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Basis of Presentation
9 Months Ended
Aug. 31, 2014
Accounting Policies [Abstract]  
Basis of Presentation

Note 1– Basis of Presentation

 

The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and in accordance with the rules and regulations of the U.S. Securities and Exchange Commission for quarterly reports on Form 10-Q. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the nine-month period ended August 31, 2014, are not necessarily indicative of the results that may be expected for the year ended November 30, 2014. For further information, refer to the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended November 30, 2013.

 

During the nine months ended August 31, 2014, the Company sold a non-operating subsidiary for $100. In connection with the sale, the Company recorded a gain of $640,180, which represented the difference of the proceeds received and the net liabilities of the subsidiary that was sold.

 

For a summary of significant accounting policies (which have not changed from November 30, 2013), see the Company’s Annual Report on Form 10-K for the year ended November 30, 2013.


Marketable securities

 

The Company classifies investments in equity securities bought and held primarily to be sold in the short term, that have readily determinable fair values, as trading securities. Unrealized holding gains and losses for trading securities are included in earnings.