XML 63 R21.htm IDEA: XBRL DOCUMENT v2.4.0.8
Subsequent Events
12 Months Ended
Nov. 30, 2013
Subsequent Events [Abstract]  
Subsequent Events

14. Subsequent Events

 

In January 2014, the Company sold an 8% convertible debenture for $32,500 to an investor. The note matures on October 16, 2014 and is convertible into shares of our common stock at a 42% discount to the current market price, as defined.

 

In January 2014, the Company sold an 8% convertible debenture for $120,000 to an investor. The note matures on November 14, 2014 and is convertible into shares of our common stock at a 30% discount to the current market price, as defined.

 

In fiscal 2013 the Company sold its ownership in a dormant wholly owned subsidiary to an independent party, but did not record the sale until December 2013, when the Company received written permission from its secured lender approving the transaction. The Company recorded a gain of approximately $640,000 in conjunction with the sale.

 

In the first quarter of fiscal 2014, the Company issued 208,000,000 shares of common stock, valued at $288,300 for payment on outstanding promissory notes of $288,065.

 

In fiscal 2014, the Company borrowed $30,000, $20,000 and $40,000 from different working capital lenders. The $30,000 loan has been repaid. The due dates are from four to six months and the interest rate over the term of the borrowing ranges from 34% to 45%.

 

The Company borrowed $36,500 from its Chief Executive Office in the second quarter of fiscal 2014. The debt is payable on demand and bears an annual interest rate of 24%.