, 4,200 shares of Series C Preferred were exchanged for 42,000 shares of common stock and $29,838 in accrued dividends.

[2] 2010 Incentive Stock Plan

Activity in the 2010 Incentive Plan for the six months ended May 31, 2017 is summarized as follows:

			Weighted
			Average
	Shares		Exercise Price

Options outstanding December 1, 2016		352,000	$	0.87
Options issued in the six months ended May 31, 2017		-	$	-
Options exercised in the six months ended May 31, 2017		-	$	-
Options cancelled in the six months ended May 31, 2017		-	$	-
Options outstanding at May 31, 2017		352,000	$	0.87

Options exercisable at May 31, 2017		352,000	$	0.87

[3] 2015 Equity Incentive Plan

In May 2016 a total of 99,151 shares were issued to the Company’s officers as part of their 2015 bonus compensation under the 2015 Incentive Plan.

Stock Compensation

[4] Authorized Repurchase:

[5] Compensation of Directors

Compensation for each non-employee director is $2,500 per month (and $3,500 per month for a non-employee director that serves as the chairman of more than two committees of the Board of Directors).

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
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-Subparagraph (SAB Topic 4.E)
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 15: http://www.xbrl.org/2003/role/presentationRef
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+ Details

XML 22 R13.htm IDEA: XBRL DOCUMENT

Settlement Agreement

6 Months Ended

May 31, 2017

Settlement Agreement [Abstract]

SETTLEMENT AGREEMENT

NOTE H – SETTLEMENT AGREEMENT

The Settlement Agreement provides that:

●

the Stockholders irrevocably withdraw their director nominations for the Board and stockholder proposals for the Company’s annual meeting of stockholders for fiscal year 2015 (the “Meeting”);

●

the Company will hold the Meeting on January 5, 2017 and will hold its annual meeting of stockholders for fiscal year 2016 by December 29, 2017;

●

the Company will not make any stock or option grants or grant any other non-cash compensation to its current officers and directors until December 23, 2017;

●

until the day after the announcement of the completion of the Tender Offer, the Board will be composed of no more than seven individuals;

●

the Stockholders will tender all of the shares of common stock of the Company that they hold beneficially or of record in the Tender Offer, subject to limited exceptions;

●

the Company’s officers and directors will not participate in the Tender Offer and will not transfer or sell any of their shares until six months after the Tender Offer is completed;

●

the Stockholders will withdraw with prejudice their lawsuit against the Company and the Insiders pending in the State of Nevada; and

●

the Stockholders will be subject to customary standstill provisions until the termination of the Settlement Agreement.

The Settlement Agreement terminates on the date that is 15 business days prior to the deadline for the submission of director nomination and stockholder proposals for the 2019 Meeting.

XML 23 R14.htm IDEA: XBRL DOCUMENT

Income Taxes

6 Months Ended

May 31, 2017

Income Taxes [Abstract]

INCOME TAXES

NOTE I – INCOME TAXES

The Company’s deferred income taxes are comprised of the following:

	May 31,			November 30,
	2017			2016
Deferred Tax Assets
Net operating loss	$	4,423,556		$	4,208,030
Allowance for bad debts		49,643			49,276
Inventory		92,333			100,446
Deferred Rent		14,991			15,961
Depreciation		148,756			149,172
Total deferred tax assets		4,729,279			4,522,885
Valuation allowance		(3,669,348	)		(3,608,225	)

Total	$	1,059,931		$	914,660

The Company’s income tax expense consists of the following:

	Six Months Ended
	May 31, 2017			May 31, 2016

Current:
Federal	$	-		$	-
States		16,304			27,362

		16,304			27,362
Deferred:
Federal		(121,989	)		(10,935	)
States		(23,282	)		(2,907	)

		(145,271	)		(13,842	)

Provision for income taxes	$	(128,967	)	$	13,520

	Three Months Ended
	May 31,			May 31,
	2017			2016
U.S Federal Income tax statutory rate		(34	)%		*	%
Valuation allowance		15	%		*	%
State income taxes		(3	)%		*	%
Other		-			-
Effective tax rate		(22	)%		*	%

* Due to the amount of the net income (loss), the presentation of the reconciliation of the effective rate is not meaningful.

