Annual report pursuant to Section 13 and 15(d)

Property and Equipment

Property and Equipment

12 Months Ended

Nov. 30, 2014

Property, Plant and Equipment [Abstract]

The components of property and equipment consisted of the following:



	November 30, 2014		November 30, 2013
Machinery and equipment	$	—	$	156,810
Furniture and equipment	672,477		771,988
Tools, dies and masters	449,862		494,166
Transportation equipment	16,538		44,076
Capitalized lease obligations	41,326		62,140
Web Site	—		20,000
Leasehold improvements	1,054,365		1,090,798
	$	2,234,568	$	2,639,978
Less: Accumulated depreciation	1,125,968		1,150,179
Property and Equipment—Net	$	1,108,600	$	1,489,799

Depreciation expense for the years ended November 30, 2014, 2013 and 2012 amounted to $303,303, $303,750 and $213,495, respectively.

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

+ References + Details