Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

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Intangible Assets
3 Months Ended
Feb. 29, 2012
Intangible Assets [Abstract]  
INTANGIBLE ASSETS
NOTE 6 - INTANGIBLE ASSETS

Intangible assets consist of owned trademarks and patents for ten product lines

 

                 
    February 29,     November 30,  
    2012     2011  

Patents and trademarks

  $ 822,896     $ 822,896  

Less: Accumulated amortization

    149,894       149,779  
   

 

 

   

 

 

 

Intangible Assets – Net

  $ 673,002     $ 673,117  
   

 

 

   

 

 

 

Patents are amortized on a straight-line basis over their legal life of 17 years. Trademarks have an indefinite life and are reviewed annually for impairment or more frequently if impairment indicators occur. Amortization expense for the three months ended February 29, 2012 and February 28, 2011 amounted to $115 and $116, respectively. Estimated amortization expense for the years ending November 30, 2012, 2013, 2014, 2015 and 2016 will be $463, $463, $439, $421 and $421 respectively.