XML 24 R15.htm IDEA: XBRL DOCUMENT

Rental Commitments

6 Months Ended

May 31, 2017

Rental Commitments [Abstract]

RENTAL COMMITMENTS

NOTE J – RENTAL COMMITMENTS

In June 2015, the Company renewed its lease to rent office space and a warehouse in Hong Kong for two years. Annual minimum rental payments for this space are approximately $58,500.

The Company’s future minimum rental commitments at May 31, 2017 are as follows:

2018	$	177,785
2019	$	181,341
2020	$	184,968
2021	$	62,061
	$	606,155

Net rental expense for the six months ended May 31, 2017 and May 31, 2016 were $156,069 and $155,269 respectively, of which $128,068 and $126,348 respectively, was paid to the Related Company.

XML 25 R16.htm IDEA: XBRL DOCUMENT

Employment and Other Agreements	6 Months Ended
Employment and Other Agreements	May 31, 2017
Employment and Other Agreements [Abstract]
EMPLOYMENT AND OTHER AGREEMENTS	NOTE K – EMPLOYMENT AND OTHER AGREEMENTS In February 2016, the Company entered into revised employment agreements with two officers of the Company. Pursuant to these agreements, the base salary for one officer is $275,000 and the base salary for the other officer is $225,000. The agreements continue until terminated by either party. The Company’s compensation committee may award these officers with bonuses and will review the base salary amounts for each of the officers on an annual basis to determine if any changes to the base salary amounts need to be made and may also award these officers with annual bonuses. Pursuant to the employment agreements, the officers are prohibited from engaging in activities which are competitive with those of the Company during their employment with the Company and for one year following termination. If the agreement is terminated other than for cause, the officer would be entitled to any and all base salary earned through the date of termination, accrued but unused vacation, all vested equity, and bonus amounts payable to the officer through the date of termination. The officers would also be entitled to receive paid an additional thirty-six months of annual compensation equal to the average of his base salary and bonus for the three calendar years prior to the date of termination, payable in accordance with the Company’s regular payroll practice over a 52-week period.

XML 26 R17.htm IDEA: XBRL DOCUMENT

Major Customers	6 Months Ended
Major Customers	May 31, 2017
Major Customers [Abstract]
MAJOR CUSTOMERS	NOTE L – MAJOR CUSTOMERS The Company had one customer who accounted for 12% of net sales for the six months ended May 31, 2017 and two customers who accounted for 12% and 13% of net sales for the six months ended May 31, 2016. The Company had one customer who accounted for 13% of accounts receivable at May 31, 2017 and no customers who accounted for 10% of accounts receivable at November 30, 2016.

XML 27 R18.htm IDEA: XBRL DOCUMENT

Major Suppliers	6 Months Ended
Major Suppliers	May 31, 2017
Major Suppliers [Abstract]
MAJOR SUPPLIERS	NOTE M – MAJOR SUPPLIERS During the six months ended May 31, 2017 and May 31, 2016, there was one foreign supplier accounting for 51% and 51% of total inventory purchased. The Company purchases substantially all of its products overseas. For the six months ended May 31, 2017, the Company purchased 53% of its products from Taiwan, 15% from Hong Kong, 27% from elsewhere in Asia and less than 1% overseas outside of Asia. The Company purchases the balance of its products in the United States.

XML 28 R19.htm IDEA: XBRL DOCUMENT

Export Sales

6 Months Ended

May 31, 2017

Export Sales [Abstract]

EXPORT SALES

NOTE N – EXPORT SALES

The Company’s export sales were as follows:

	Three Months Ended
	May 31,		May 31,
	2017		2016
Canada		1,808,713		2,140,443
China		2,083,166		2,783,371
Other Asian Countries		715,679		411,617
South America		205,631		150,220
Europe		668,538		216,839

Revenues are attributed to countries based on location of customer.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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+ Details

XML 29 R20.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Policies)

6 Months Ended

May 31, 2017

Summary of Significant Accounting Policies [Abstract]

Principles of Consolidation

(1) Principles of Consolidation:

Accounts Receivable

(2) Accounts Receivable:

Revenue Recognition

(3) Revenue Recognition:

The Company performs ongoing credit evaluations of its customers and maintains reserves for potential credit losses.

