Accounts Payable and Accrued Expenses

12 Months Ended

Nov. 30, 2011

Notes to Financial Statements

Accounts Payable and Accrued Expenses

11. Accounts Payable and Accrued Expenses

	2011		2010
Trade payables	$	996,151	$	1,077,641
Payable from sale of subsidiaries		796,499		796,499
Customer deposits		135,912		155,101
Due to investor		100,000		-
Other, individually less than 5% of current liabilities		521,611		486,528
	$	2,550,173	$	2,515,769

When the Company sold certain subsidiaries in December 2006, the Company agreed to reimburse the purchaser for certain disputed claims on the books of the subsidiaries, if the sold subsidiaries were required to pay such claims. At November 30, 2011 and 2010, the Company has recorded a payable of $796,499 in conjunction with the sale of the subsidiaries. If claims are reduced or eliminated by the subsidiaries, and the purchaser provides the Company with appropriate documentation that the Company’s liability has been reduced, such reduction will be reflected on the books of the Company.

In the fourth quarter of fiscal 2011, the Company received $100,000 from an investor pursuant to a stock subscription agreement whereby the Company is required to either issue 5,000,000 shares to the investor or refund to the investor the amount received. As of March 14, 2012, the Company had not issued the shares to the investor or refunded the amount.