Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Aug. 31, 2013 | Oct. 10, 2013 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | BAB, INC. | |
Document Type | 10-Q | |
Current Fiscal Year End Date | -19 | |
Entity Common Stock, Shares Outstanding | 7,263,508 | |
Amendment Flag | FALSE | |
Entity Central Index Key | 1123596 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Smaller Reporting Company | |
Entity Well-known Seasoned Issuer | No | |
Document Period End Date | 31-Aug-13 | |
Document Fiscal Year Focus | 2013 | |
Document Fiscal Period Focus | Q3 |
Consolidated_Balance_Sheet
Consolidated Balance Sheet (USD $) | Aug. 31, 2013 | Nov. 30, 2012 |
Current Assets | ||
Cash | $808,902 | $1,256,257 |
Restricted cash | 369,757 | 376,837 |
Receivables | ||
Trade accounts and notes receivable (net of allowance for doubtful accounts of $13,324 in 2013 and $25,580 in 2012 ) | 122,953 | 86,070 |
Marketing fund contributions receivable from franchisees and stores | 10,955 | 16,385 |
Inventories | 28,510 | 26,953 |
Prepaid expenses and other current assets | 83,499 | 65,991 |
Total Current Assets | 1,424,576 | 1,828,493 |
Property, plant and equipment (net of accumulated depreciation of $142,399 in 2013 and $139,293 in 2012) | 7,667 | 10,773 |
Assets held for sale | 3,783 | 3,783 |
Trademarks | 446,822 | 445,022 |
Goodwill | 1,493,771 | 1,493,771 |
Definite lived intangible assets (net of accumulated amortization of $64,532 in 2013 and $54,560 in 2012) | 49,888 | 59,710 |
Deferred tax asset | 248,000 | 248,000 |
Total Noncurrent Assets | 2,249,931 | 2,261,059 |
Total Assets | 3,674,507 | 4,089,552 |
Current Liabilities | ||
Current portion of long-term debt | 29,070 | 29,070 |
Accounts payable | 26,402 | 14,120 |
Accrued expenses and other current liabilities | 281,076 | 328,288 |
Unexpended marketing fund contributions | 380,966 | 393,477 |
Deferred franchise fee revenue | 35,000 | 25,000 |
Deferred licensing revenue | 8,333 | 45,833 |
Total Current Liabilities | 760,847 | 835,788 |
Long-term debt (net of current portion) | 95,762 | 95,762 |
Total Liabilities | 856,609 | 931,550 |
Stockholders' Equity | ||
Preferred shares, 5,000,000 authorized, no shares outstanding Common stock ($.001 par value; 15,000,000 shares authorized; 8,466,953 shares issued and 7,263,508 shares outstanding as of August 31, 2013 and November 30, 2012 | 13,508,257 | 13,508,257 |
Additional paid-in capital | 987,034 | 987,034 |
Treasury stock | -222,781 | -222,781 |
Accumulated deficit | -11,454,612 | -11,114,508 |
Total Stockholders' Equity | 2,817,898 | 3,158,002 |
Total Liabilities and Stockholders' Equity | $3,674,507 | $4,089,552 |
Consolidated_Balance_Sheet_Par
Consolidated Balance Sheet (Parentheticals) (USD $) | Aug. 31, 2013 | Nov. 30, 2012 |
Allowance for doubtful accounts (in Dollars) | $13,324 | $25,580 |
Accumulated depreciation, property, plant and equipment (in Dollars) | 142,399 | 139,293 |
Definite lived intangible assets, accumulated amortization (in Dollars) | $64,532 | $54,560 |
Common stock, par value (in Dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 15,000,000 | 15,000,000 |
Common stock, shares issued | 8,466,953 | 7,263,508 |
Common stock, shares outstanding | 8,466,953 | 7,263,508 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | |
REVENUES | ||||
Royalty fees from franchised stores | $446,603 | $463,113 | $1,334,047 | $1,395,115 |
Franchise fees | 35,000 | 5,000 | 45,000 | 47,500 |
Licensing fees and other income | 135,143 | 118,826 | 430,935 | 537,602 |
Total Revenues | 616,746 | 586,939 | 1,809,982 | 1,980,217 |
Selling, general and administrative expenses: | ||||
Payroll and payroll-related expenses | 283,826 | 329,803 | 992,266 | 1,025,950 |
Occupancy | 41,716 | 48,458 | 125,873 | 114,218 |
