Intangible Assets
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Nov. 30, 2011
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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:
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.
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