Inventories

(4) Inventories:

Depreciation and Amortization

(5) Depreciation and Amortization:

Furniture, fixtures and equipment	5 - 7 years
Computer equipment	5 years
Leasehold Improvements	Estimated useful life or lease term, whichever is shorter

Maintenance and repairs are expensed as incurred while renewals and betterments are capitalized.

Concentration of Credit Risk

(6) Concentration of Credit Risk:

Income Taxes

(7) Income Taxes:

Cash Equivalents

(8) Cash Equivalents:

The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents.

Use of Estimates

(9) Use of Estimates:

Marketing and promotional costs

(10) Marketing and promotional costs:

Fair Value of Financial Instruments

(11) Fair Value of Financial Instruments:

Shipping Costs

(12) Shipping Costs

The Company classifies shipping costs as a component of selling expenses. Shipping costs totaled $4,421 and $3,465 for the six months ended May 31, 2017 and May 31, 2016 respectively.

Earnings Per Share

(13) Earnings Per Share

Stock Based Compensation

(14) Stock Based Compensation

Stock Based Compensation to Employees

Stock Based Compensation to Other than Employees

XML 30 R21.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Tables)

6 Months Ended

May 31, 2017

Summary of Significant Accounting Policies [Abstract]

Schedule of estimated useful life of fixed assets

Furniture, fixtures and equipment	5 - 7 years
Computer equipment	5 years
Leasehold Improvements	Estimated useful life or lease term, whichever is shorter

XML 31 R22.htm IDEA: XBRL DOCUMENT

Fixed Assets (Tables)

6 Months Ended

May 31, 2017

Fixed Assets [Abstract]

Schedule of fixed assets

	May 31,			November 30,
	2017			2016

Furniture and Fixtures	$	327,971		$	327,971
Leasehold Improvements		962,637			956,637
Computer Equipment		991,764			982,906
Less-Accumulated Depreciation		(2,201,305	)		(2,185,540	)
Net Fixed Assets	$	81,067		$	81,974

XML 32 R23.htm IDEA: XBRL DOCUMENT

Accrued Expenses (Tables)

6 Months Ended

May 31, 2017

Accrued Expenses [Abstract]

Schedule of accrued expenses

	May 31,		November 30,
	2017		2016

Commissions	$	179,329	$	281,888
Preferred Stock Dividends		134,069		131,569
Other accrued expenses		200,475		321,465
Accrued Professional Fees		443,091		809,960
	$	956,964	$	1,544,882

XML 33 R24.htm IDEA: XBRL DOCUMENT

Shareholders' Equity (Tables)

6 Months Ended

May 31, 2017

Shareholders' Equity [Abstract]

Schedule of stock option incentive plan activity

			Weighted
			Average
	Shares		Exercise Price

Options outstanding December 1, 2016		352,000	$	0.87
Options issued in the six months ended May 31, 2017		-	$	-
Options exercised in the six months ended May 31, 2017		-	$	-
Options cancelled in the six months ended May 31, 2017		-	$	-
Options outstanding at May 31, 2017		352,000	$	0.87

Options exercisable at May 31, 2017		352,000	$	0.87

XML 34 R25.htm IDEA: XBRL DOCUMENT

Income Taxes (Tables)

6 Months Ended

May 31, 2017

Income Taxes [Abstract]

Schedule of deferred income taxes

	May 31,			November 30,
	2017			2016
Deferred Tax Assets
Net operating loss	$	4,423,556		$	4,208,030
Allowance for bad debts		49,643			49,276
Inventory		92,333			100,446
Deferred Rent		14,991			15,961
Depreciation		148,756			149,172
Total deferred tax assets		4,729,279			4,522,885
Valuation allowance		(3,669,348	)		(3,608,225	)

Total	$	1,059,931		$	914,660

Schedule of income tax expense

	Six Months Ended
	May 31, 2017			May 31, 2016

Current:
Federal	$	-		$	-
States		16,304			27,362

		16,304			27,362
Deferred:
Federal		(121,989	)		(10,935	)
States		(23,282	)		(2,907	)

		(145,271	)		(13,842	)

Provision for income taxes	$	(128,967	)	$	13,520

Schedule of difference between expected income tax rate using statutory federal tax rate and company's effective rate

	Three Months Ended
	May 31,			May 31,
	2017			2016
U.S Federal Income tax statutory rate		(34	)%		*	%
Valuation allowance		15	%		*	%
State income taxes		(3	)%		*	%
Other		-			-
Effective tax rate		(22	)%		*	%

* Due to the amount of the net income (loss), the presentation of the reconciliation of the effective rate is not meaningful.

