Common Stock

12 Months Ended

Nov. 30, 2012

Equity [Abstract]

Common Stock Disclosure [Text Block]

Note 9 – Common Stock

On August 10, 2012, the Company held its Annual Meeting of Stockholders. At the meeting, the stockholders approved an amendment to increase the number of shares of common stock authorized under the Company’s Amended and Restated Certificate of Incorporation to three billion shares. The Amended and Restated Certificate of Incorporation was filed with the State of Delaware on August 29, 2012.

On July 11, 2011, the Company held its Annual Meeting of Stockholders. At the meeting, the stockholders approved an amendment to increase the number of shares of common stock authorized under the Company’s Amended and Restated Certificate of Incorporation to 1.25 billion shares. Additionally, certain prior increases in the number of authorized shares were ratified.

The potential issuable common shares as of November 30, 2012 and 2011 are as follows:

	2012		2011
Warrants		9,277,030		10,792,030
Stock options		26,068,947		18,268,947
Series B Convertible Preferred Stock		16,037,209		34,996,914
Series I Convertible Preferred Stock		-		2,293,600
LJCI Debenture		6,997,683,621		1,818,606,784
		7,049,066,807		1,884,958,275

The Company does not currently have sufficient authorized shares of common stock to meet the commitments entered into under the Debenture and the related LJCI Warrants. As further discussed in Note 6, upon the conversion of any portion of the remaining $56,026 principal amount of the Debenture, LJCI is required to simultaneously exercise and purchase that same percentage of the remaining 5,602,629 warrant shares equal to the percentage of the dollar amount of the Debenture being converted. The agreement limits LJCI’s investment to an aggregate common stock ownership that does not exceed 9.99% of the outstanding common shares of the Company. Furthermore, the Company has the right to redeem that portion of the Debenture that the holder may elect to convert and also has the right to redeem the outstanding principal amount of the debenture not yet converted by the holder into common stock, plus accrued and unpaid interest thereon.