Annual report pursuant to Section 13 and 15(d)

Intangible Assets

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Intangible Assets
12 Months Ended
Nov. 30, 2011
Intangible Assets [Abstract]  
INTANGIBLE ASSETS

NOTE 5 — INTANGIBLE ASSETS

Intangible assets consist of Company owned trademarks and patents for ten product lines covering twenty-four countries. The cost and accumulated amortization at November 30, 2011 and 2010 are as follows:

 

      September 30,       September 30,  
    2011     2010  

Trademarks and patents

  $ 822,896     $ 822,896  

Less: Accumulated amortization

    149,779       149,316  
   

 

 

   

 

 

 

Intangible Assets – Net

  $ 673,117     $ 673,580  
   

 

 

   

 

 

 

Patents are amortized on a straight-line basis over their legal life of 17 years and trademarks are adjusted to realizable value for each quarterly reporting period. During 2010, $33,110 (including $11,368 of accumulated amortization) of intangibles was deemed to be impaired. Amortization expense for the years ended November 30, 2011, 2010 and 2009 amounted to $463, $2,185 and $ 6,661, respectively. Estimated amortization expense for November 30, 2012, 2013, 2014, 2015 and 2016 is $463, $463, $439, $421 and $421, respectively.