XML 35 R26.htm IDEA: XBRL DOCUMENT

Rental Commitments (Tables)

6 Months Ended

May 31, 2017

Rental Commitments [Abstract]

Schedule of future minimum rental commitments

2018	$	177,785
2019	$	181,341
2020	$	184,968
2021	$	62,061
	$	606,155

XML 36 R27.htm IDEA: XBRL DOCUMENT

Export Sales (Tables)

6 Months Ended

May 31, 2017

Export Sales [Abstract]

Schedule of export sales

	Three Months Ended
	May 31,		May 31,
	2017		2016
Canada		1,808,713		2,140,443
China		2,083,166		2,783,371
Other Asian Countries		715,679		411,617
South America		205,631		150,220
Europe		668,538		216,839

XML 37 R28.htm IDEA: XBRL DOCUMENT

Organization, Description of Company's Business and Basis of Presentation (Details)	May 31, 2002 Shareholder shares	May 31, 2017 shares	Nov. 30, 2016 shares	Aug. 31, 2010 shares
Organization, Description of Company's Business and Basis of Presentation (Textual)
Minimum number of shareholders to hold equity \| Shareholder	2
Number of shares outstanding - held by surge	999
Number of shares outstanding - held by officers of surge	1
Ownership rights transferred to parent company	1
Common stock shares authorized for issuance		75,000,000	75,000,000	75,000,000

XML 38 R29.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Details)	6 Months Ended
Summary of Significant Accounting Policies (Details)	May 31, 2017
Furniture, fixtures and equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	7 years
Furniture, fixtures and equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years
Computer equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful lives	Estimated useful life or lease term, whichever is shorter

XML 39 R30.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Details Textual) - USD ($)	6 Months Ended
	May 31, 2017	May 31, 2016	Nov. 30, 2016
Summary of Significant Accounting Policies (Textual)
Direct shipments revenue	$ 1,363,000	$ 1,783,000
Commission revenue	141,751	177,963
Revenues from distribution agreements	2,307,000	3,946,000
Inventory in transit from foreign suppliers	1,109,000
Reserve against slow moving and obsolete inventory	245,874
Amount of uninsured cash balances	316,158		$ 4,550,807
Shipping costs	$ 4,421	$ 3,465
Diluted weighted shares outstanding	452,000	635,438

XML 40 R31.htm IDEA: XBRL DOCUMENT

Fixed Assets (Details) - USD ($)	May 31, 2017	Nov. 30, 2016
Property, Plant and Equipment [Line Items]
Less-Accumulated Depreciation	$ (2,201,305)	$ (2,185,540)
Net Fixed Assets	81,067	81,974
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Fixed assets gross	327,971	327,971
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Fixed assets gross	962,637	956,637
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Fixed assets gross	$ 991,764	$ 982,906

XML 41 R32.htm IDEA: XBRL DOCUMENT

Fixed Assets (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
Fixed Assets (Details Textual) - USD ($)	May 31, 2017	May 31, 2016	May 31, 2017	May 31, 2016
Fixed Assets (Textual)
Depreciation and amortization expense	$ 7,931	$ 7,816	$ 15,765	$ 15,632

XML 42 R33.htm IDEA: XBRL DOCUMENT

Line of Credit (Details) - USD ($)	6 Months Ended
Line of Credit (Details) - USD ($)	May 31, 2017	Feb. 28, 2017
Line of Credit (Textual)
Line of credit	$ 800,000	$ 3,000,000
Line of credit, interest rate, description	Borrowings under the Credit Line are due upon demand and accrue interest at the greater of the prime rate or the LIBOR rate plus two percent (and may be increased by three percent in the event the Company fails to (i) repay all amounts due on the Credit Line upon demand or (ii) comply with any terms or conditions relating to the Credit Line).

