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Intangible Assets
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9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Aug. 31, 2013
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| INTANGIBLE ASSETS |
INTANGIBLE ASSETS
Intangible assets consist of owned trademarks and patents for eleven product lines.
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 August 31, 2013 and August 31, 2012 amounted to $5,115 and $116, respectively. Amortization expense for the nine months ended August 31, 2013 and August 31, 2012 amounted to $15,346 and $347, respectively. Estimated amortization expense for the years ending November 30, 2013, 2014, 2015, 2016 and 2017 will be $20,463, $20,463, $20,439, $20,421 and $20,421, respectively.
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- Details
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- Definition
The entire disclosure for all or part of the information related to intangible assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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