Quarterly report pursuant to Section 13 or 15(d)

REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Tables)

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REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Tables)
6 Months Ended
May 31, 2016
Revision Of Previously Issued Financial Statements  
Schedule of condensed consolidated balance sheet

The condensed consolidated financial statements for the three and six months ended May 31, 2015 have been revised to expense the previously capitalized licensing fee and to reclassify original issue discount that was initially recorded as a prepaid asset to debt discount. An analysis of those revised numbers is reflected below.

 

Condensed Consolidated Balance Sheet (unaudited)                  
    May 31, 2015  
    As reported     Adjustment     As revised  
Assets:                  
Total current assets   $ 356,883     $ -     $ 356,883  
Total assets   $ 411,588     $ (54,000 )   $ 357,588  
                         
Liabilities and Stockholders' Deficit:                        
Total current liabilities   $ 687,772     $ -     $ 687,772  
Total liabilities and stockholders' deficit   $ 411,588     $ (54,000 )   $ 357,588  

Schedule of condensed consolidated statement of operations

Condensed Consolidated Statement of Operations (unaudited)                  
                   
    For the Three Months Ended May 31, 2015  
    As reported     Adjustment     As revised  
General and administrative expenses   $ 301,755     $ 11,250     $ 313,005  
Loss from operations   $ (298,846 )   $ (11,250 )   $ (310,096 )
Net loss   $ (570,226 )   $ (11,250 )   $ (581,476 )
Basic and diluted net loss per share   $ (0.10 )   $ (0.00 )   $ (0.11 )
Weighted average shares outstanding, basic and diluted     5,451,384       5,451,384       5,451,384  

  

Condensed Consolidated Statement of Operations (unaudited)                  
                   
    For the Six Months Ended May 31, 2015  
    As reported     Adjustment     As revised  
General and administrative expenses   $ 475,085     $ 24,750     $ 499,835  
Loss from operations   $ (465,715 )   $ (24,750 )   $ (490,465 )
Net loss   $ (748,295 )   $ (24,750 )   $ (773,045 )
Basic and diluted net loss per share   $ (0.14 )   $ (0.00 )   $ (0.14 )
Weighted average shares outstanding, basic and diluted     5,336,296       5,336,296       5,336,296