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

XML 43 R34.htm IDEA: XBRL DOCUMENT

Accrued Expenses (Details) - USD ($)	May 31, 2017	Nov. 30, 2016
Accrued Expenses [Abstract]
Commissions	$ 179,329	$ 281,888
Preferred Stock Dividends	134,069	131,569
Other accrued expenses	200,475	321,465
Accrued Professional Fees	443,091	809,960
Accrued expenses, Total	$ 956,964	$ 1,544,882

XML 44 R35.htm IDEA: XBRL DOCUMENT

Retirement Plan (Details) - USD ($)	1 Months Ended	6 Months Ended
Retirement Plan (Details) - USD ($)	Jun. 30, 1997	May 31, 2017	May 31, 2016	Nov. 30, 2016
Retirement Plan (Textual)
Number of completed age for qualification of retirement plan	21 years
Number of completed years of service for qualification of retirement plan	12 months
Description for retirement plan	Company adopted a qualified 401(k) retirement plan for all full-time employees who are twenty-one years of age and have completed twelve months of service.
Total employee contributions	15.00%
Employer matching contribution percentage	20.00%
Employee deferral percentage	5.00%
Net assets for plan				$ 1,229,000
Pension expense		$ 360	$ 1,193

XML 45 R36.htm IDEA: XBRL DOCUMENT

Shareholders' Equity (Details) - 2010 Incentive Stock Plan [Member] - Stock options [Member]	6 Months Ended
	May 31, 2017 $ / shares shares
Shares
Options outstanding December 1, 2016 \| shares	352,000
Options issued in the six months ended May 31, 2017 \| shares
Options exercised in the six months ended May 31, 2017 \| shares
Options cancelled in the six months ended May 31, 2017 \| shares
Options outstanding at May 31, 2017 \| shares	352,000
Options exercisable at May 31, 2017 \| shares	352,000
Weighted Average Exercise Price
Options outstanding December 1, 2016 \| $ / shares	$ 0.87
Options issued in the six months ended May 31, 2017 \| $ / shares
Options exercised in the six months ended May 31, 2017 \| $ / shares
Options cancelled in the six months ended May 31, 2017 \| $ / shares
Options outstanding at May 31, 2017 \| $ / shares	0.87
Options exercisable at May 31, 2017 \| $ / shares	$ 0.87

XML 46 R37.htm IDEA: XBRL DOCUMENT

Shareholders' Equity (Details Textual) - USD ($)		1 Months Ended								6 Months Ended	12 Months Ended
Shareholders' Equity (Details Textual) - USD ($)	Mar. 14, 2011	Mar. 31, 2017	Jul. 31, 2015	Apr. 30, 2015	Oct. 31, 2014	Feb. 28, 2006	Apr. 30, 2002	Apr. 30, 2001	Nov. 30, 2000	May 31, 2017	Nov. 30, 2016	Oct. 31, 2016	Aug. 31, 2010	Dec. 31, 2001	Jan. 31, 2000	Feb. 29, 1996
Shareholders' Equity (Textual)
Preferred stock, shares authorized										5,000,000	5,000,000
Dividend payable														$ 134,069
Number of shares repurchased during the period		5,000,000
Common Stock [Member]
Shareholders' Equity (Textual)
Number of shares repurchased during the period										(57,283)
Preferred Stock [Member]
Shareholders' Equity (Textual)
Preferred stock, shares authorized													5,000,000			1,000,000
Non-Voting Redeemable Convertible Series A Preferred Stock ("Series A Preferred") [Member]
Shareholders' Equity (Textual)
Preferred stock, shares authorized										260,000	260,000				260,000
Preferred stock, shares outstanding
Voting Redeemable Convertible Series B Preferred Stock ("Series B Preferred") [Member]
Shareholders' Equity (Textual)
Preferred stock, shares authorized									200,000	200,000	200,000
Preferred stock, shares outstanding
Non-Voting Redeemable Convertible Series C Preferred Stock ("Series C Preferred") [Member]
Shareholders' Equity (Textual)
Preferred stock, shares authorized									100,000	100,000	100,000
Preferred stock, shares outstanding										10,000	10,000
Preferred stock, shares issued										10,000	10,000
Number of shares converted into common stock upon conversion			4,200		2,000				10
Cumulative dividend per share per annum									$ 0.50
Preferred stock issued in payment of financial consulting services									70,000
Stock repurchased and cancelled							19,300	8,000
Amount paid for repurchase under Standstill and Non-Disparagement Agreement							$ 225,000
Number of shares repurchased during the period						10,000
Accrued dividends			$ 29,838	$ 65,000		$ 50,000
Number of preferred stock returned for cancellation in exchange for shares of common stock	9,000			7,500
Number of common shares issued in conversion of preferred stock	112,500			110,000	20,000
Non-Voting Redeemable Convertible Series C Preferred Stock ("Series C Preferred") [Member] \| Common Stock [Member]
Shareholders' Equity (Textual)
Number of shares converted into common stock upon conversion			42,000
Stock repurchased and cancelled							252,000
Voting Non-Redeemable Convertible Series D Preferred Stock ("Series D Preferred") [Member]
Shareholders' Equity (Textual)
Preferred stock, shares authorized										75,000	75,000	75,000
Preferred stock, shares outstanding
Preferred stock, shares issued

