Quarterly report pursuant to Section 13 or 15(d)

Short-Term Investments and Marketable Securities

v2.4.0.8
Short-Term Investments and Marketable Securities
 9 Months Ended
Aug. 31, 2014
Investments [Abstract]  
SHORT-TERM INVESTMENTS AND MARKETABLE SECURITIES
SHORT-TERM INVESTMENTS AND MARKETABLE SECURITIES
Short-term investments and marketable securities, which consist of limited partnerships and common stock, are stated at market value. The Company had classified its investments as Available-for-Sale securities and considers as current assets those investments which will mature or are likely to be sold within the ensuing twelve months. The cost and market values of the investments at August 31, 2014 and November 30, 2013 were as follows:
 
 
August 31, 2014
 
November 30, 2013
 
 
COST
 
MARKET
 
COST
 
MARKET
Current:
 
 
 
 
 
 
 
 
Limited partnership
 
—

 
—

 
223,348

 
354,050

Common stock
 
—

 
—

 
600,046

 
758,390

Total Current
 
$
—

 
$
—

 
$
823,394

 
$
1,112,440


As of August 31, 2014, the Company had total unrealized gains on its investments of $0, as all investments were liquidated during the third quarter of fiscal 2014.
The Company adopted ASC Topic 820, “Fair Value Measurements and Disclosures” as of December 1, 2007, which expands disclosures about investments that are measured and reported at fair market value. ASC Topic 820 established a fair value hierarchy that prioritizes the inputs to valuation techniques utilized to measure fair value into three broad levels as follows:
Level 1 – Quoted market prices in active markets for the identical asset or liability that the reporting entity has ability to access at measurement date.
Level 2 – Quoted market prices for identical or similar assets or liabilities in markets that are not active, and where fair value is determined through the use of models or other valuation methodologies.
Level 3 – Unobserved inputs for the asset or liability. Fair value is determined by the reporting entity’s own assumptions utilizing the best information available, and includes situations where there is little market activity for the investment.
 
 
August 31,
 
Quoted Market
Price in
Active Markets
 
Significant
Other
Observable
Inputs
Description
 
2014
 
(Level 1)
 
(Level 2)
Limited partnership
 
—

 
—

 
—

Total
 
$
—

 
$
—

 
$
—


 
 
November 30,
 
Quoted Market
Price in
Active Markets
 
Significant
Other
Observable
Inputs
Description
 
2013
 
(Level 1)
 
(Level 2)
Limited partnership
 
354,050

 
354,050

 
—

Common stock
 
758,390

 
758,390

 
—

Total
 
$
1,112,440

 
$
1,112,440

 
$
—