Sale of Subsidiary

12 Months Ended

Nov. 30, 2014

Notes to Financial Statements

Sale of Subsidiary

14. Sale of Subsidiary

On November 30, 2013, our consolidated financial statements included a non-operating subsidiary with approximately $640,000 in liabilities and no assets. In December 2014, the company sold all 100% of the equity if the non-operating subsidiary for an aggregate consideration of $100. The sale resulted in a gain of $640,621, which is included in the Consolidated Statements of Income as a gain on the sale of a subsidiary. The gain on sale was calculated as follows:

Components of the gain
Liabilities as of November 30, 2013
Accounts payable	$	443,898
Customer deposits		52,411
Accrued expenses and other current liabilities		111,650
Note payable		32,642
Total liabilities	$	640,521
Cash received		100
Gain	$	640,621