XML 47 R38.htm IDEA: XBRL DOCUMENT

Shareholders' Equity (Details Textual 1) - USD ($)	1 Months Ended			6 Months Ended	12 Months Ended
Shareholders' Equity (Details Textual 1) - USD ($)	Oct. 31, 2016	May 31, 2016	Mar. 31, 2010	May 31, 2017	Nov. 30, 2015
Stock options [Member]
Shareholders' Equity (Textual)
Recorded cost of shares				$ 9,500
Weighted average remaining life				1 year 3 months 4 days
Stock options [Member] \| Another employee director [Member]
Shareholders' Equity (Textual)
Number of common shares purchased for options granted		31,250
Options granted cost		$ 74,363
Stock options [Member] \| One employee director [Member]
Shareholders' Equity (Textual)
Number of common shares purchased for options granted		67,901
Options granted cost		$ 74,363
Exercise of options, shares	50,000
Options exercised shares of common stock per share	$ 0.82
Stock options [Member] \| One employee director 1 [Member]
Shareholders' Equity (Textual)
Exercise of options, shares	62,500
Options exercised shares of common stock per share	$ 0.80
Stock options [Member] \| One employee director 2 [Member]
Shareholders' Equity (Textual)
Exercise of options, shares	25,000
Options exercised shares of common stock per share	$ 0.82
Stock options [Member] \| One employee director 3 [Member]
Shareholders' Equity (Textual)
Exercise of options, shares	45,938
Options exercised shares of common stock per share	$ 0.80
2010 Incentive Stock Plan [Member] \| Stock options [Member]
Shareholders' Equity (Textual)
Number of common shares purchased for options granted			1,500,000
Exercise of options, shares
Options exercised shares of common stock per share
2015 Incentive Stock Plan [Member] \| Officer One [Member]
Shareholders' Equity (Textual)
Issuance of shares as compensation, shares		99,151
2015 Incentive Stock Plan [Member] \| Stock options [Member]
Shareholders' Equity (Textual)
Number of common shares purchased for options granted					1,500,000

XML 48 R39.htm IDEA: XBRL DOCUMENT

Shareholders' Equity (Details Textual 2) - USD ($)	1 Months Ended	12 Months Ended
Shareholders' Equity (Details Textual 2) - USD ($)	Mar. 31, 2017	Nov. 30, 2015	May 31, 2017
Shareholders' Equity (Textual)
Stock repurchased during period, Value	$ 7,150,000
Board of Directors [Member]
Shareholders' Equity (Textual)
Stock repurchased during period, Value		$ 500,000
Repurchase of common stock, Shares			57,283
Repurchase of common stock, Value			$ 48,300

