Subsequent Events |
9 Months Ended |
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Aug. 31, 2015 | |
| Subsequent Events [Abstract] | |
| SUBSEQUENT EVENTS |
SUBSEQUENT EVENTS
In September 2015, the Company signed a proposal with CNH Finance, Inc. for a $5,500,000 working capital line of credit. The proposed working capital line is for a three year term, with an interest rate of 6.0% plus 30 day LIBOR (currently 0.21%). The Company paid a deposit of $25,000 to CNH Finance, Inc. for due diligence costs. The agreement is subject to the completion of satisfactory due diligence and customary documentation. The Company anticipates that the working capital line will be funded in November 2015, with an initial draw of $3,700,000 in order to pay the outstanding balance due to Capital Preservation Solutions, LLC for the working capital and term loan provided.
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- References No definition available.
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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. No definition available.
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