Advertising and promotion | 13,309 | 17,696 | 50,129 | 48,750 |
Professional service fees | 37,482 | 31,769 | 127,093 | 128,225 |
Travel | 9,440 | 13,854 | 42,367 | 42,320 |
Depreciation and amortization | 4,367 | 4,713 | 13,078 | 14,279 |
Other | 99,281 | 76,381 | 269,360 | 248,045 |
Total Operating Expenses | 489,421 | 522,674 | 1,620,166 | 1,621,787 |
Income from operations | 127,325 | 64,265 | 189,816 | 358,430 |
Interest income | 213 | 770 | 768 | 2,144 |
Interest expense | -1,483 | -1,812 | -4,447 | -5,436 |
Income before provision for income taxes | 126,055 | 63,223 | 186,137 | 355,138 |
Provision for income taxes | ||||
Current tax | 17,795 | 17,795 | 15,000 | |
Net Income | $108,260 | $63,223 | $168,342 | $340,138 |
Earnings per share - Basic and Diluted (in Dollars per share) | $0.01 | $0.01 | $0.02 | $0.05 |
Weighted average shares outstanding - Basic (in Shares) | 7,263,508 | 7,263,508 | 7,263,508 | 7,263,508 |
Effect of dilutive common stock (in Shares) | 6,172 | 2,426 | 4,372 | 2,278 |
Weighted average shares outstanding - Diluted (in Shares) | 7,269,680 | 7,265,934 | 7,267,880 | 7,265,786 |
Cash distributions declared per share (in Dollars per share) | $0.01 | $0.07 | $0.03 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
Aug. 31, 2013 | Aug. 31, 2012 | |
Operating activities | ||
Net income | $168,342 | $340,138 |
Depreciation and amortization | 13,078 | 14,279 |
Provision for uncollectible accounts, net of recoveries | -7,975 | -3,555 |
Changes in: | ||
Trade accounts receivable and notes receivable | -28,908 | 20,574 |
Restricted cash | 7,080 | -45,313 |
Marketing fund contributions receivable | 5,430 | 3,311 |
Inventories | -1,557 | -7,045 |
Prepaid expenses and other | -17,508 | 13,935 |
Accounts payable | 12,282 | -30,382 |
Accrued liabilities | -47,212 | -9,663 |
Unexpended marketing fund contributions | -12,511 | 41,045 |
Deferred revenue | -27,500 | 32,917 |
Net Cash Provided by Operating Activities | 63,041 | 370,241 |
Investing activities | ||
Capitalization of trademark renewals | -1,950 | -4,481 |
Net Cash Used In Investing Activities | -1,950 | -4,481 |
Financing activities | ||
Cash distributions/dividends | -508,446 | -363,175 |
Net Cash Used In Financing Activities | -508,446 | -363,175 |
Net Increase (Decrease) in Cash | -447,355 | 2,585 |
Cash, Beginning of Period | 1,256,257 | 1,236,125 |
Cash, End of Period | 808,902 | 1,238,710 |
Interest paid | 0 | 0 |
Income taxes paid | $26,000 | $5,200 |
Note_1_Nature_of_Operations
Note 1 - Nature of Operations | 9 Months Ended |
Aug. 31, 2013 | |
Disclosure Text Block [Abstract] | |
Nature of Operations [Text Block] | Note 1 - Nature of Operations |
BAB, Inc (“the Company”) has two wholly owned subsidiaries: BAB Systems, Inc. (“Systems”) and BAB Operations, Inc. (“Operations”). Systems was incorporated on December 2, 1992, and was primarily established to franchise Big Apple Bagels® (“BAB”) specialty bagel retail stores. My Favorite Muffin Too, Inc., a New Jersey corporation, was acquired on May 13, 1997 and is included as a part of Systems. Brewster’s Franchise Corporations (“Brewster’s”) was established on February 15, 1996 and is also included as a part of Systems. Brewster’s® Coffee is sold in BAB and My Favorite Muffin® (“MFM”) locations as well as through license agreements. Operations was formed on August 30, 1995, primarily to operate Company-owned stores. There are currently no Company-owned stores. The assets of Jacobs Bros. Bagels® (“Jacobs Bros.”) were acquired on February 1, 1999, and any branded wholesale business uses this trademark. | |
