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Commitments and Contingencies
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3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 31, 2014
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| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies |
(14) Commitments and Contingencies
Leases
Future minimum lease payments under non-cancellable operating leases (with initial or remaining lease terms in excess of one year) as of January 31, 2014 are as follows:
The Company has no other material commitments.
Legal Proceedings
The landlord for the property previously leased by the Company in Ivyland, Pennsylvania filed suit against the Company, which vacated the property at the expiration of its lease, for the Company’s alleged failure to restore the property to its original condition. The landlord is currently in possession of a security deposit in the amount of $52,000. The Ivyland litigation has entered the discovery stage. The Company denies its liability for the restoration of the property and believes that the outcome cannot be determined at this time. After consulting with legal counsel, management has recorded a $150,000 settlement provision in fiscal 2014’s third quarter ended January 31, 2014. |
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