Income Taxes

3 Months Ended

Aug. 31, 2012

Income Tax Disclosure [Abstract]

Income Taxes

Note 11 – Income Taxes

At November 30, 2011, we had net operating loss carryforwards for federal income tax purposes of approximately $38,300,000 that expire in the years 2012 through 2031. We have provided an allowance for the full value of the related deferred tax asset since it is more likely than not that none of such benefit will be realized. Utilization of the net operating losses may be subject to annual limitations provided by Section 382 of the Internal Revenue Code and similar state provisions.

Approximately $3,000,000 of the net operating loss carryforward is expected to be utilized to offset income for the nine-months ended August 31, 2012.