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Subsequent Events
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3 Months Ended |
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Feb. 28, 2015
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| Subsequent Events [Abstract] | |
| Subsequent Events |
SUBSEQUENT EVENTS
In April 2015 the Company signed a lease for new office space and will be moving from its existing space at 200 Murray Hill Parkway, East Rutherford, NJ to the new space located at 65 Challenger Road, Ridgefield Park, NJ. The new lease is for 7,414 square feet of space, with an annual rental cost of $159,401 per year. In addition, the Company will pay an electric charge of $1.75 per square foot per year. The lease is for five years and four months, commencing April 10, 2015, and contains a provision for four months of rent at no charge. The Company anticipates signing a lease to sub-lease out its existing space at 200 Murray Hill Parkway to a sub-tenant in April. The sub-tenant plans on leasing the entire 200 Murray Hill premises. The Company estimates that it will take a one-time charge in the second quarter of fiscal 2015 of $448,000 for exit costs, and in addition will write off approximately $731,110 of leasehold improvements for the 200 Murray Hill Parkway facility.
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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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