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Acquisition (Tables) | 9 Months Ended
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Aug. 31, 2016
Business Combinations [Abstract] |
Summary of Fair Value of Consideration for the Acquisition | The following summarizes the fair value of the consideration for the Acquisition:
Consideration |  |  |
Cash |  | $ | 375,374 |
Assumed liabilities of seller |  |  | 1,073,898 |
Note payable to seller |  |  | 1,300,000 |
Prepaid expense paid to seller by purchaser |  |  | 104,000 |
Consideration |  | $ | 2,853,272 |
Summary of Allocation of Total Purchase Price for the Acquisition | The following summarizes the allocation of the total purchase price for the Acquisition:
Inventory |  | $ | 529,097 |
Tooling molds |  |  | 35,353 |
License agreement |  |  | 470,000 |
Customer relationships |  |  | 41,000 |
Total identifiable net assets acquired |  |  | 1,075,450 |
Goodwill |  | $ | 1,777,822 |

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- Definition Tabular disclosure of contingent payment arrangements including the terms that will result in payment and the accounting treatment that will be followed if such contingencies occur, including the potential impact on earnings per share if contingencies are to be settled in common stock of the entity. The description also may include the period over which amounts are expected to be paid, and changes in the amount since the previous reporting period. This also includes contingent options and commitments. + References No definition available. + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=73530397&loc=d3e4845-128472 + Details
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