Annual report pursuant to Section 13 and 15(d)

Property and Equipment

Property and Equipment

12 Months Ended

Nov. 30, 2012

NOTE 6— PROPERTY AND EQUIPMENT

At November 30, 2012 and 2011, property and equipment consisted of the following:


	2012		2011
Machinery and equipment	$	184,260	$	278,866
Office furniture and equipment		557,667		991,252
Transportation equipment		44,076		27,538
Tools, dies, and masters		448,169		419,806
Capitalized lease obligations		36,100		263,067
Web Site		20,000		20,000
Leasehold improvements		581,060		466,934

		1,871,332		2,467,463
Less: Accumulated depreciation and amortization		846,431		1,941,363

Property and Equipment – Net	$	1,024,901	$	526,100

Depreciation expense for the years ended November 30, 2012, 2011, and 2010 amounted to $213,495, $204,894 and $227,291, respectively.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

+ References + Details