Quarterly report pursuant to Section 13 or 15(d)

NOTES PAYABLE (Details)

v3.10.0.1
NOTES PAYABLE (Details) - USD ($)
May 31, 2016
Nov. 30, 2015
Notes payable $ 510,706 $ 135,031
Notes payable [Member]    
Total notes payable 579,075 154,325
Less: debt discount (68,369) (19,294)
Notes payable 510,706 135,031
Notes payable [Member] | Lori Livingston [Member]    
Total notes payable [1] 105,000
Notes payable [Member] | JLA Realty [Member]    
Total notes payable [2] 330,000
Notes payable [Member] | Studio Capital, LLC [Member]    
Total notes payable [3] 125,000 125,000
Notes payable [Member] | Argent Offset, LLC [Member]    
Total notes payable [4] 6,575 16,825
Notes payable [Member] | Strategic IR, Inc. [Member]    
Total notes payable [5] $ 12,500 $ 12,500
[1] On December 2, 2015 the Company entered into a promissory note agreement the Livingston Note with a third party for an aggregate principal amount of dollars 125,000. The Livingston Note carries an original issue discount of dollars 25000. As additional consideration to the investor, the Company agreed to issue a warrant to purchase up to 100,000 shares of the Company common stock at a price of dollar 0.01 per share. The Company recorded debt discount in the amount of dollars 30,987 based on the fair value of the warrants. The Livingston Note is currently in default and accruing interest at the default rate of 29 percent. In January 2016 the Company recorded in interest expense a one time default penalty of dollars 25000 representing 20percentage of the outstanding principal balance of the Livingston Note.
[2] On April 7, 2016 and September 14, 2016, RCG entered into promissory note agreements with JLA Realty (the "JLA Notes") for an aggregate amount of $480,000. The JLA Notes accrue interest at 16% per annum and have maturity dates of October 4, 2016 and March 14, 2017 and carry an original issue discount of $125,000. Between November 2016 and December 2016, the Company made payments of $150,000 on the JLA Notes and the remaining principal balance of $330,000 remains in default as of the date of these financial statements are issued.
[3] On October 8, 2015, the Company entered into a promissory note agreement with Studio Capital, LLC, ("Studio Capital") for an aggregate principal amount of $125,000 (the "Studio Capital Note"). The Studio Capital Note carries an original issue discount of $25,000, provided for a loan fee of 5,000 shares of the Company's common stock and had a maturity date of April 8, 2016. The Studio Capital Note was not repaid on the maturity date and as such is in default as of May 31, 2016 and remains in default as of the date these financial statements are issued. The Company recorded in interest expense, including penalties, on the condensed statements of operations a one-time default penalty of $25,000 representing 20% of the outstanding principal balance of the Studio Capital Note.
[4] On November 26, 2014, the Company entered into a promissory note agreement with Argent Offset, LLC Argent for an aggregate principal amount of dollars 13000 the Argent Note. The Argent Note included a dollars 500 loan fee, accrues interest at 10 percent compounded monthly and has a maturity date of December 5, 2014. On February 1, 2015, the Company entered into a Temporary Forbearance Agreement with Argent. Under the forbearance agreement, the Company agreed to pay a forbearance fee of dollars 7,000 to extend the maturity date to August 1, 2015. Argent also advanced the Company an additional dollars 19,825 pursuant to the terms of the Argent Note. During the six months ended May 31, 2016, the Company paid dollars 10,250 on the Argent Note. As of November 30, 2016 all remaining amounts due had been repaid on the Argent Note.
[5] On March 17, 2015, the Company entered into a promissory note agreement with Strategic, IR, Inc. ("Strategic") for an aggregate principal amount of $12,500 (the "Strategic Note"). The Strategic Note included a $1,750 loan fee, accrued interest at 10% and had a maturity date of April 16, 2015. The Strategic Note is currently is in default as of May 31, 2016 and remains in default as of the date these financial statements are issued and is accruing interest at the default rate of 21% per annum.