Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

Property and Equipment

6 Months Ended

May. 31, 2015

Property, Plant and Equipment [Abstract]

The components of property and equipment consisted of the following:



	May 31, 2015		November 30, 2014
Furniture and equipment	461,718		672,477
Tools, dies and masters	454,912		449,862
Transportation equipment	16,538		16,538
Capitalized lease obligations	41,326		41,326
Leasehold improvements	35,017		1,054,365
	$	1,009,511	$	2,234,568
Less: Accumulated depreciation	751,649		1,125,968
Property and Equipment—Net	$	257,862	$	1,108,600

Depreciation expense for the three months ended May 31, 2015 and May 31, 2014 amounted to $47,483 and $81,414, respectively. Depreciation expense for the six months ended May 31, 2015 and 2014 were $104,790 and $162,803, respectively. The Company moved in April 2015 from its facility in East Rutherford, New Jersey to new offices in Ridgefield Park, New Jersey. As a result, the Company wrote off $714,138 of leasehold improvements pertaining to the East Rutherford facility in the second quarter of fiscal 2015. In addition, the Company wrote off $128,943 of furnishings and equipment that were not needed in the new facility. See Note 13 - Restructuring for further information.