Annual report pursuant to Section 13 and 15(d)

Intangible Assets

Intangible Assets

12 Months Ended

Nov. 30, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets consist of owned trademarks and patents for eleven product lines.



	November 30, 2014		November 30, 2013
Patents and trademarks	$	800,293	$	932,896
Less: Accumulated amortization	145,453		170,703
Intangible Assets - Net	$	654,840	$	762,193

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. During the fiscal year ended November 30, 2014, the Company determined to write off $90,248 of patents and trademarks, as part of its quarterly evaluation. Part of the trademarks written off included the Mega-T dietary supplement brand which was sold in August 2014 and the Gel Perfect nail polish brand which was discontinued during fiscal 2014 as part of the restructuring of its business. Other Patents and trademarks were written off that were no longer in use and did not have any plans for future use. Amortization expense for the fiscal years ended November 30, 2014, 2013 and 2012, was $17,105, $20,462 and $462, respectively. Estimated amortization expense for the years ending November 30, 2015, 2016, 2017, 2018 and 2019 will be $388, $388, $388, $388 and $376, respectively.