Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations

v2.4.1.9
Discontinued Operations
 3 Months Ended
Feb. 28, 2015
Discontinued Operations and Disposal Groups [Abstract]  
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS
The Company discontinued the Gel Perfect color nail polish business effective as of May 31, 2014. The Gel Perfect brand had declining sales in fiscal 2013 and fiscal 2014. During the third quarter of fiscal 2014 the Company discontinued its operations of the Mega-T brand of weight loss and dietary supplement business and on August 26, 2014, the Company entered into an asset purchase agreement (“Asset Purchase Agreement”) with Mega-T, LLC (“LLC”), an entity formed by Casla Partners Capital Fund I, LP for the sale of inventory, trademarks and other intellectual property rights related to the Mega-T brand. The Company decided to sell the Mega-T brand in order to focus its resources behinds its five remaining core brands. Both brands have been recorded as discontinued operations and are reflected as such in the Company's statement of operations.
The following table summarizes those components of the statement of operations for discontinued brands for the three months ended February 28, 2015 and 2014 :
 
Three Months Ended February 28,
 
 
2014
 
 
Mega
GP
Total
Net Sales
$
1,195,508

$
252,044

$
1,447,552

 
 
 
 
Income before Provision for
 
 
 
  Income Taxes
166,208

(471,447
)
(305,239
)
 
 
 
 
Provision for Income Tax
61,166

(173,496
)
(112,330
)
 
 
 
 
Net Income (Loss)
$
105,042

$
(297,951
)
$
(192,909
)
 
 
 
 
Earnings (loss) per Share:
 
 
 
      Basic
$
0.01

$
(0.04
)
$
(0.03
)
      Diluted
$
0.01

$
(0.04
)
$
(0.03
)
 
 
 
 
Weighted average shares outstanding
 
 
 
Basic
7,006,684

7,006,684

7,006,684

Diluted
7,006,684

7,006,684

7,006,684