XML 49 R40.htm IDEA: XBRL DOCUMENT

Shareholders' Equity (Details Textual 3) - Stock options [Member]	6 Months Ended
	May 31, 2017 USD ($)
Non-employee director [Member]
Shareholders' Equity (Textual)
Compensation	$ 3,500
Non-employee director one [Member]
Shareholders' Equity (Textual)
Compensation	$ 2,500

XML 50 R41.htm IDEA: XBRL DOCUMENT

Settlement Agreement (Details) - USD ($)	1 Months Ended		6 Months Ended
Settlement Agreement (Details) - USD ($)	Mar. 31, 2017	Dec. 22, 2016	May 31, 2017
Settlement Agreement (Textual)
Repurchase of common stock	5,000,000
Common stock, per share	$ 1.43
Settlement Agreement [Member]
Settlement Agreement (Textual)
Repurchase of common stock		5,000,000
Common stock, per share		$ 1.43
Tender offer, description		Tender Offer is not completed by March 15, 2017, the Company will (i) appoint the Stockholders to the Board as Class A directors with terms expiring at the Company's annual meeting of stockholders for fiscal year 2018 (the "2019 Meeting") and (ii) reduce the size of the Board to six directors, including the Stockholders.
Litigation costs			$ 300,000

XML 51 R42.htm IDEA: XBRL DOCUMENT

Income Taxes (Details) - USD ($)	May 31, 2017	Nov. 30, 2016
Deferred Tax Assets
Net operating loss	$ 4,423,556	$ 4,208,030
Allowance for bad debts	49,643	49,276
Inventory	92,333	100,446
Deferred Rent	14,991	15,961
Depreciation	148,756	149,172
Total deferred tax assets	4,729,279	4,522,885
Valuation allowance	(3,669,348)	(3,608,225)
Total	$ 1,059,931	$ 914,660

XML 52 R43.htm IDEA: XBRL DOCUMENT

Income Taxes (Details 1) - USD ($)	3 Months Ended		6 Months Ended
Income Taxes (Details 1) - USD ($)	May 31, 2017	May 31, 2016	May 31, 2017	May 31, 2016
Current:
Federal
States			16,304	27,362
Current, total			16,304	27,362
Deferred:
Federal			(121,989)	(10,935)
States			(23,282)	(2,907)
Deferred, total			(145,271)	(13,842)
Provision for income taxes	$ 6,212	$ (16,782)	$ (128,967)	$ 13,520

XML 53 R44.htm IDEA: XBRL DOCUMENT

Income Taxes (Details 2)

3 Months Ended

May 31, 2017

May 31, 2016

Schedule of difference between expected income tax rate using statutory federal tax rate and company's effective rate

U.S Federal Income tax statutory rate

(34.00%)

^[1]

Valuation allowance

15.00%

^[1]

State income taxes

(3.00%)

^[1]

Other

Effective tax rate

(22.00%)

^[1]

[1]	Due to the amount of the net income (loss), the presentation of the reconciliation of the effective rate is not meaningful.

XML 54 R45.htm IDEA: XBRL DOCUMENT

Income Taxes (Details Textual)	6 Months Ended
Income Taxes (Details Textual)	May 31, 2017 USD ($)
Income Taxes (Textual)
Valuation allowance for deferred tax assets	$ 61,100
Net operating loss carryforwards	$ 11,020,000
Net operating loss carryforwards, expiration date	Nov. 30, 2020

XML 55 R46.htm IDEA: XBRL DOCUMENT

Rental Commitments (Details)	May 31, 2017 USD ($)
Schedule of future minimum rental commitments
2018	$ 177,785
2019	181,341
2020	184,968
2021	62,061
Future minimum rental commitments	$ 606,155

XML 56 R47.htm IDEA: XBRL DOCUMENT

Rental Commitments (Details Textual) - USD ($)		6 Months Ended		12 Months Ended
Rental Commitments (Details Textual) - USD ($)	Jun. 30, 2015	May 31, 2017	May 31, 2016	Nov. 30, 2016
Rental Commitments (Textual)
Lease expiration period		Nov. 30, 2020
Net rental expense		$ 156,069	$ 155,269
Related Company [Member]
Rental Commitments (Textual)
Annual minimum rental payments				$ 173,000
Percentage of increase in rental payment				3.00%
Net rental expense		$ 128,068	$ 126,348
Related Company [Member] \| Hong Kong [Member]
Rental Commitments (Textual)
Annual minimum rental payments	$ 58,500
Term of lease	2 years

