| INTANGIBLE ASSETS
Intangible assets consist of owned trademarks and patents for ten product lines.
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August 31,
2018 |
|
November 30,
2017 |
Patents and trademarks |
|
$ |
583,327 |
|
|
$ |
578,937 |
|
Less: Accumulated amortization |
|
146,657 |
|
|
146,617 |
|
Intangible Assets - Net |
|
$ |
436,670 |
|
|
$ |
432,320 |
|
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, 2018 and 2017 amounted to $135 and $97, respectively. Amortization expense for the nine months ended August 31, 2018 and August 31, 2017 amounted to $329 and $291, respectively. Estimated amortization expenses for the years ending November 30, 2019, 2020, 2021, 2022 and 2023 are $384, $223, $223, $50 and $0, respectively.
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