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Accounts Payable and Accrued Expenses
3 Months Ended
Feb. 29, 2012
Notes to Financial Statements  
Accounts Payable and Accrued Expenses

 

Note 8 – Accounts Payable and Accrued Expenses

 

When we sold certain subsidiaries in December 2006, we 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 February 29, 2012 and November 30, 2011, we have 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 us with appropriate documentation that the Company’s liability has been reduced, such reduction will be reflected on our the books.

 

At February 29, 2012 and November 30, 2011, we owed an investor $355,000 and $100,000, respectively, pursuant to a series of stock subscription agreements, whereby we are required to either issue shares of restricted common stock to the investor at a price of $0.02 per share or refund to the investor the amount received. As of April 23, 2012, we had not issued the shares to the investor or refunded the amount. The investor has also advanced to us additional cash of $230,000 during the period March 1, 2012 to April 23, 2012.