The Company was incorporated under the laws of the State of Delaware on July 12, 2000. The Company currently franchises and licenses bagel and muffin retail units under the BAB and MFM trade names. At August 31, 2013 the Company had 95 franchise units and 5 licensed units in operation in 25 states. The Company additionally derives income from the sale of its trademark bagels, muffins and coffee through nontraditional channels of distribution including under licensing agreements with Kohr Bros. Frozen Custard, Kaleidoscoops, Green Beans Coffee, Sodexo and through direct home delivery of specialty muffin gift baskets and coffee. Also included in licensing fees and other income is Operation’s Sign Shop results. For franchise consistency and convenience, the Sign Shop provides the majority of signage to franchisees, including but not limited to, posters, menu panels, build charts, outside window stickers and counter signs. | |
On August 22, 2013 the first SweetDuet Frozen Yogurt & Gourmet Muffins® (“SweetDuet”) opened in Kalamazoo, MI. It is owned by a current BAB franchisee. A second location opened in Portage, MI on September 25, 2013 to another BAB franchisee. While BAB will be offering franchises in all 50 states, its initial development focus is targeted for the Midwest, specifically Illinois, Michigan, Wisconsin and Ohio. As part of its introductory development plan, BAB will be donating 10% of the initial franchise fee from its first 50 SweetDuet units to the Cystic Fibrosis Foundation, of which BAB is a corporate sponsor. SweetDuet, as its name implies, is a fusion concept, pairing self-serve frozen yogurt with BAB’s exclusive line of My Favorite Muffin gourmet muffins, broadening the shop’s offering and therefore differentiating itself from the numerous frozen yogurt outlets already populating the market. SweetDuet shops will also include BAB’s Brewster’s Coffee and a streamlined breakfast menu. The SweetDuet concept will be included as part of Systems franchise operating and financial information. | |
The accompanying condensed consolidated financial statements are unaudited. These financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been omitted pursuant to such SEC rules and regulations; nevertheless, the Company believes that the disclosures are adequate to make the information presented not misleading. These financial statements and the notes hereto should be read in conjunction with the financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended November 30, 2012 which was filed February 22, 2013. In the opinion of the Company's management, the condensed consolidated financial statements for the unaudited interim periods presented include all adjustments, including normal recurring adjustments, necessary to fairly present the results of such interim periods and the financial position as of the end of said period. The results of operations for the interim period are not necessarily indicative of the results for the full year. |
Note_2_Locations_Open_and_Unde
Note 2 - Locations Open and Under Development | 9 Months Ended | ||||
Aug. 31, 2013 | |||||
Accounting Policies [Abstract] | |||||
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | 2. Units Open and Under Development | ||||
Units which are open or under development at August 31, 2013 are as follows: | |||||
Locations open: | |||||
Franchisees | 95 | ||||
Licensed | 5 | ||||
Under development | 5 | ||||
Total | 105 | ||||
Note_3_LossEarnings_per_Share
Note 3 - (Loss)/Earnings per Share | 9 Months Ended | ||||||||||||||||
Aug. 31, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||
Earnings Per Share [Text Block] | 3. Earnings per Share | ||||||||||||||||
The following table sets forth the computation of basic and diluted earnings per share: | |||||||||||||||||
For the 3 months ended August 31, | For the 9 months ended August 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Numerator: | |||||||||||||||||
