Impact of Superstorm Sandy
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Nov. 30, 2012
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Impact of Superstorm Sandy |
NOTE 5 — IMPACT OF SUPERSTORM SANDY On October 30, 2012, Superstorm Sandy caused widespread flooding on the New Jersey coast, resulting in substantial water damage to the Company’s offices and warehouse. The Company has a flood insurance policy with a loss limit of $1,000,000. The Company received $200,000 of the insurance proceeds in November 2012 and anticipated receiving the balance of $800,000 as of November 30, 2012, and accordingly recorded an insurance receivable in the amount of $800,000 as of the same date. The Company incurred a total net loss of $128,554 as a result of Superstorm Sandy that is recorded in the results for the year ended November 30, 2012. The following chart shows the components of the loss:
Superstorm Sandy Losses For the year ended November 30, 2012
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- Definition
Impact Of Superstorm Sandy Disclosure [Text Block] No definition available.
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