XML 57 R48.htm IDEA: XBRL DOCUMENT

Employment and Other Agreements (Details)	1 Months Ended
Employment and Other Agreements (Details)	Feb. 29, 2016 USD ($) Officers
Employment and Other Agreements (Textual)
Number of officers involved in employment agreements \| Officers	2
Period officer prohibited involving in competitive activities during employment, description	One year following termination.
Compensation, description	An additional thirty-six months of annual compensation equal to the average of his base salary and bonus for the three calendar years prior to the date of termination, payable in accordance with the Company's regular payroll practice over a 52-week period.
Officer One [Member]
Employment and Other Agreements (Textual)
Base salary	$ 275,000
Officer Two [Member]
Employment and Other Agreements (Textual)
Base salary	$ 225,000

XML 58 R49.htm IDEA: XBRL DOCUMENT

Major Customers (Details)	1 Months Ended	6 Months Ended
Major Customers (Details)	Nov. 30, 2016	May 31, 2017 Customers	May 31, 2016 Customers Supplier
Sales [Member]
Major Customers (Textual)
Number of customers		1
Percentage of concentration		12.00%
Sales [Member] \| Customer One [Member]
Major Customers (Textual)
Number of customers			2
Percentage of concentration			12.00%
Sales [Member] \| Customer Two [Member]
Major Customers (Textual)
Number of customers \| Supplier			2
Percentage of concentration			13.00%
Accounts receivable [Member]
Major Customers (Textual)
Percentage of concentration	10.00%
Accounts receivable [Member] \| Customer One [Member]
Major Customers (Textual)
Number of customers		1
Percentage of concentration		13.00%

XML 59 R50.htm IDEA: XBRL DOCUMENT

Major Suppliers (Details) - Supplier concentration risk [Member] - Total Inventory Purchased [Member] - Supplier	6 Months Ended
	May 31, 2017	May 31, 2016
Foreign supplier [Member]
Major Suppliers (Textual)
Percentage of inventory purchased of products	51.00%	51.00%
Number of supplier	1	1
Taiwan [Member]
Major Suppliers (Textual)
Percentage of inventory purchased of products	53.00%
Hong Kong [Member]
Major Suppliers (Textual)
Percentage of inventory purchased of products	15.00%
Asia [Member]
Major Suppliers (Textual)
Percentage of inventory purchased of products	27.00%
Overseas outside of Asia [Member]
Major Suppliers (Textual)
Portion of overseas products	Less than 1%.

XML 60 R51.htm IDEA: XBRL DOCUMENT

Export Sales (Details) - USD ($)	3 Months Ended
Export Sales (Details) - USD ($)	May 31, 2017	May 31, 2016
Canada [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Export sales	$ 1,808,713	$ 2,140,443
China [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Export sales	2,083,166	2,783,371
Other Asian Countries [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Export sales	715,679	411,617
South America [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Export sales	205,631	150,220
Europe [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Export sales	$ 668,538	$ 216,839

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Shareholders' Equity (Details) - 2010 Incentive Stock Plan [Member] - Stock options [Member]	6 Months Ended
	May 31, 2017 $ / shares shares
Shares
Options outstanding December 1, 2016 \| shares	352,000
Options issued in the six months ended May 31, 2017 \| shares
Options exercised in the six months ended May 31, 2017 \| shares
Options cancelled in the six months ended May 31, 2017 \| shares
Options outstanding at May 31, 2017 \| shares	352,000
Options exercisable at May 31, 2017 \| shares	352,000
Weighted Average Exercise Price
Options outstanding December 1, 2016 \| $ / shares	$ 0.87
Options issued in the six months ended May 31, 2017 \| $ / shares
Options exercised in the six months ended May 31, 2017 \| $ / shares
Options cancelled in the six months ended May 31, 2017 \| $ / shares
Options outstanding at May 31, 2017 \| $ / shares	0.87
Options exercisable at May 31, 2017 \| $ / shares	$ 0.87