Net income available to common shareholders | $ | 108,260 | $ | 63,223 | $ | 168,342 | $ | 340,138 | |||||||||
Denominator: | |||||||||||||||||
Weighted average outstanding shares | 7,263,508 | 7,263,508 | 7,263,508 | 7,263,508 | |||||||||||||
Basic | |||||||||||||||||
Earnings per Share - Basic | $ | 0.01 | $ | 0.01 | $ | 0.02 | $ | 0.05 | |||||||||
Effect of dilutive common stock | 6,172 | 2,426 | 4,372 | 2,278 | |||||||||||||
Weighted average outstanding shares | 7,269,680 | 7,265,934 | 7,267,880 | 7,265,786 | |||||||||||||
Diluted | |||||||||||||||||
Earnings per share - Diluted | $ | 0.01 | $ | 0.01 | $ | 0.02 | $ | 0.05 | |||||||||
The Company excluded 350,400 potential shares attributable to outstanding stock options from the calculation of diluted earnings per share for the three and nine months ended August 31, 2013 and 2012 because their inclusion would have been anti-dilutive. |
Note_4_LongTerm_Debt
Note 4 - Long-Term Debt | 9 Months Ended |
Aug. 31, 2013 | |
Disclosure Text Block [Abstract] | |
Long-term Debt [Text Block] | 4. Long-Term Debt |
The total debt balance of $125,000 represents a note payable to a former shareholder that requires an annual payment of $35,000, including interest at 4.75%, due October 1 and running through 2016. |
Note_5_Stock_Options
Note 5 - Stock Options | 9 Months Ended | |||||||||||||||||||||||||||
Aug. 31, 2013 | ||||||||||||||||||||||||||||
Policy Text Block [Abstract] | ||||||||||||||||||||||||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | 5. Stock Options | |||||||||||||||||||||||||||
In May 2001, the Company approved a Long-Term Incentive and Stock Option Plan (Plan). The Plan reserves 1,400,000 shares of common stock for grant. As of February 28, 2013, 1,400,000 stock options were granted to directors, officers and employees. As of August 31, 2013, there were 1,031,627 stock options exercised or forfeited under the Plan. | ||||||||||||||||||||||||||||
31-Aug-13 | 31-Aug-12 | |||||||||||||||||||||||||||
Options | Options | |||||||||||||||||||||||||||
Options Outstanding at beginning of period | 368,373 | 368,373 | ||||||||||||||||||||||||||
Granted | 0 | 0 | ||||||||||||||||||||||||||
Forfeited | 0 | 0 | ||||||||||||||||||||||||||
Exercised | 0 | 0 | ||||||||||||||||||||||||||
Options Outstanding at end of period | 368,373 | 368,373 | ||||||||||||||||||||||||||
All compensation cost arising from share-based payment arrangements in payroll-related expenses was expensed as of November 30, 2011. | ||||||||||||||||||||||||||||
The Company uses historical volatility of common stock over a period equal to the expected life of the options to estimate their fair value. The dividend yield assumption is based on the Company’s history and expectation of future dividend payouts on the common stock. The risk-free interest rate is based on the implied yield available on U.S. treasury zero-coupon issues with an equivalent remaining term. The expected term of the options represents the estimated period of time until exercise and is based on historical experience of similar awards, giving consideration to the contractual terms, vesting schedules and expectations of future employee behavior. To value option grants and other awards for actual and pro forma stock-based compensation, the Company uses the Black-Scholes option valuation model. When the measurement date is certain, the fair value of each option grant is estimated on the date of grant and is based on the assumptions used for the expected stock price volatility, expected term, risk-free interest rates and future dividend payments. | ||||||||||||||||||||||||||||
The Company’s stock option terms expire in 10 years and vary in vesting from immediate to a vesting period of five years. | ||||||||||||||||||||||||||||
