Annual report pursuant to Section 13 and 15(d)

Intangible Assets

v2.4.0.6
Intangible Assets
 12 Months Ended
Nov. 30, 2012
Intangible Assets

NOTE 7—INTANGIBLE ASSETS

Intangible assets consist of Company owned trademarks and patents for eleven product lines covering twenty-four countries. The cost and accumulated amortization at November 30, 2012 and 2011 are as follows:

 

     2012      2011  

Trademarks and patents

    $ 932,896       $ 822,896   

Less: Accumulated amortization

      150,241         149,779   
  

 

 

     

 

 

  

Intangible Assets – Net

    $ 782,655       $ 673,117   
  

 

 

     

 

 

  

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, 2012, 2011 and 2010 amounted to $462, $463 and $ 2,185, respectively. Estimated amortization expense for November 30, 2013, 2014, 2015, 2016 and 2017 is $20,463, $20,463, $20,439, $20,421 and $20,421, respectively.