FAIR VALUE MEASUREMENTS

9 Months Ended

Aug. 31, 2011

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

NOTE 13. FAIR VALUE MEASUREMENTS

For assets and liabilities measured at fair value, the Company uses the following hierarchy of inputs:

· Level one — Quoted market prices in active markets for identical assets or liabilities;

 

· Level two — Inputs other than level one inputs that are either directly or indirectly observable; and

· Level three — Unobservable inputs developed using estimates and assumptions, which are developed by the Company and reflect those assumptions that a market participant would use.

Liabilities measured at fair value on a recurring basis at August 31, 2011 and November 30, 2010 are summarized as follows:

	August 31, 2011								November 30, 2010
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Derivative liability	$	-	$	255,716	$	-	$	255,716	$	-	$	79,913	$	-	$	79,913

As further described in Note 6, the fair value of the derivative liability is determined using the Black-Scholes pricing model.