The following table summarizes the stock options outstanding and exercisable at August 31, 2013: | ||||||||||||||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||||||||||||||
Outstanding | Wghtd. Avg. | Wghtd. Avg. | Aggregate | Exercisable | Wghtd. Avg. | Aggregate | ||||||||||||||||||||||
at 8/31/13 | Remaining Life | Exercise Price | Intrinsic Value | at 8/31/13 | Exercise Price | Intrinsic Value | ||||||||||||||||||||||
368,373 | 2.55 | $ | 1.16 | $ | - | 368,373 | $ | 1.16 | $ | - | ||||||||||||||||||
There is no computation for the aggregate intrinsic value in the table above because the outstanding options weighted average exercise price was greater than the Company’s closing stock price of $0.80 as of the last business day of the period ended August 31, 2013. No options were exercised during the nine month period ended August 31, 2013. |
Note_6_Goodwill_and_Other_Inta
Note 6 - Goodwill and Other Intangible Assets | 9 Months Ended |
Aug. 31, 2013 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | 6. Goodwill and Other Intangible Assets |
Accounting Standard Codification (“ASC”) 350 (formerly SFAS No. 142) “Goodwill and Other Intangible Assets” requires that assets with indefinite lives no longer be amortized, but instead be subject to annual impairment tests. The Company follows this guidance. | |
The Company tests goodwill that is not subject to amortization for impairment annually or more frequently if events or circumstances indicate that impairment is possible. Goodwill was tested at the end of the first quarter, February 28, 2013 and it was found that the carrying value of goodwill and intangible assets were not impaired. | |
The impairment test performed February 28, 2013 was based on a discounted cash flow model using management’s business plan projected for expected cash flows. Based on the computation it was determined that no impairment has occurred. |
Note_7_Recent_Accounting_Prono
Note 7 - Recent Accounting Pronouncements | 9 Months Ended |
Aug. 31, 2013 | |
Disclosure Text Block [Abstract] | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | 7. Recent Accounting Pronouncements |
Management does not believe that there are any recently issued and effective, or not yet effective, pronouncements as of August 31, 2013 that would have, or are expected to have, any significant effect on the Company’s consolidated financial position, cash flows or results of operations. |
Note_8_Equity
Note 8 - Equity | 9 Months Ended |
Aug. 31, 2013 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 8. Equity |
On May 7, 2013 BAB Inc. adopted a Preferred Shares Rights Agreement (“Rights Plan”) and declared a dividend distribution of one right (equivalent to one one-thousandth of a preferred share), for each outstanding share of common stock. The Rights Plan is intended to protect BAB and its stockholders from efforts to obtain control of BAB that the Board of Directors determines are not in the best interest of BAB and its stockholders. BAB issued one Right for each current share of stock outstanding at the close of business on May 13, 2013. The rights will not be exercisable unless a person or group acquires 15% (20% institutional investors) or more of BAB’s common stock. |
Note_9_Contingency
Note 9 - Contingency | 9 Months Ended |
Aug. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 9. Contingency |
We are subject to various legal proceedings and claims, either asserted or unasserted, which arise in the ordinary course of business. While the outcome of such proceedings or claims cannot be predicted with certainty, management does not believe that the outcome of any of such proceedings or claims will have a material effect on our financial position. Except as stated below, we know of no pending or threatened proceeding or claim to which we are or will be a party. | |
