| INTANGIBLE ASSETS |
INTANGIBLE ASSETS
Intangible assets consist of owned trademarks and patents for ten product lines.
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November 30,
2017 |
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November 30,
2016 |
Patents and trademarks |
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$ |
578,937 |
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$ |
580,007 |
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Less: Accumulated amortization |
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146,617 |
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146,229 |
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Intangible Assets - Net |
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$ |
432,320 |
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$ |
433,778 |
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Patents are amortized on a straight-line basis over their legal life of 17 years. Trademarks have an indefinite life and are reviewed annually for impairment or more frequently if impairment indicators occur. During the fiscal years ended November 30, 2017, 2016 and 2015, the Company wrote off $1,070, $0 and $220,286, respectively, of patents and trademarks, as part of its annual evaluation of patents and trademarks that were no longer in use and did not have any plans for future use. Amortization expense for the fiscal years ended November 30, 2017, 2016 and 2015, was $388, $388 and $388, respectively. Estimated amortization expense for the years ending November 30, 2018, 2019, 2020, 2021 and 2022 are $388, $376, $243, $243 and $243, respectively.
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