On July 8, 2013, a judgment was entered in the Circuit Court of Cook County in the amount of $84,000 against BAB Operations, Inc (“Operations”), a wholly owned subsidiary of the Company, and in favor of a former landlord of Operations, Alecta Real Estate USA, LLC. Operations, the subsidiary which owned Company stores, had been a tenant operating a Big Apple Bagels store in Glenview, Illinois from 1999 to 2001 when it sold the store and assigned the lease to a franchisee. The store was sold and the lease was assigned three more times over the next 10 years. In 2011, the final owner of the store closed it and defaulted on the lease. Operations, which no longer owns any Company stores, was sued for a continuing guaranty in connection with the original assignment of the lease in 2001. Operations contended that it bore no liability because of language in one of the subsequent assignments releasing it from any further liability. | |
On August 15, 2013, an additional judgment of $70,030 was entered in the Circuit Court of Cook County for this same matter for plaintiff’s attorney’s fees bringing the total judgment to $154,030. In September 2013 the Company filed an appeal. | |
The Company and its trial and appellate counsel believe that we will prevail on appeal and that it is only reasonably possible that the Court’s ruling will be upheld as it is contrary to applicable Illinois precedent. The Company believes there will be zero damages assessed based on prior favorable rulings in similar cases; accordingly, no amounts have been accrued for any potential losses in this matter. |
Note_2_Locations_Open_and_Unde1
Note 2 - Locations Open and Under Development (Tables) | 9 Months Ended | ||||
Aug. 31, 2013 | |||||
Accounting Policies [Abstract] | |||||
Schedule of Franchisor Disclosure [Table Text Block] | Locations open: | ||||
Franchisees | 95 | ||||
Licensed | 5 | ||||
Under development | 5 | ||||
Total | 105 |
Note_3_LossEarnings_per_Share_
Note 3 - (Loss)/Earnings per Share (Tables) | 9 Months Ended | ||||||||||||||||
Aug. 31, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the 3 months ended August 31, | For the 9 months ended August 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Numerator: | |||||||||||||||||
Net income available to common shareholders | $ | 108,260 | $ | 63,223 | $ | 168,342 | $ | 340,138 | |||||||||
Denominator: | |||||||||||||||||
Weighted average outstanding shares | 7,263,508 | 7,263,508 | 7,263,508 | 7,263,508 | |||||||||||||
Basic | |||||||||||||||||
Earnings per Share - Basic | $ | 0.01 | $ | 0.01 | $ | 0.02 | $ | 0.05 | |||||||||
Effect of dilutive common stock | 6,172 | 2,426 | 4,372 | 2,278 | |||||||||||||
Weighted average outstanding shares | 7,269,680 | 7,265,934 | 7,267,880 | 7,265,786 | |||||||||||||
Diluted | |||||||||||||||||
Earnings per share - Diluted | $ | 0.01 | $ | 0.01 | $ | 0.02 | $ | 0.05 |
Note_5_Stock_Options_Tables
Note 5 - Stock Options (Tables) | 9 Months Ended | |||||||||||||||||||||||||||
Aug. 31, 2013 | ||||||||||||||||||||||||||||
Policy Text Block [Abstract] | ||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | 31-Aug-13 | 31-Aug-12 | ||||||||||||||||||||||||||
Options | Options | |||||||||||||||||||||||||||
Options Outstanding at beginning of period | 368,373 | 368,373 | ||||||||||||||||||||||||||
Granted | 0 | 0 | ||||||||||||||||||||||||||
Forfeited | 0 | 0 | ||||||||||||||||||||||||||
Exercised | 0 | 0 | ||||||||||||||||||||||||||
Options Outstanding at end of period | 368,373 | 368,373 | ||||||||||||||||||||||||||
Schedule of Stock Options Roll Forward [Table Text Block] | Options Outstanding | Options Exercisable | ||||||||||||||||||||||||||
Outstanding | Wghtd. Avg. | Wghtd. Avg. | Aggregate | Exercisable | Wghtd. Avg. | Aggregate | ||||||||||||||||||||||
at 8/31/13 | Remaining Life | Exercise Price | Intrinsic Value | at 8/31/13 | Exercise Price | Intrinsic Value | ||||||||||||||||||||||
368,373 | 2.55 | $ | 1.16 | $ | - | 368,373 | $ | 1.16 | $ | - |
Note_2_Locations_Open_and_Unde2
Note 2 - Locations Open and Under Development (Details) - Locations Open | Aug. 31, 2013 |
Franchisor Disclosure [Line Items] | |
Locations | 105 |
Franchisees [Member] | |
Franchisor Disclosure [Line Items] | |
Locations | 95 |
Licensed [Member] | |
Franchisor Disclosure [Line Items] | |
Locations | 5 |
Under Development [Member] | |
Franchisor Disclosure [Line Items] | |
Locations | 5 |
Note_3_LossEarnings_per_Share_1
Note 3 - (Loss)/Earnings per Share (Details) | 3 Months Ended | 9 Months Ended |
Aug. 31, 2013 | Aug. 31, 2013 | |
Earnings Per Share [Abstract] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 350,400 | 350,400 |
Note_3_LossEarnings_per_Share_2
Note 3 - (Loss)/Earnings per Share (Details) - Computation of Basic and Diluted Earnings per Share (USD $) | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | |
Numerator: | ||||
Net income available to common shareholders (in Dollars) | $108,260 | $63,223 | $168,342 | $340,138 |
Denominator: | ||||
Weighted average outstanding shares Basic | 7,263,508 | 7,263,508 | 7,263,508 | 7,263,508 |
Earnings per Share - Basic (in Dollars per share) | $0.01 | $0.01 | $0.02 | $0.05 |
Effect of dilutive common stock | 6,172 | 2,426 | 4,372 | 2,278 |
Weighted average outstanding shares Diluted | 7,269,680 | 7,265,934 | 7,267,880 | 7,265,786 |
Earnings per share - Diluted (in Dollars per share) | $0.01 | $0.01 | $0.02 | $0.05 |
Note_4_LongTerm_Debt_Details
Note 4 - Long-Term Debt (Details) (USD $) | 11 Months Ended |
Aug. 31, 2013 | |
Note 4 - Long-Term Debt (Details) [Line Items] | |
Long-term Debt | $125,000 |
Notes Payable, Other Payables [Member] | |
Note 4 - Long-Term Debt (Details) [Line Items] | |
Repayments of Related Party Debt | $35,000 |
Debt Instrument, Interest Rate, Stated Percentage | 4.75% |
Note_5_Stock_Options_Details
Note 5 - Stock Options (Details) (USD $) | 9 Months Ended | 141 Months Ended | 147 Months Ended | ||
Aug. 31, 2013 | Aug. 31, 2012 | Feb. 28, 2013 | Aug. 31, 2013 | 31-May-01 | |
Policy Text Block [Abstract] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,400,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | 1,400,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | 0 | 1,031,627 | ||
Share Price (in Dollars per share) | $0.80 | $0.80 |
Note_5_Stock_Options_Details_S
Note 5 - Stock Options (Details) - Share-based Compensation, Stock Options, Activity | 9 Months Ended | 141 Months Ended | 147 Months Ended | |
Aug. 31, 2013 | Aug. 31, 2012 | Feb. 28, 2013 | Aug. 31, 2013 | |
Share-based Compensation, Stock Options, Activity [Abstract] | ||||
Options Outstanding at beginning of period | 368,373 | 368,373 | ||
Granted | 0 | 0 | 1,400,000 | |
Forfeited | 0 | 0 | ||
Exercised | 0 | 0 | 1,031,627 | |
Options Outstanding at end of period | 368,373 | 368,373 | 368,373 |
Note_5_Stock_Options_Details_S1
Note 5 - Stock Options (Details) - Summary of Stock Options Outstanding and Exercisable (USD $) | 9 Months Ended | |||
Aug. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2012 | Nov. 30, 2011 | |
Summary of Stock Options Outstanding and Exercisable [Abstract] | ||||
368,373 | 368,373 | 368,373 | 368,373 | |
2 years 200 days | ||||
(in Dollars per share) | $1.16 | |||
(in Dollars) | $0 | |||
368,373 | ||||
(in Dollars per share) | $1.16 | |||
(in Dollars) | $0 |
Note_9_Contingency_Details
Note 9 - Contingency (Details) (USD $) | Aug. 31, 2013 | Aug. 15, 2013 | Jul. 08, 2013 |
Commitments and Contingencies Disclosure [Abstract] | |||
Estimated Litigation Liability | $0 | $154,030 | $84,000 |